Disclosure notes are an integral part of the information provided in financial statement. In what ways are the notes critical to understanding the financial statements and to evaluating the firm$$s performance and financial health? Be specific in addressing this question.

Every annual report of a public company includes an extensive discussion and analysis provided by the company$$s management. Specifically, which aspects of the company must this discussion address? Isn$$t management$$s perspective too biased to be of use to investors and creditors?