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The revenue recognition principle, a feature of accrual accounting, requires that revenues are recognized on the income statement in the period when realized and earnednot necessarily when cash is received.Earned revenue accounts for goods or services that have been provided or performed, respectively.

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.

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.

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.

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.

Pick up any financial report and you'll always find references to the footnotes of the financial statements. The footnotes describe in detail the practices and reporting policies of the company's accounting methods and disclose additional information that can't be shown in the statements themselves.

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.