diff --git a/internal/coreinternal/timeutils/internal/ctimefmt/ctimefmt.go b/internal/coreinternal/timeutils/internal/ctimefmt/ctimefmt.go
index 29c5207418db..52170879a57b 100644
--- a/internal/coreinternal/timeutils/internal/ctimefmt/ctimefmt.go
+++ b/internal/coreinternal/timeutils/internal/ctimefmt/ctimefmt.go
@@ -86,10 +86,10 @@ var ctimeSubstitutes = map[string]string{
 //	%S - Second as a zero-padded decimal number (00, 01, ..., 59)
 //	%L - Millisecond as a decimal number, zero-padded on the left (000, 001, ..., 999)
 //	%f - Microsecond as a decimal number, zero-padded on the left (000000, ..., 999999)
-//	%s - Nanosecond as a decimal number, zero-padded on the left (000000, ..., 999999)
+//	%s - Nanosecond as a decimal number, zero-padded on the left (00000000, ..., 99999999)
 //	%z - UTC offset in the form ±HHMM[SS[.ffffff]] or empty(+0000, -0400)
 //	%Z - Timezone name or abbreviation or empty (UTC, EST, CST)
-//	%D, %x - Short MM/DD/YY date, equivalent to %m/%d/%y
+//	%D, %x - Short MM/DD/YYYY date, equivalent to %m/%d/%y
 //	%F - Short YYYY-MM-DD date, equivalent to %Y-%m-%d
 //	%T, %X - ISO 8601 time format (HH:MM:SS), equivalent to %H:%M:%S
 //	%r - 12-hour clock time (02:55:02 pm)
diff --git a/pkg/ottl/ottlfuncs/README.md b/pkg/ottl/ottlfuncs/README.md
index e0e788fb8fe2..2c6a5b65bdc4 100644
--- a/pkg/ottl/ottlfuncs/README.md
+++ b/pkg/ottl/ottlfuncs/README.md
@@ -1131,15 +1131,58 @@ Examples:
 
 ### Time
 
-The `Time` Converter takes a string representation of a time and converts it to a Golang `time.Time`.
+`Time(target, format)`
 
-`time` is a string. `format` is a string.
+The `Time` Converter takes a string representation of a time and converts it to a Golang `time.Time`.
 
-If either `time` or `format` are nil, an error is returned. The parser used is the parser at [internal/coreinternal/parser](https://github.com/open-telemetry/opentelemetry-collector-contrib/tree/main/internal/coreinternal/timeutils). If the time and format do not follow the parsing rules used by this parser, an error is returned.
+`target` is a string. `format` is a string.
+
+If either `target` or `format` are nil, an error is returned. The parser used is the parser at [internal/coreinternal/parser](https://github.com/open-telemetry/opentelemetry-collector-contrib/tree/main/internal/coreinternal/timeutils). If the `target` and `format` do not follow the parsing rules used by this parser, an error is returned.
+
+`format` denotes a textual representation of the time value formatted according to ctime-like format string. It follows [standard Go Layout formatting](https://pkg.go.dev/time#pkg-constants) with few additional substitutes:
+| substitution | description | examples |
+|-----|-----|-----|
+|`%Y` | Year as a zero-padded number | 0001, 0002, ..., 2019, 2020, ..., 9999 |
+|`%y` | Year, last two digits as a zero-padded number | 01, ..., 99 |
+|`%m` | Month as a zero-padded number | 01, 02, ..., 12 |
+|`%o` | Month as a space-padded number | 1, 2, ..., 12 |
+|`%q` | Month as an unpadded number | 1,2,...,12 |
+|`%b`, `%h` | Abbreviated month name | Jan, Feb, ... |
+|`%B` | Full month name | January, February, ... |
+|`%d` | Day of the month as a zero-padded number | 01, 02, ..., 31 |
+|`%e` | Day of the month as a space-padded number| 1, 2, ..., 31 |
+|`%g` | Day of the month as a unpadded number | 1,2,...,31 |
+|`%a` | Abbreviated weekday name | Sun, Mon, ... |
+|`%A` | Full weekday name | Sunday, Monday, ... |
+|`%H` | Hour (24-hour clock) as a zero-padded number | 00, ..., 24 |
+|`%I` | Hour (12-hour clock) as a zero-padded number | 00, ..., 12 |
+|`%l` | Hour 12-hour clock | 0, ..., 24 |
+|`%p` | Locale’s equivalent of either AM or PM | AM, PM |
+|`%P` | Locale’s equivalent of either am or pm | am, pm |
+|`%M` | Minute as a zero-padded number | 00, 01, ..., 59 |
+|`%S` | Second as a zero-padded number | 00, 01, ..., 59 |
+|`%L` | Millisecond as a zero-padded number | 000, 001, ..., 999 |
+|`%f` | Microsecond as a zero-padded number | 000000, ..., 999999 |
+|`%s` | Nanosecond as a zero-padded number | 00000000, ..., 99999999 |
+|`%z` | UTC offset in the form ±HHMM[SS[.ffffff]] or empty | +0000, -0400 |
+|`%Z` | Timezone name or abbreviation or empty | UTC, EST, CST |
+|`%D`, `%x` | Short MM/DD/YYYY date, equivalent to %m/%d/%y | 01/21/2031 |
+|`%F` | Short YYYY-MM-DD date, equivalent to %Y-%m-%d | 2031-01-21 |
+|`%T`,`%X` | ISO 8601 time format (HH:MM:SS), equivalent to %H:%M:%S | 02:55:02 |
+|`%r` | 12-hour clock time | 02:55:02 pm |
+|`%R` | 24-hour HH:MM time, equivalent to %H:%M | 13:55 |
+|`%n` | New-line character ('\n') | |
+|`%t` | Horizontal-tab character ('\t') | |
+|`%%` | A % sign | |
+|`%c` | Date and time representation | Mon Jan 02 15:04:05 2006 |
 
 Examples:
 
 - `Time("02/04/2023", "%m/%d/%Y")`
+- `Time("Feb 15, 2023", "%b %d, %Y")`
+- `Time("2023-05-26 12:34:56 HST", "%Y-%m-%d %H:%M:%S %Z")`
+- `Time("1986-10-01T00:17:33 MST", "%Y-%m-%dT%H:%M:%S %Z")`
+- `Time("2012-11-01T22:08:41+0000 EST", "%Y-%m-%dT%H:%M:%S%z %Z")`
 
 ### TraceID