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Section 8 – Notes to the Financial Statements |
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1. |
An entity shall, as far as practicable, present the notes in a systematic manner. An entity shall cross-reference each item in the financial statements to any related information in the notes. |
8.3 |
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2. |
An entity normally presents the notes in the following order: (a) a statement that the financial statements have been prepared in compliance with this FRS (see paragraph 3.3); (b) a summary of significant accounting policies applied (see paragraph 8.5); (c) supporting information for items presented in the financial statements, in the sequence in which each statement and each line item is presented; and (d) any other disclosures. |
8.4 |
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3. |
An entity shall disclose the following in the summary of significant accounting policies: a) the measurement basis (or bases) used in preparing the financial statements; and b) the other accounting policies used that are relevant to an understanding of the financial statements. |
8.5 |
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4. |
An entity shall disclose, in the summary of significant accounting policies or other notes, the judgements, apart from those involving estimations (see paragraph 8.7), 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. |
8.6 |
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5. |
An entity shall disclose in the notes information about the key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing 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. |
8.7 |
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