The structure and role of the notes

Learning objectives

• Explain the role of the notes in relation to the primary financial statements.L1
• Identify the items of information that belong in the notes.L1, L2

Normative references

• IAS 1 §112The notes present information about the basis of preparation of the financial statements and the specific accounting policies used, disclose the information required by Standards that is not presented elsewhere, and provide information that is relevant to an understanding of the financial statements and not presented elsewhere; their systematic presentation and the cross-referencing from line items are dealt with in para. 113.

Original summaries of the paragraphs (reference register), never a quotation of the standard.

1 question

• 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?L1