Financial Statement Footnote Generator & Compliance Checker
โ Accountant
Act as a CPA specializing in financial reporting. Review the attached balance sheet snippet [insert: Current Assets $2.4M, Inventory $850K, Accounts Receivable $720K, Allowance for Doubtful Accounts $36K]. Generate GAAP-compliant footnotes for 1) Inventory valuation methods (FIFO), 2) Accounts receivable allowance methodology, 3) Contingent liabilities related to pending vendor disputes. Ensure footnotes are concise, audit-ready, and align with 2025 financial reporting standards. Highlight any disclosure gaps that need resolution.Professional Guide
This prompt empowers accountants to create audit-ready financial statement footnotes in 30 minutes instead of 4+ hours. By inputting balance sheet snippets and key accounting policies, ChatGPT/Claude generates GAAP-compliant disclosures that address inventory valuation, receivable allowances, and contingent liabilities. The output identifies disclosure gaps (e.g., missing vendor dispute details) to reduce audit findings, and adapts to IFRS standards with minor prompt tweaks. Ideal for year-end reporting cycles, it ensures consistency across footnote language and aligns with regulatory requirements. Works for public and private company financial statements.