The financial statements, footnotes, and supplementary schedules constitute the company’s financial report. All significant information should be included in the financial report, and other relevant information that can assist in understanding the financial report is presented in narrative form. Examples of these types of items are management’s discussion and analysis and the letter to stockholders.
4. FASB.AccountingStandardsUpdateNo.2013–07PresentationofFinancialStatements, Topic 205. Liquidation Basis of Accounting (Norwalk, CT: FASB, 2013) para. 2.