IAS:1 – Presentation of IAS:1 – Presentation of financial statementsfinancial statements

Summery of StandardSummery of Standard

Objective of IAS 1Objective of IAS 1

• The objective of IAS 1 (revised 1997) is to prescribe The objective of IAS 1 (revised 1997) is to prescribe the basis for presentation of general purpose the basis for presentation of general purpose financial statements, to ensure comparability both financial statements, to ensure comparability both with the entity's financial statements of previous with the entity's financial statements of previous periods and with the financial statements of other periods and with the financial statements of other entities. IAS 1 sets out the overall framework and entities. IAS 1 sets out the overall framework and responsibilities for the presentation of financial responsibilities for the presentation of financial statements, guidelines for their structure and statements, guidelines for their structure and minimum requirements for the content of the minimum requirements for the content of the financial statements. Standards for recognising, financial statements. Standards for recognising, measuring, and disclosing specific transactions are measuring, and disclosing specific transactions are addressed in other Standards and Interpretations. addressed in other Standards and Interpretations.

ScopeScope

• Applies to all general purpose financial Applies to all general purpose financial statements based on International statements based on International Financial Reporting Standards. [IAS 1.2] Financial Reporting Standards. [IAS 1.2]

• General purpose financial statements General purpose financial statements are those intended to serve users who are those intended to serve users who do not have the authority to demand do not have the authority to demand financial reports tailored for their own financial reports tailored for their own needs. [IAS 1.3] needs. [IAS 1.3]

Objective of Financial Objective of Financial StatementsStatements

• The objective of general purpose financial The objective of general purpose financial statements is to provide information about statements is to provide information about the financial position, financial the financial position, financial performance, and cash flows of an entity performance, and cash flows of an entity that is useful to a wide range of users in that is useful to a wide range of users in making economic decisions. To meet that making economic decisions. To meet that objective, financial statements provide objective, financial statements provide information about an entity's: [IAS 1.7] information about an entity's: [IAS 1.7]

• Assets. Assets. • Liabilities. Liabilities. • Equity. Equity. • Income and expenses, including gains and losses. Income and expenses, including gains and losses. • Other changes in equity. Other changes in equity. • Cash flows. Cash flows. • That information, along with other information in That information, along with other information in

the notes, assists users of financial statements in the notes, assists users of financial statements in predicting the entity's future cash flows and, in predicting the entity's future cash flows and, in particular, their timing and certainty. particular, their timing and certainty.

Components of Financial Components of Financial StatementsStatements

• A complete set of financial statements A complete set of financial statements should include: [IAS 1.8] should include: [IAS 1.8]

• a balance sheet, a balance sheet, • income statement, income statement, • a statement of changes in equity showing a statement of changes in equity showing

either: either: – all changes in equity, or all changes in equity, or – changes in equity other than those arising from changes in equity other than those arising from

transactions with equity holders acting in their transactions with equity holders acting in their capacity as equity holders; capacity as equity holders;

• cash flow statement, and cash flow statement, and • notes, comprising a summary of notes, comprising a summary of

accounting policies and other explanatory accounting policies and other explanatory notes. notes.

• Reports that are presented outside of the Reports that are presented outside of the financial statements -- including financial financial statements -- including financial reviews by management, environmental reviews by management, environmental reports, and value added statements -- are reports, and value added statements -- are outside the scope of IFRSs. [IAS 1.9-10] outside the scope of IFRSs. [IAS 1.9-10]

Fair Presentation and Fair Presentation and Compliance with IFRSsCompliance with IFRSs • The financial statements must "present fairly" the The financial statements must "present fairly" the

financial position, financial performance and cash financial position, financial performance and cash flows of an entity. Fair presentation requires the flows of an entity. Fair presentation requires the faithful representation of the effects of faithful representation of the effects of transactions, other events, and conditions in transactions, other events, and conditions in accordance with the definitions and recognition accordance with the definitions and recognition criteria for assets, liabilities, income and criteria for assets, liabilities, income and expenses set out in the Framework. The expenses set out in the Framework. The application of IFRSs, with additional disclosure application of IFRSs, with additional disclosure when necessary, is presumed to result in financial when necessary, is presumed to result in financial statements that achieve a fair presentation. [IAS statements that achieve a fair presentation. [IAS 1.13] 1.13]

