Footnotes, formally known as notes to the financial statement, are integral part of the reporting process by offering context, detailed explanations and disclosures that extend beyond the figures presented in the core statements. Positioned at the end of a company’s financial report, this section is organized by topic and often cross-referenced to specific line items, allowing users to understand the underlying accounting policies, assumptions and events that shape the reported financial position. According to Scott Levy, CPA, the Financial Accounting Standards Board (FASB) describe notes to be “intended to amplify or explain items presented in the main body of the statements” (2025).
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