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Footnote disclosures describe how the numbers in the statement of financial position, statement of activities and cash flow statements were determined and provide a sense of where the organization is going. Financial statements are required to provide full disclosure, including future contingencies and commitments.

Hence, the contingent liabilities are shown as a footnote or explanatory notes in the balance sheet of a firm as per Convention of full disclosure.

The elements of the financial statements will be assets, liabilities, net assets/equity, revenues and expenses. It is noted in Study 1 that moving along the spectrum from cash to accrual accounting does not mean a loss of the cash based information which can still be generated from an accrual accounting system.

Footnotes to the financial statements refer to additional information that helps explain how a company arrived at its financial statement figures.

Footnotes are also called supplementary notes that explain the figures and accounts contained in the company's financial statements. For clarity purpose, points and information that aid a better understanding of the financial accounts such as balance sheet and income statement are supplied as footnotes.

When companies file their annual financial statements, they often add footnotes beneath the statement. Footnotes to the financial statements refer to extra information that a company supplies about its finances when filing a financial statement.

If a business has hired an auditor to conduct an audit of its financial statements, that person will conduct just as thorough an investigation of the footnotes as of the financial statements, and will base his or her opinion of the financial statements partially on the information contained within the footnotes.

Footnotes information can generally be split into two different areas. The first deals with the accounting methods a company chooses to formulate its financial information, such as revenue recognition policies. The second provides an expanded explanation of important company operational and financial results.

Author Surname, Author Initial. Title. Pages Used (Publisher, Year Published). Place this part right after the quote or reference to the source in your assignment.

This citation follows the same general pattern as the earlier citation for a book: author's full name, title of the article (and note that article titles are placed in quotation marks), title of the journal (underlined or italicized, as with a book title), the volume number, year (month or season is optional), and