Roles of the primary statements and the notes

Learning objectives

• Distinguish the role of a primary financial statement from that of a note.L1
• Determine where to provide material information that is not presented in a primary financial statement.L1, L2

Normative references

• IFRS 18 §42In applying para. 41, the entity disaggregates an item whenever the resulting information is material; material information that is not presented in the primary financial statements is disclosed in the notes (examples of dissimilar items in paras. B79 and B111).

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

1 question

• What are the respective roles of the primary statements and the notes under IFRS 18?L1