Financial Statement Notes
Financial statement notes (footnotes) include disclosures that provide further details about the information summarized in the financial statements. Footnotes allow users to improve their assessments of the amount, timing, and uncertainty of the estimates reported in the financial statements. Footnotes:
- Discuss the basis of presentation such as the fiscal period covered by the statements and the inclusion of consolidated entities.
- Provide information about accounting methods, assumptions, and estimates used by management.
- Provide additional information on items such as business acquisitions or disposals, legal actions, employee benefit plans, contingencies and commitments, significant customers, sales to related parties, and segments of the firm.