Notes to the financial statements

(redirected from Note to the Financial Statements)

Notes to the financial statements

A detailed set of notes immediately following the financial statements in an annual report that explain and expand on the information in the financial statements.

Notes to the Financial Statements

All passages following a financial statement giving additional information and/or explaining unusual entries.
References in periodicals archive ?
Disclose the basis of accounting applied in the preparation of the financial statements in a note to the financial statements.
A note to the financial statements should disclose the new financial information and the financial statement impact, and include a statement that audit procedures applied subsequent to the original audit report date were limited solely to the revised financial information.
If the financial statements contain a material misstatement of misstatements, the disclosure may be made on either the face of the financial statements or in a note to the financial statements. For statements that omit substantially all the disclosures required by applicable financial reporting framework, the disclosure may be made on the face of the financial statements in a selected note to the financial statements.
130 also requires the individual components comprising accumulated other comprehensive income (for example, gains and losses on available-for-sale securities and foreign currency translation adjustments) to be disclosed either on the face of the balance sheet, in the statement of changes in equity, or in a note to the financial statements.
The disclosure requirements of this SOP are meant to supplement the existing standards; thus, the new disclosure requirements may be added to existing notes or placed in a separate note to the financial statements.
In the former instance, the auditor's responsibility for events occurring subsequent to the original date of the auditor's report is limited to the specific event described in the relevant note to the financial statements. In the latter instance, the auditor's responsibility for subsequent events extends to the new date of the auditor's report on the revised financial statements.
117 and the new guide (e.g., if the statement of activities does not present revenues, expenses, gains, and losses by net asset class), the nature of the prior year information should be described by use of appropriate titles on the face of the financial statements and in a note to the financial statements.
If the amount was significant, it would be shown in a note to the financial statements, but does not have to be related to the Statement of Cash Flows.
Information about the effects of accounting changes, discontinued operations, and extraordinary items could be disclosed in a note to the financial statements without following the GAAP presentation requirements in the statement of results of operations, using those terms, or disclosing net-of-tax effects.
* A policy note to the financial statements should describe the OCBOA.
If prior periods' financial statements do not include the required information, however, the auditor should ascertain whether the nature of the .prior period information is labeled with an appropriate title on the face of the statement and described in a note to the financial statements. If it is not, the auditor ordinarily should add a paragraph to the audit report calling the omitted or incomplete disclosure to the readers' attention.
A statement of the basis of presentation and reference to the note to the financial statements that describes the basis.