Comprehensive Detailed Explanation:

The notes to the financial statements serve the purpose of:

Providing narrative explanations for items presented in the financial statements

Offering additional disclosures to comply with GASB/GAAP requirements

Presenting detailed information not conveyed in the basic financial statements themselves

While comparability and timeliness are important qualitative characteristics of financial reporting, they are not the direct purpose of note disclosures. That responsibility lies more broadly with the financial reporting system as a whole.

Relevant References:

GASB Concepts Statement No. 1 – Objectives of Financial Reporting

GASB Codification Section 2300 – Notes to the Financial Statements

FASAB Handbook – Disclosure Objectives

Answer: D. provide information in a timely and comparable format