Information to be presented in the statement of changes in equity
or in the notes
For each component of equity an entity shall present, either in the statement of changes in equity or in the notes, an analysis of other comprehensive income by item (see paragraph 106(d)(ii)).
An entity shall present, either in the statement of changes in equity or in the notes, the amount of dividends recognised as distributions to owners during the period, and the related amount of dividends per share.
In paragraph 106, the components of equity include, for example, each class of contributed equity, the accumulated balance of each class of other comprehensive income and retained earnings.
Changes in an entity's equity between the beginning and the end of the reporting period reflect the increase or decrease in its net assets during the period. Except for changes resulting from transactions with owners in their capacity as owners (such as equity contributions, reacquisitions of the entity's own equity instruments and dividends) and transaction costs directly related to such transactions, the overall change in equity during a period represents the total amount of income and expense, including gains and losses, generated by the entity's activities during that period.
IAS 8 requires retrospective adjustments to effect changes in accounting policies, to the extent practicable, except when the transition provisions in another IFRS require otherwise. IAS 8 also requires restatements to correct errors to be made retrospectively, to the extent practicable. Retrospective adjustments and retrospective restatements are not changes in equity but they are adjustments to the opening balance of retained earnings, except when an IFRS requires retrospective adjustment of another component of equity. Paragraph 106(b) requires disclosure in the statement of changes in equity of the total adjustment to each component of equity resulting from changes in
accounting policies and, separately, from corrections of errors. These
adjustments are disclosed for each prior period and the beginning of the period.
Statement of cash flows
Cash flow information provides users of financial statements with a basis to
assess the ability of the entity to generate cash and cash equivalents and the needs of the entity to utilise those cash flows. IAS 7 sets out requirements for the presentation and disclosure of cash flow information.
The notes shall:
present information about the basis of preparation of the
financial statements and the specific accounting policies used in
accordance with paragraphs 117-124;
disclose the information required by IFRSs that is not presented
elsewhere in the financial statements; and
provide information that is not presented elsewhere in the
financial statements, but is relevant to an understanding of any of them.
An entity shall, as far as practicable, present notes in a systematic manner. An entity shall cross-reference each item in the statements of financial position and in the statement(s) of profit or loss and other comprehensive income, and in the statements of changes in equity and of cash flows to any related information in the notes.
114 An entity normally presents notes in the following order, to assist users to
understand the financial statements and to compare them with financial
statements of other entities:
statement of compliance with IFRSs (see paragraph 16);
summary of significant accounting policies applied (see paragraph 117);
supporting information for items presented in the statements of financial position and in the statement(s) of profit or loss and other comprehensive income, and in the statements of changes in equity and of cash flows, in the order in which each statement and each line item is
other disclosures, including:
contingent liabilities (see IAS 37) and unrecognised contractual
non-financial disclosures, eg the entity's financial risk
management objectives and policies (see IFRS 7).
In some circumstances, it may be necessary or desirable to vary the order of specific items within the notes. For example, an entity may combine information on changes in fair value recognised in profit or loss with information on maturities of financial instruments, although the former disclosures relate to the statement(s) presenting profit or loss and other comprehensive income and the latter relate to the statement of financial position. Nevertheless, an entity retains a systematic structure for the notes as far as practicable.
An entity may present notes providing information about the basis of preparation of the financial statements and specific accounting policies as a separate section of the financial statements.
Disclosure of accounting policies
An entity shall disclose in the summary of significant accounting
(a) the measurement basis (or bases) used in preparing the financial
(b) the other accounting policies used that are relevant to an
understanding of the financial statements.
It is important for an entity to inform users of the measurement basis or bases used in the financial statements (for example, historical cost, current cost, net realisable value, fair value or recoverable amount) because the basis on which an entity prepares the financial statements significantly affects users' analysis. When an entity uses more than one measurement basis in the financial statements, for example when particular classes of assets are revalued, it is sufficient to provide an indication of the categories of assets and liabilities to which each measurement basis is applied.
In deciding whether a particular accounting policy should be disclosed, management considers whether disclosure would assist users in understanding
how transactions, other events and conditions are reflected in reported financial performance and financial position. Disclosure of particular accounting policies is especially useful to users when those policies are selected from alternatives allowed in IFRSs. An example is disclosure of whether an entity applies the fair value or cost model to its investment property (see IAS 40 Investment Property).
