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January 2015 » Have You Ever Seen “Footnotes”...
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Vincent J. Love, CPA/CFF, CFE
CPAs know that the financial statements include the balance sheet, statement of operations, cash flow statement, and statement of changes in capital accounts (usually called the basic financial statements), and the notes to the financial statements. The first four statements represent a concise summary of all of an entity's recorded economic events at and for the period designated on the statements. To understand the numbers and brief descriptions displayed on the face of those statements, it is essential to read the notes to those statements. There are usually no footnotes to those statements. Reading the AICPA's “Trends and Techniques” guides or conducting a short research project on financial statements, it is not surprising that there is no section on, or references to disclosure in, “Footnotes,” but there is a section on, and a part of issued financial statements titled, “Notes to Financial Statements.”
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