The main 3 footnotes selected are:
1. Disclosure of Accounting policies followed: This is one of the most important note, as this clarifies
what accounting policies have been followed by the company.
Importance: For the users of the Financial statements, this disclosure is necessary to confirm if
the business is complying with the polices of the government and GAAR or not. However, it is
ascertained that Accounts bookkeeping must be done on Accrual basis.
2. Use of Estimates: As it is impossible to write all the figures in exact numbers, thus, company has
provided all the data figures by providing round off to the nearest million dollars.
Importance: For the data users it is important to know the nearest round offs as big companies
have huge transactions for which even one item can have a major impact on investment decision
(here, in Millions).
3. Prior period classification: These are the entries that have been realized from previous year and
are adjusted in the Assessment year financial statements either by transferring or by realization.
Importance: Investors or Stakeholders are interested in knowing this classification of the prior
period items so that they could get a clear comparison of what and where these items re settled.