Question

Financial statement note disclosure is required for material potential losses when the loss is at least reasonably possible: Question 7 options: Even if the amount is not reasonably estimable. Unless the amount is not reasonably estimable. Only if the amount is known or reasonably estimable. Only if the amount is known.

Answer 1

Financial statement note disclosure is required for material potential losses Unless the amount is not reasonably estimable.

What should be seen in notes to the financial statements?

The Notes of any financial statements disclose should have a detailed assumptions that has been formed or written out by accountants as at the time of preparing a firm's income statement, balance sheet, etc.

Note that these notes are vital as it tells one or make one to have a thorough understanding of the documents. Note that disclosure of fair values is not needed when the amount is of reasonable estimate.

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