Notes to the accounts
Supplementary disclosures to the annual accounts that explain figures, values and methods, and make the accounts intelligible to outsiders.
Notes to the accounts, also called note disclosures, are the commentary and supplementary information that accompany the annual accounts. The notes give a deeper understanding by explaining and expanding on various amounts, values and methods used, and help make the accounts intelligible to outsiders such as auditors, investors and the authorities.
Which notes are mandatory?
All companies must prepare notes to the annual accounts, but the requirements vary with the size and type of the company. Small enterprises must, among other things, include notes on:
- The number of shares and shareholders
- The number of employees and mandatory occupational pension
- Remuneration of senior personnel
- Loans and security provided
The purpose of notes in the accounts
The notes give a detailed and transparent overview of the financial position. They explain calculation methods and give insight into specific circumstances that do not necessarily appear from the financial statements themselves, and they help readers understand the operations and the consequences of financial decisions.
Examples of common note disclosures
- Payroll costs and benefits
- Public grants
- Tax
- Non-current assets
- Trade receivables
- Bank deposits
- Shareholders
- Equity
- Events after the balance sheet date
More terms in accounting and bookkeeping
See all →Double-entry bookkeeping
A method in which every transaction is recorded in two places, as a debit and a credit, so that the accounts always balance.
Supporting documents (bilag)
Documentation of a financial transaction, such as receipts and invoices, which serves as evidence for the entries in the accounts.
Reconciliation
A method of comparing the accounts against external sources, such as bank statements, to make sure the figures agree.
Good accounting practice (god regnskapsskikk)
Recommendations and norms that supplement the Norwegian Accounting Act and Bookkeeping Act, and ensure the accounts give a true picture of the finances.
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