Final answer:
True, it is required to provide a financial statement or note disclosure for all operating leases with a non-cancelable term of more than one year to ensure transparency and provide important information to users of financial statements.
Step-by-step explanation:
True, financial statement or note disclosure is indeed required for all operating leases that have a non-cancelable term in excess of one year. This requirement comes under the Financial Accounting Standards Board (FASB) in the United States and the International Accounting Standards Board (IASB) standards internationally. These disclosures provide information that is of importance to users of the financial statements in assessing the amount, timing, and uncertainty of cash flows arising from leases.
Entities must disclose the nature of their leasing arrangements and include specific information such as the lease term, the amount of lease payments, and any options to renew a lease, purchase the leased asset, or terminations. These disclosures ensure transparency and consistency in financial reporting and provide valuable insight for investors and creditors.