There are numerous aspects of a business that cannot be easily understood such as when a company books a sale or revenue determination process. The determination of value of these different aspects is also discussed in this section(Tracy, 2009). The policies with respect to these different aspects are discussed in this section. There are numerous parts to this section that addresses different aspects such as inventory, revenue, etc. The information about the accounting policies of a company is identified and elaborately explained in the first section.

Second is the detailed explanation of the financial and operational reports. One is about the accounting methodologies that are used in the preparation of the report. The footnotes can be divided into two section based on the content in it. It contains quality information that might be useful in understanding the financial position of the company. In the simplest sense, the information in the footnotes is an extension of financial statement. Footnotes in Financial Statements - Research Paper Example The last section of the financial statements consists of the footnotes and consists of information such as the policies and methodologies used in the preparation of the financial statement.

Endnote example in paper