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FASB Accounting Standards Codification (ASC) Topic 450, Contingencies, requires companies to assess the degree of probability of an unfavorable outcome before reporting a loss contingency.

Though ASC 450 does not require disclosure of remote contingencies, ASC 460 requires certain remote loss contingencies to be disclosed.

Examples of Financial Statement Footnotes Accounting policies. Describe significant principles followed. Accounting changes. ... Related parties. ... Contingencies and commitments. ... Risks and uncertainties. ... Nonmonetary transactions. ... Subsequent events. ... Business combinations.

Footnotes may provide additional information used to clarify various points. This can include further details about items used as a reference, clarification of any applicable policies, a variety of required disclosures, or adjustments made to certain figures.

ASC 450, Contingencies, outlines the accounting and disclosure requirements for loss and gain contingencies.

Footnotes to the financial statements refer to additional information that helps explain how a company arrived at its financial statement figures. They also help to explain any irregularities or perceived inconsistencies in year to year account methodologies.

[The information given in a footnote includes the author, the title, the place of publication, the publisher, the date of publication and the page or pages on which the quotation or information is found.]

Financial statement footnotes are typically included in the notes to the financial statements section of a company's annual report. They may also be available on the company's website or through third-party provider websites such as Edgar Online and Bloomberg.com.

Scope: ASC 460 applies to guarantees issued or modified after December 31, 2002, and covers various types of guarantees, including loan guarantees, performance guarantees, and indemnification agreements.

Comprehensive footnote disclosures, which are found at the end of reviewed and audited financial statements, provide valuable insight into a company's operations. Unfortunately, most people don't take the time to read footnotes in full, causing them to overlook key details.

This Topic “establishes the accounting and disclosure requirements to be met by a guarantor for certain guarantees issued and outstanding.”

Full consolidation, proportionate consolidation, and equity consolidation are the three consolidation methods. The consolidation process in accounting is used when the parent owns more than 50% of the subsidiary, while the equity method is used when the parent owns 20 to 50% of the subsidiary.