• IAS 1 requires that an entity whose IAS 1 requires that an entity whose financial statements comply with financial statements comply with IFRSs make an explicit and unreserved IFRSs make an explicit and unreserved statement of such compliance in the statement of such compliance in the notes. Financial statements shall not notes. Financial statements shall not be described as complying with IFRSs be described as complying with IFRSs unless they comply with all the unless they comply with all the requirements of IFRSs (including requirements of IFRSs (including Interpretations). [IAS 1.14] Interpretations). [IAS 1.14]

• Inappropriate accounting policies are not rectified Inappropriate accounting policies are not rectified either by disclosure of the accounting policies used or either by disclosure of the accounting policies used or by notes or explanatory material. [IAS 1.16] by notes or explanatory material. [IAS 1.16]

• IAS 1 acknowledges that, in extremely rare IAS 1 acknowledges that, in extremely rare circumstances, management may conclude that circumstances, management may conclude that compliance with an IFRS requirement would be so compliance with an IFRS requirement would be so misleading that it would conflict with the objective of misleading that it would conflict with the objective of financial statements set out in the Framework. In such financial statements set out in the Framework. In such a case, the entity is required to depart from the IFRS a case, the entity is required to depart from the IFRS requirement, with detailed disclosure of the nature, requirement, with detailed disclosure of the nature, reasons, and impact of the departure. [IAS 1.17-18] reasons, and impact of the departure. [IAS 1.17-18] Inappropriate accounting policies are not rectified Inappropriate accounting policies are not rectified either by disclosure of the accounting policies used or either by disclosure of the accounting policies used or by notes or explanatory material. [IAS 1.16] by notes or explanatory material. [IAS 1.16]

Going Concern:Going Concern:

• An entity preparing IFRS financial statements An entity preparing IFRS financial statements is presumed to be a going concern. If is presumed to be a going concern. If management has significant concerns about management has significant concerns about the entity's ability to continue as a going the entity's ability to continue as a going concern, the uncertainties must be disclosed. concern, the uncertainties must be disclosed. If management concludes that the entity is If management concludes that the entity is not a going concern, the financial statements not a going concern, the financial statements should not be prepared on a going concern should not be prepared on a going concern basis, in which case IAS 1 requires a series of basis, in which case IAS 1 requires a series of disclosures. [IAS 1.23] disclosures. [IAS 1.23]

Accrual Basis of AccountingAccrual Basis of Accounting

• IAS 1 requires that an entity prepare IAS 1 requires that an entity prepare its financial statements, except for its financial statements, except for cash flow information, using the cash flow information, using the accrual basis of accounting. [IAS accrual basis of accounting. [IAS 1.25] 1.25]

Consistency of PresentationConsistency of Presentation

• The presentation and classification of The presentation and classification of items in the financial statements items in the financial statements shall be retained from one period to shall be retained from one period to the next unless a change is justified the next unless a change is justified either by a change in circumstances either by a change in circumstances or a requirement of a new IFRS. [IAS or a requirement of a new IFRS. [IAS 1.27] 1.27]

Materiality and AggregationMateriality and Aggregation

• Each material class of similar items must be Each material class of similar items must be presented separately in the financial presented separately in the financial statements. Dissimilar items may be aggregated statements. Dissimilar items may be aggregated only if they are individually immaterial. [IAS only if they are individually immaterial. [IAS 1.29] 1.29]

• OffsettingOffsetting> Assets and liabilities, and income > Assets and liabilities, and income and expenses, shall not be offset unless and expenses, shall not be offset unless required or permitted by a Standard or an required or permitted by a Standard or an Interpretation. [IAS 1.32] Interpretation. [IAS 1.32]

Comparative InformationComparative Information

• IAS 1 requires that comparative information IAS 1 requires that comparative information shall be disclosed in respect of the previous shall be disclosed in respect of the previous period for all amounts reported in the period for all amounts reported in the financial statements, both face of financial financial statements, both face of financial statements and notes, unless another statements and notes, unless another Standard requires otherwise. [IAS 1.36] Standard requires otherwise. [IAS 1.36]

• If comparative amounts are changed or If comparative amounts are changed or reclassified, various disclosures are required. reclassified, various disclosures are required. [IAS 1.38] [IAS 1.38]

Structure and Content of Structure and Content of Financial Statements in Financial Statements in GeneralGeneral • Clearly identify: [IAS 1.46] Clearly identify: [IAS 1.46] • the financial statements the financial statements • the reporting enterprise the reporting enterprise • whether the statements are for the enterprise whether the statements are for the enterprise

or for a group or for a group • the date or period covered the date or period covered • the presentation currency the presentation currency • the level of precision (thousands, millions, the level of precision (thousands, millions,

etc.) etc.)

