Final answer:
A seller may need to disclose long-term contract-related information in its financial statement notes, such as the terms and conditions of the contract and the expected revenue and expenses associated with it.
Step-by-step explanation:
In its financial statement notes, a seller may need to disclose long-term contract-related information such as the terms and conditions of the contract, the expected revenue and expenses associated with the contract, any potential risks or uncertainties related to the contract, and any significant changes in the contract during the reporting period.
For example, if a company enters into a long-term supply agreement with a customer, it may need to disclose the details of the agreement, including the duration, pricing, and any potential penalties for non-compliance. This information helps provide transparency and allows stakeholders to assess the financial impact of these long-term contracts on the seller's financial position and performance.