Answer
There are several advantages of notes to the financial statements including;
1. Additional qualitative and quantitative information about the financial statement items.
2. Information related to items that are significant because of the nature, such as related parties disclosures, or contractual agreements, securities and covenants etc.
3. The notes describe the policies and nature of business as well as the measurement bases of significant items.
4. Financial statements provide only the minimum information, details are provided in the notes.
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