What purpose do the notes within financial statements serve to the Financial Accounting Standards Board (FASB)?

While financial statements do present statistics, the primary role of the notes is not merely to disclose these figures. Instead, they provide detailed explanations and insights into the numbers, which are necessary for a comprehensive understanding of the financial position and performance of the entity.

Summarizing totals is typically the role of the financial statements themselves, such as the balance sheet and income statement. The notes do not summarize totals; rather, they elaborate on specific items, providing context and additional details that are not immediately evident in the summarized totals.

Although the notes may include a summary of accounting policies, this is just one aspect of their function. The notes serve a broader purpose by providing various types of supplementary information that assist users in interpreting the financial statements, making "providing supplementary information as needed" a more accurate description of their overall role.