Some IFRSs specifically require disclosure of particular accounting policies, including choices made by management between different policies they allow. For example, IAS 16 requires disclosure of the measurement bases used for classes of property, plant and equipment.
Each entity considers the nature of its operations and the policies that the users of its financial statements would expect to be disclosed for that type of entity. For example, users would expect an entity subject to income taxes to disclose its accounting policies for income taxes, including those applicable to deferred tax liabilities and assets. When an entity has significant foreign operations or transactions in foreign currencies, users would expect disclosure of accounting policies for the recognition of foreign exchange gains and losses.
An accounting policy may be significant because of the nature of the entity's operations even if amounts for current and prior periods are not material. It is also appropriate to disclose each significant accounting policy that is not specifically required by IFRSs but the entity selects and applies in accordance with IAS 8.
An entity shall disclose, in the summary of significant accounting policies or other notes, the judgements, apart from those involving estimations (see paragraph 125), that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
In the process of applying the entity's accounting policies, management makes various judgements, apart from those involving estimations, that can significantly affect the amounts it recognises in the financial statements. For
example, management makes judgements in determining:
when substantially all the significant risks and rewards of ownership of
financial assets and lease assets are transferred to other entities; and
whether, in substance, particular sales of goods are financing
arrangements and therefore do not give rise to revenue.
Some of the disclosures made in accordance with paragraph 122 are required by other IFRSs. For example, IFRS 12 Disclosure of Interests in Other Entities requires an
entity to disclose the judgements it has made in determining whether it controls
another entity. IAS 40 Investment Property requires disclosure of the criteria
developed by the entity to distinguish investment property from owner-occupied property and from property held for sale in the ordinary course of business, when classification of the property is difficult.
Sources of estimation uncertainty
An entity shall disclose information about the assumptions it makes about the future, and other major sources of estimation uncertainty at the end of the reporting period, that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year. In respect of those assets and liabilities,
the notes shall include details of:
a) their nature, and
b) their carrying amount as at the end of the reporting period
Determining the carrying amounts of some assets and liabilities requires estimation of the effects of uncertain future events on those assets and liabilities at the end of the reporting period. For example, in the absence of recently observed market prices, future-oriented estimates are necessary to measure the recoverable amount of classes of property, plant and equipment, the effect of technological obsolescence on inventories, provisions subject to the future outcome of litigation in progress, and long-term employee benefit liabilities such as pension obligations. These estimates involve assumptions about such items as the risk adjustment to cash flows or discount rates, future changes in salaries and future changes in prices affecting other costs.
The assumptions and other sources of estimation uncertainty disclosed in accordance with paragraph 125 relate to the estimates that require management's most difficult, subjective or complex judgements. As the number of variables and assumptions affecting the possible future resolution of the uncertainties increases, those judgements become more subjective and complex, and the potential for a consequential material adjustment to the carrying amounts of assets and liabilities normally increases accordingly.
The disclosures in paragraph 125 are not required for assets and liabilities with a significant risk that their carrying amounts might change materially within the next financial year if, at the end of the reporting period, they are measured at fair value based on a quoted price in an active market for an identical asset or liability. Such fair values might change materially within the next financial year but these changes would not arise from assumptions or other sources of estimation uncertainty at the end of the reporting period.
An entity presents the disclosures in paragraph 125 in a manner that helps users of financial statements to understand the judgements that management makes about the future and about other sources of estimation uncertainty. The nature and extent of the information provided vary according to the nature of the assumption and other circumstances. Examples of the types of disclosures an
entity makes are:
a) the nature of the assumption or other estimation uncertainty
b) the sensitivity of carrying amounts to the methods, assumptions and
estimates underlying their calculation, including the reasons for the
the expected resolution of an uncertainty and the range of reasonably possible outcomes within the next financial year in respect of the
carrying amounts of the assets and liabilities affected; and
an explanation of changes made to past assumptions concerning those
assets and liabilities, if the uncertainty remains unresolved.
This Standard does not require an entity to disclose budget information or forecasts in making the disclosures in paragraph 125.
Sometimes it is impracticable to disclose the extent of the possible effects of an assumption or another source of estimation uncertainty at the end of the reporting period. In such cases, the entity discloses that it is reasonably possible, on the basis of existing knowledge, that outcomes within the next financial year that are different from the assumption could require a material adjustment to the carrying amount of the asset or liability affected. In all cases, the entity discloses the nature and carrying amount of the specific asset or liability (or class of assets or liabilities) affected by the assumption.
