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What Are Footnotes? 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.

1 Notes in financial reports may include narrative descriptions or more detailed analyses of amounts shown on the face of the financial statements as well as additional information such as contingent liabilities and commitments.

Tip. Financial statements are compiled in a specific order because information from one statement carries over to the next statement. The trial balance is the first step in the process, followed by the adjusted trial balance, the income statement, the balance sheet and the statement of owner's equity.

If impairment loss is not presented as a separate line item, the notes must disclose the caption in the income statement in which the impairment loss is included and the amount of the impairment loss.

5 Types of Financial Statements Balance Sheet. The first type of financial report is the balance sheet. ... Income Statement. The second type of financial report is the income statement. ... Cash Flow Statement. ... Statement of Changes in Capital. ... Notes to Financial Statements.

Notes to the financial statements disclose the detailed assumptions made by accountants when preparing a company's: income statement, balance sheet, statement of changes of financial position or statement of retained earnings.

Your in-text citation should include both authors: the author(s) of the original source and the author(s) of the secondary source. For example: (Habermehl, 1985, as cited in Kersten, 1987). In your reference list you should provide the details of the secondary source (the source you read).