Reporting PeriodReporting Period

• There is a presumption that financial There is a presumption that financial statements will be prepared at least statements will be prepared at least annually. If the annual reporting period annually. If the annual reporting period changes and financial statements are changes and financial statements are prepared for a different period, the prepared for a different period, the enterprise must disclose the reason for the enterprise must disclose the reason for the change and a warning about problems of change and a warning about problems of comparability. [IAS 1.49] comparability. [IAS 1.49]

Balance SheetBalance Sheet

• An entity must normally present a classified An entity must normally present a classified balance sheet, separating current and noncurrent balance sheet, separating current and noncurrent assets and liabilities. Only if a presentation based assets and liabilities. Only if a presentation based on liquidity provides information that is reliable on liquidity provides information that is reliable and more relevant may the current/noncurrent and more relevant may the current/noncurrent split be omitted. [IAS 1.51] In either case, if an split be omitted. [IAS 1.51] In either case, if an asset (liability) category commingles amounts asset (liability) category commingles amounts that will be received (settled) after 12 months that will be received (settled) after 12 months with assets (liabilities) that will be received with assets (liabilities) that will be received (settled) within 12 months, note disclosure is (settled) within 12 months, note disclosure is required that separates the longer-term amounts required that separates the longer-term amounts from the 12-month amounts. [IAS 1.52] from the 12-month amounts. [IAS 1.52]

• Current assetsCurrent assets are cash; cash equivalent; assets are cash; cash equivalent; assets held for collection, sale, or consumption within held for collection, sale, or consumption within the enterprise's normal operating cycle; or the enterprise's normal operating cycle; or assets held for trading within the next 12 assets held for trading within the next 12 months. All other assets are noncurrent. [IAS months. All other assets are noncurrent. [IAS 1.57] 1.57]

• Current liabilitiesCurrent liabilities are those to be settled within are those to be settled within the enterprise's normal operating cycle or due the enterprise's normal operating cycle or due within 12 months, or those held for trading, or within 12 months, or those held for trading, or those for which the entity does not have an those for which the entity does not have an unconditional right to defer payment beyond 12 unconditional right to defer payment beyond 12 months. Other liabilities are noncurrent. [IAS months. Other liabilities are noncurrent. [IAS 1.60] 1.60]

• Long-term debt expected to be refinanced under Long-term debt expected to be refinanced under an existing loan facility is noncurrent, even if due an existing loan facility is noncurrent, even if due within 12 months. [IAS 1.64] within 12 months. [IAS 1.64]

• If a liability has become payable on demand If a liability has become payable on demand because an entity has breached an undertaking because an entity has breached an undertaking under a long-term loan agreement on or before under a long-term loan agreement on or before the balance sheet date, the liability is current, the balance sheet date, the liability is current, even if the lender has agreed, after the balance even if the lender has agreed, after the balance sheet date and before the authorisation of the sheet date and before the authorisation of the financial statements for issue, not to demand financial statements for issue, not to demand payment as a consequence of the breach. [IAS payment as a consequence of the breach. [IAS 1.65]1.65]

• However, the liability is classified as non-However, the liability is classified as non-current if the lender agreed by the balance current if the lender agreed by the balance sheet date to provide a period of grace ending sheet date to provide a period of grace ending at least 12 months after the balance sheet at least 12 months after the balance sheet date, within which the entity can rectify the date, within which the entity can rectify the breach and during which the lender cannot breach and during which the lender cannot demand immediate repayment. [IA 1.66] demand immediate repayment. [IA 1.66]

• Minimum items on the face of the balance Minimum items on the face of the balance sheet [IAS 1.68] sheet [IAS 1.68]

• (a) property, plant and equipment; (a) property, plant and equipment; • (b) investment property; (b) investment property; • (c) intangible assets; (c) intangible assets;

• (d) financial assets (excluding amounts (d) financial assets (excluding amounts shown under (e), (h) and (i)); shown under (e), (h) and (i));

• (e) investments accounted for using the (e) investments accounted for using the equity method; equity method;

• (f) biological assets; (f) biological assets; • (g) inventories; (g) inventories; • (h) trade and other receivables; (h) trade and other receivables; • (i) cash and cash equivalents; (i) cash and cash equivalents; • (j) trade and other payables; (j) trade and other payables; • (k) provisions; (k) provisions;

