Class, speaking of the disclosure requirement, we tend to think of the footnotes in the financial statements. Footnotes are important as they provide additional information for the creditors, investors, or anyone who finds interest in understanding a company’s financial data.  Footnotes will include the methodology, valuation calculation, any accounting changes, revenue recognition, and any non-monetary transactions for creditors and investors to be aware of. 

Source:   http://smallbusiness.chron.com/notes-footnotes-important-accounting-76393.html