Notes to the Financial Statements: Current State and Improvement

Abstract

Background: Prior studies have revealed a disclosure problem in financial statements, primarily in narrative reports. Three main problem areas have been identified: insufficient relevant information, too much irrelevant information, and low-level communication. Micro and small entities face the most difficulties.

Keywords

• disclosure problems
• financial statements
• notes
• micro and small entities
• standardization
• integration
• digitalization
• the principle of materiality
• d22
• m19
• m41