Question

Which concept or principle of accounting do footnotes support?

Which concept or principle of accounting do footnotes support?

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Answer #1

Full Disclosure principle

The full disclosure principle requires a company to provide all the information relating to the company so that the users of financial information are able to make decisions regarding the company and able forecast it's future .

disclosures in the notes to the financial statements include the effects of new accounting pronouncements, details regarding earnings per share, contingent liabilities etc.

So full disclosure principle of accounting support footnote as part of disclosing all the information relating to the company to enable the user to understand the financial statements

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