The notes include information such as accounting policies, significant estimates, line-item details, related party transactions, commitments and contingent liabilities, financial risk management and events after the reporting period.
Preparing the notes is often the most time-consuming part of the audit process; a standard notes template and a consolidation tool shorten this time.
Related terms
Financial statementsThe set of reports presenting, in a structured way, an entity's financial position, performance and cash flows for a specific date and period.Related partyA person or entity that has a relationship of control, joint control or significant influence with the reporting entity.Accounting policiesThe specific principles, bases, conventions, rules and practices an entity applies in preparing its financial statements.Amortised costThe amount at which a financial asset or liability is measured at initial recognition, minus principal repayments, plus cumulative amortisation calculated using the effective interest method.AssociateAn entity over which the investor has significant influence but not control or joint control.BOBİ FRS (Turkish GAAP for SMEs)The financial reporting standard issued by the POA for large and medium-sized entities that are subject to independent audit but do not apply TFRS.
Last updated: October 22, 2026 · This definition is for general information only.