• (l) financial liabilities (excluding amounts (l) financial liabilities (excluding amounts shown under (j) and (k)); shown under (j) and (k));

• (m) liabilities and assets for current tax, as (m) liabilities and assets for current tax, as defined in IAS 12; defined in IAS 12;

• (n) deferred tax liabilities and deferred tax (n) deferred tax liabilities and deferred tax assets, as defined in IAS 12; assets, as defined in IAS 12;

• (o) minority interest, presented within (o) minority interest, presented within equity; and equity; and

• (p) issued capital and reserves attributable (p) issued capital and reserves attributable to equity holders of the parent. to equity holders of the parent.

• Additional line items may be needed to fairly Additional line items may be needed to fairly present the entity's financial position. [IAS 1.69]present the entity's financial position. [IAS 1.69]

• IAS 1 does not prescribe the format of the balance IAS 1 does not prescribe the format of the balance sheet. Assets can be presented current then sheet. Assets can be presented current then noncurrent, or vice versa, and liabilities and equity noncurrent, or vice versa, and liabilities and equity can be presented current then noncurrent then can be presented current then noncurrent then equity, or vice versa. A net asset presentation equity, or vice versa. A net asset presentation (assets minus liabilities) is allowed. The long-term (assets minus liabilities) is allowed. The long-term financing approach used in UK and elsewhere – financing approach used in UK and elsewhere – fixed assets + current assets - short term fixed assets + current assets - short term payables = long-term debt plus equity – is also payables = long-term debt plus equity – is also acceptable. acceptable.

• Regarding issued share capital and reserves, the Regarding issued share capital and reserves, the following disclosures are required: [IAS 1.76] following disclosures are required: [IAS 1.76]

• numbers of shares authorised, issued and fully paid, and numbers of shares authorised, issued and fully paid, and issued but not fully paid issued but not fully paid

• par value par value • reconciliation of shares outstanding at the beginning and reconciliation of shares outstanding at the beginning and

the end of the period the end of the period • description of rights, preferences, and restrictions description of rights, preferences, and restrictions • treasury shares, including shares held by subsidiaries and treasury shares, including shares held by subsidiaries and

associates associates • shares reserved for issuance under options and contracts shares reserved for issuance under options and contracts • a description of the nature and purpose of each reserve a description of the nature and purpose of each reserve

within owners' equity within owners' equity

Income StatementIncome Statement

• In the 2003 revision to IAS 1, the IASB is In the 2003 revision to IAS 1, the IASB is now using "profit or loss" rather than "net now using "profit or loss" rather than "net profit or loss" as the descriptive term for profit or loss" as the descriptive term for the bottom line of the income statement. the bottom line of the income statement.

• All items of income and expense All items of income and expense recognised in a period must be included in recognised in a period must be included in profit or loss unless a Standard or an profit or loss unless a Standard or an Interpretation requires otherwise. [IAS Interpretation requires otherwise. [IAS 1.78] 1.78]

Minimum items on the face of the Minimum items on the face of the income statement should include: [IAS income statement should include: [IAS 1.81]1.81]

• (a) revenue; (a) revenue; • (b) finance costs; (b) finance costs; • (c) share of the profit or loss of associates and joint (c) share of the profit or loss of associates and joint

ventures accounted for using the equity method; ventures accounted for using the equity method; • (d) a single amount comprising the total of (i) the (d) a single amount comprising the total of (i) the

post-tax profit or loss of discontinued operations post-tax profit or loss of discontinued operations and (ii) the post-tax gain or loss recognised on the and (ii) the post-tax gain or loss recognised on the disposal of the assets or disposal group(s) disposal of the assets or disposal group(s) constituting the discontinued operation; and; constituting the discontinued operation; and;

• (e) tax expense; and (e) tax expense; and • (f) profit or loss. (f) profit or loss.

