Quick Finance Tip - Financial Notes or Footnotes

Financial notes (other known as footnotes) are required to provide information about line items listed in the complete set of financial statements.

They must disclose the basis of preparation (i.e. under what jurisdiction), information about accounting policies, methods, and estimates.

​In relation to GAAP and IFRS, the rules for footnotes are more flexible, which will explain potential lack of comparability on how some companies footnote.