How do companies know what information they need to include in their financial statement footnotes?
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Overview
Footnotes can provide additional information or details for financial statements. This short paper will allow you to identify the main function of footnotes and evaluate footnotes from various companies.
This activity will help you complete Project One.
Directions
For this assignment, you will be taking a close look at the key elements of footnotes and their purpose. Several links are provided in the Supporting Materials section, including three different organizations’ financial statements plus resources on how to research and read the financial statements found on the U.S. Securities and Exchange Commission (SEC) website. These are the financial statements of the organizations you will need for the assignment.
Finally, after you have had the opportunity to evaluate three different companies, give thought to why footnotes require more than numbers.
Specifically, you must address the following rubric criteria:
Identify the key elements of footnotes. Consider the following questions to guide your response:
What information is typically included in footnotes?
How do companies know what information they need to include in their financial statement footnotes?
Identify the purpose of footnotes. Consider the following questions to guide your response:
Why are footnotes important and how are they used with financial statements?
What kind of statement components are footnotes typically prepared for?
Why do financial statements need supplemental information to explain numbers?
Evaluate different company situations and their applications of footnotes. Include three different companies. Consider the following questions to guide your response:
How do the various companies utilize footnotes?
How are companies’ situations similar or different?
Supporting Materials attached
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