• The following items must also be disclosed on the The following items must also be disclosed on the face of the income statement as allocations of profit face of the income statement as allocations of profit or loss for the period: [IAS 1.82] or loss for the period: [IAS 1.82]

• (a) profit or loss attributable to minority interest; and (a) profit or loss attributable to minority interest; and • (b) profit or loss attributable to equity holders of the (b) profit or loss attributable to equity holders of the

parent. parent. • Additional line items may be needed to fairly present Additional line items may be needed to fairly present

the enterprise's results of operations. the enterprise's results of operations. • No items may be presented on the face of the No items may be presented on the face of the

income statement or in the notes as "extraordinary income statement or in the notes as "extraordinary items". [IAS 1.85] items". [IAS 1.85]

• Certain items must be disclosed either on the face of Certain items must be disclosed either on the face of the income statement or in the notes, if material, the income statement or in the notes, if material, including: [IAS 1.87] including: [IAS 1.87]

• (a) write-downs of inventories to net realisable value or (a) write-downs of inventories to net realisable value or of property, plant and equipment to recoverable of property, plant and equipment to recoverable amount, as well as reversals of such write-downs; amount, as well as reversals of such write-downs;

• (b) restructurings of the activities of an entity and (b) restructurings of the activities of an entity and reversals of any provisions for the costs of restructuring; reversals of any provisions for the costs of restructuring;

• (c) disposals of items of property, plant and equipment; (c) disposals of items of property, plant and equipment; • (d) disposals of investments; (d) disposals of investments; • (e) discontinuing operations; (e) discontinuing operations; • (f) litigation settlements; and (f) litigation settlements; and • (g) other reversals of provisions. (g) other reversals of provisions.

• Expenses should be analysed either by nature Expenses should be analysed either by nature (raw materials, staffing costs, depreciation, (raw materials, staffing costs, depreciation, etc.) or by function (cost of sales, selling, etc.) or by function (cost of sales, selling, administrative, etc.) either on the face of the administrative, etc.) either on the face of the income statement or in the notes. [IAS 1.88] If income statement or in the notes. [IAS 1.88] If an enterprise categorises by function, an enterprise categorises by function, additional information on the nature of additional information on the nature of expenses -- at a minimum depreciation, expenses -- at a minimum depreciation, amortisation, and staff costs -- must be amortisation, and staff costs -- must be disclosed. [IAS 1.93] disclosed. [IAS 1.93]

Cash Flow StatementCash Flow Statement

• Rather than setting out separate Rather than setting out separate standards for presenting the cash standards for presenting the cash flow statement, IAS 1.102 refers to flow statement, IAS 1.102 refers to IAS 7, Cash Flow StatementsIAS 7, Cash Flow Statements

Statement of Changes in Statement of Changes in EquityEquity• IAS 1 requires an entity to present a statement of changes IAS 1 requires an entity to present a statement of changes

in equity as a separate component of the financial in equity as a separate component of the financial statements. The statement statements. The statement mustmust show: [IAS 1.96] show: [IAS 1.96]

• (a) profit or loss for the period; (a) profit or loss for the period; • (b) each item of income and expense for the period that is (b) each item of income and expense for the period that is

recognised directly in equity, and the total of those items; recognised directly in equity, and the total of those items; • (c) total income and expense for the period (calculated as (c) total income and expense for the period (calculated as

the sum of (a) and (b)), showing separately the total the sum of (a) and (b)), showing separately the total amounts attributable to equity holders of the parent and to amounts attributable to equity holders of the parent and to minority interest; and minority interest; and

• (d) for each component of equity, the effects of changes in (d) for each component of equity, the effects of changes in accounting policies and corrections of errors recognised in accounting policies and corrections of errors recognised in accordance with IAS 8. accordance with IAS 8.

• The following amounts may also be presented on The following amounts may also be presented on the face of the statement of changes in equity, or the face of the statement of changes in equity, or they may be presented in the notes: [IAS 1.97] they may be presented in the notes: [IAS 1.97]

• (a) capital transactions with owners; (a) capital transactions with owners; • (b) the balance of accumulated profits at the (b) the balance of accumulated profits at the

beginning and at the end of the period, and the beginning and at the end of the period, and the movements for the period; and movements for the period; and

• (c) a reconciliation between the carrying amount (c) a reconciliation between the carrying amount of each class of equity capital, share premium of each class of equity capital, share premium and each reserve at the beginning and at the end and each reserve at the beginning and at the end of the period, disclosing each movement. of the period, disclosing each movement.