The disclosures in paragraph 122 of particular judgements that management made in the process of applying the entity's accounting policies do not relate to the disclosures of sources of estimation uncertainty in paragraph 125.
Other IFRSs require the disclosure of some of the assumptions that would otherwise be required in accordance with paragraph 125. For example, IAS 37 requires disclosure, in specified circumstances, of major assumptions concerning future events affecting classes of provisions. IFRS 13 Fair Value Measurement requires disclosure of significant assumptions (including the valuation technique(s) and inputs) the entity uses when measuring the fair values of assets and liabilities that are carried at fair value.
An entity shall disclose information that enables users of its financial statements to evaluate the entity's objectives, policies and processes for managing capital.
To comply with paragraph 134, the entity discloses the following:
(a) qualitative information about its objectives, policies and processes for
managing capital, including:
a description of what it manages as capital;
when an entity is subject to externally imposed capital requirements, the nature of those requirements and how those requirements are incorporated into the management of capital;
how it is meeting its objectives for managing capital.
summary quantitative data about what it manages as capital. Some
entities regard some financial liabilities (eg some forms of subordinated debt) as part of capital. Other entities regard capital as excluding some components of equity (eg components arising from cash flow hedges).
any changes in (a) and (b) from the previous period.
(d) whether during the period it complied with any externally imposed
capital requirements to which it is subject.
(e) when the entity has not complied with such externally imposed capital
requirements, the consequences of such non-compliance.
The entity bases these disclosures on the information provided internally to key
An entity may manage capital in a number of ways and be subject to a number of different capital requirements. For example, a conglomerate may include entities that undertake insurance activities and banking activities and those entities may operate in several jurisdictions. When an aggregate disclosure of capital requirements and how capital is managed would not provide useful information or distorts a financial statement user' understanding of an entity's capital resources, the entity shall disclose separate information for each capital requirement to which the entity is subject.
Puttable financial instruments classified as equity
For puttable financial instruments classified as equity instruments, an
entity shall disclose (to the extent not disclosed elsewhere):
summary quantitative data about the amount classified as equity;
its objectives, policies and processes for managing its obligation to repurchase or redeem the instruments when required to do so by the instrument holders, including any changes from the previous
the expected cash outflow on redemption or repurchase of that
class of financial instruments; and
information about how the expected cash outflow on redemption or repurchase was determined.
137 An entity shall disclose in the notes:
(a) the amount of dividends proposed or declared before the financial
statements were authorised for issue but not recognised as a distribution to owners during the period, and the related amount per
(b) the amount of any cumulative preference dividends not
138 An entity shall disclose the following, if not disclosed elsewhere in
information published with the financial statements:
the domicile and legal form of the entity, its country of
incorporation and the address of its registered office (or principal
place of business, if different from the registered office);
a description of the nature of the entity's operations and its
(c) the name of the parent and the ultimate parent of the group; and
(d) if it is a limited life entity, information regarding the length of its
Transition and effective date
after 1 July 2012. Earlier application is permitted. If an entity applies the amendments for an earlier period it shall disclose that fact.
IAS 19 Employee Benefits (as amended in June 2011) amended the definition of 'other comprehensive income' in paragraph 7 and paragraph 96. An entity shall apply those amendments when it applies IAS 19 (as amended in June 2011).
Annual Improvements 2009-2011 Cycle, issued in May 2012, amended paragraphs 10, 38 and 41, deleted paragraphs 39-40 and added paragraphs 38A-38D and 40A-40D. An entity shall apply that amendment retrospectively in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors for annual
periods beginning on or after 1 January 2013. Earlier application is permitted. If an entity applies that amendment for an earlier period it shall disclose that fact.
IFRS 9, as amended in November 2013, amended paragraphs 7, 68, 71, 82, 93, 95, 96, 106 and 123 and deleted paragraphs 139E and 139G. An entity shall apply those amendments when it applies IFRS 9 as amended in November 2013.
Withdrawal of IAS 1 (revised 2003)
140 This Standard supersedes IAS 1 Presentation of Financial Statements revised in 2003,
as amended in 2005.
Amendments to other pronouncements
The amendments in this appendix shall be applied for annual periods beginning on or after 1 January 2009. If an entity applies this Standard for an earlier period, these amendments shall be applied for that earlier period. In the amended paragraphs, new text is underlined and deleted text is struck through.
The amendments contained in this appendix when this Standard was revised in 2007 have been incorporated into the relevant pronouncements published in this volume.
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