The term disclosure includes everything in the financial statements. Statement captions, titles, and classifications are all disclosures. In addition, financial statements are not complete without note disclosures. Generally accepted accounting principles (GAAP) require adequate disclosure. Auditors evaluate disclosures before issuing their opinions on the financial statements. This chapter deals with note disclosures and presents excerpts from the 2020 AICPA Audit and Accounting Guide concerning not-forprofit (NFP) entities. It outlines the changes in the FASB Accounting Standards Update 2018-13, Disclosure Framework concerning the disclosure requirements for fair value measurement. The chapter also presents excerpts from the 2019 Checklists and Illustrative Financial Statements for not-for-profit entities. It provides a case study for the user to verify whether the selected disclosures given in the case study meet the minimum requirements per GAAP.