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Notes to the Financial Statements - Coggle Diagram
Notes to the Financial Statements
Include
More detailed analysis of figures in the statement
Narrative information explaining figures in the statements
Additional information, for example contingent liabilities and capital expenditure and lease commitments
IAS 1 requires the notes to the financial statements to disclose the following key information
The basis for the preparation of financial statements including the specific accounting policies chosen and applied to significant transactions/events
Information which is required by IFRS but not presented elsewhere in the financial statements
Any additional information that is relevant to understanding which is not shown elsewhere in the financial statements
Should be presented in a systematic manner and cross referenced to the relevant item in the financial statements where appropriate
IAS 1 suggests that notes are presented in the following order to assist users to understand the financial statements and to compare them with the published financial statements of other entities
Statement of compliance with IFRS
Statement of the measurement bases and a summary of the significant accounting policies applied in preparing the financial statements
Supporting information for items presented in the SOFP, the statement of profit or loss and OCI, the separate statement of profit or loss and the statement of changes in equity and of cash flows
Other disclosures
Contingent liabilities and unrecognised contractual commitments
Non-financial disclosures that enable users of financial statements to evaluate the entity's financial risk management objectives and policies.
Dividends proposed or declared before the financial statements were authorised but not recognised and the related amount per share together with the amount of any cumulative preference dividends not recognsied
Capital disclosures about an entity's objectives, policies and processes for managing its capital
If not cited elsewhere, include
The domicile and legal form of the business, its country of incorporation and its registered office address or if different, principal place of business
A description of the nature of the entity's operations and principal activities
The name of its parent and ultimate parent of the group
If it is a limited life entity, information regarding the length of its life
Related parties disclosures that require disclosures about transactions and outstanding balances with an entity's related parties