Notes, also known as footnotes, are important in accounting because they provide additional information regarding methodology, valuation, time period and myriad other calculation nuances.

Two new FASB concept statements address financial statement elements and factors FASB should consider in developing accounting guidance.

The board released a concepts statement to guide GASB when mandating note disclosure requirements for state and local governments.

The Governmental Accounting Standards Board released a proposed concepts statement to guide GASB when establishing note disclosure requirements for state and local governments.

The Federal Accounting Standards Advisory Board is accepting public comments on an exposure draft aimed at making note disclosures an ‘integral part’ of financial statements.

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