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what functions are served by disclosure notes?

what functions are served by disclosure notes?

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Answer : The various functions which are served by disclosure notes are :

  • Disclosure notes used while preparation of financial statements is to clarify the accounting procedures used by the company.
  • It presents the information which is not presented elsewhere which is relevant for users.
  • Disclosure notes hepls in disclosing the information that has occurred during and immediately after the close of the financial year.
  • Disclosure notes are included in the footnotes to an entity's financial statements .
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