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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.

ASC 842, similar to ASC 840, requires a lessee to disclose a maturity analysis of its finance lease liabilities, showing the undiscounted cash flows for at least the first five years following the date of the financial statements and a total of the amounts for the remaining years.

Lease disclosures under the new standard (ASC 842) are intended to give financial statement users a better understanding of an entity's leasing activities, helping them assess the amount, timing, and uncertainty of cash flows arising from leases. Learn more about some common pitfalls and ways to get disclosure right.

A disclosure is additional information attached to an entity's financial statements, usually as explanation for activities which have significantly influenced the entity's financial results.

A business's financial report is much more than just the financial statements; a financial report needs additional information, called disclosures. Footnotes are one form of disclosure included in a financial report.Other footnotes provide additional information and details for many assets and liabilities.

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.

Footnote disclosures describe how the numbers in the statement of financial position, statement of activities and cash flow statements were determined and provide a sense of where the organization is going. Financial statements are required to provide full disclosure, including future contingencies and commitments.