Notes to the Financial Notes to the Financial StatementsStatements • The notes must: [IAS 1.103] The notes must: [IAS 1.103] • present information about the basis of preparation present information about the basis of preparation

of the financial statements and the specific of the financial statements and the specific accounting policies used; accounting policies used;

• disclose any information required by IFRSs that is disclose any information required by IFRSs that is not presented on the face of the balance sheet, not presented on the face of the balance sheet, income statement, statement of changes in income statement, statement of changes in equity, or cash flow statement; and equity, or cash flow statement; and

• provide additional information that is not provide additional information that is not presented on the face of the balance sheet, presented on the face of the balance sheet, income statement, statement of changes in income statement, statement of changes in equity, or cash flow statement that is deemed equity, or cash flow statement that is deemed relevant to an understanding of any of them. relevant to an understanding of any of them.

• Notes should be cross-referenced from the face of Notes should be cross-referenced from the face of the financial statements to the relevant note. [IAS the financial statements to the relevant note. [IAS 1.104] 1.104]

• IAS 1.105 suggests that the notes should normally IAS 1.105 suggests that the notes should normally be presented in the following order: be presented in the following order:

• a statement of compliance with IFRSs; a statement of compliance with IFRSs; • a summary of significant accounting policies a summary of significant accounting policies

applied, including: [IAS 1.108] applied, including: [IAS 1.108] – the measurement basis (or bases) used in preparing the the measurement basis (or bases) used in preparing the

financial statements; and financial statements; and – the other accounting policies used that are relevant to an the other accounting policies used that are relevant to an

understanding of the financial statements. understanding of the financial statements.

• supporting information for items presented on supporting information for items presented on the face of the balance sheet, income the face of the balance sheet, income statement, statement of changes in equity, statement, statement of changes in equity, and cash flow statement, in the order in which and cash flow statement, in the order in which each statement and each line item is each statement and each line item is presented; and presented; and

• other disclosures, including: other disclosures, including: • contingent liabilities (see IAS 37) and contingent liabilities (see IAS 37) and

unrecognised contractual commitments; and unrecognised contractual commitments; and • non-financial disclosures, such as the entity's non-financial disclosures, such as the entity's

financial risk management objectives and financial risk management objectives and policies (see IAS 32). policies (see IAS 32).

• Disclosure of judgements.Disclosure of judgements. New in the 2003 New in the 2003 revision to IAS 1, an entity must disclose, in revision to IAS 1, an entity must disclose, in the summary of significant accounting the summary of significant accounting policies or other notes, the judgements, apart policies or other notes, the judgements, apart from those involving estimations, that from those involving estimations, that management has made in the process of management has made in the process of applying the entity's accounting policies that applying the entity's accounting policies that have the most significant effect on the have the most significant effect on the amounts recognised in the financial amounts recognised in the financial statements. [IAS 1.113] statements. [IAS 1.113]

• Disclosure of judgements.Disclosure of judgements. New in the 2003 New in the 2003 revision to IAS 1, an entity must disclose, in revision to IAS 1, an entity must disclose, in the summary of significant accounting the summary of significant accounting policies or other notes, the judgements, apart policies or other notes, the judgements, apart from those involving estimations, that from those involving estimations, that management has made in the process of management has made in the process of applying the entity's accounting policies that applying the entity's accounting policies that have the most significant effect on the have the most significant effect on the amounts recognised in the financial amounts recognised in the financial statements. [IAS 1.113] statements. [IAS 1.113]

• Disclosure of key sources of estimation Disclosure of key sources of estimation uncertainty.uncertainty. Also new in the 2003 revision to Also new in the 2003 revision to IAS 1, an entity must disclose, in the notes, IAS 1, an entity must disclose, in the notes, information about the key assumptions information about the key assumptions concerning the future, and other key sources concerning the future, and other key sources of estimation uncertainty at the balance of estimation uncertainty at the balance sheet date, that have a significant risk of sheet date, that have a significant risk of causing a material adjustment to the causing a material adjustment to the carrying amounts of assets and liabilities carrying amounts of assets and liabilities within the next financial year. [IAS 1.116] within the next financial year. [IAS 1.116] These disclosures do not involve disclosing These disclosures do not involve disclosing budgets or forecasts. budgets or forecasts.

• The following other note disclosures are required by The following other note disclosures are required by IAS 1.126 if not disclosed elsewhere in information IAS 1.126 if not disclosed elsewhere in information published with the financial statements: published with the financial statements:

• domicile of the enterprise; domicile of the enterprise; • country of incorporation; country of incorporation; • address of registered office or principal place of address of registered office or principal place of

business; business; • description of the enterprise's operations and description of the enterprise's operations and

principal activities; principal activities; • name of its parent and the ultimate parent if it is name of its parent and the ultimate parent if it is

part of a group. part of a group.