Beyond the numbers – Footnote disclosures provide a clearer picture of what lies beneath

Description

Abstract: Business owners often think that financial statement footnotes require too many detailed disclosures under GAAP. But footnotes can provide insight into the details of account balances, accounting practices and potential risks — knowledge that’s vital to making well-informed lending and investing decisions. This article highlights key risk factors to watch out for in a borrower’s footnotes and explores the latest developments in the FASB’s disclosure framework project.