CERTYNEX IFRS ACADEMY

A trainee is preparing the notes to Nova SA's financial statements. Which set of items describes the role of the notes under IAS 1?

Repeat the amounts of the primary statements unchanged, without any other information.

Present only the information that management considers favourable to the entity.

Present the basis of preparation and the accounting policies, the information required by Standards not presented elsewhere and the information relevant to an understanding.

Replace the primary statements when they become too detailed, all line items then being presented only in the notes, with no totals in the statements themselves.