{
  "url": "https://openlegislation.uk/eu-regulation-2008-1126/annex/appendix-INTERNATIONAL",
  "json_url": "https://openlegislation.uk/eu-regulation-2008-1126/annex/appendix-INTERNATIONAL.json",
  "legislation": "eur/2008/1126",
  "legislation_title": "Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (Text with EEA relevance) (revoked)",
  "legislation_url": "https://openlegislation.uk/eu-regulation-2008-1126",
  "path": "annex/appendix/INTERNATIONAL",
  "kind": "appendix",
  "number": "INTERNATIONAL ACCOUNTING STANDARD 1",
  "heading": "Presentation of Financial Statements",
  "text": "OBJECTIVE\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n1\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nSCOPE\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n2\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n3\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n4\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n5\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n6\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nDEFINITIONS\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n7\nThe following terms are used in this Standard with the meanings specified:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n8\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n8A\nThe following terms are described in IAS 32 Financial Instruments: Presentation and are used in this Standard with the meaning specified in IAS 32:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nFINANCIAL STATEMENTS\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nPurpose of financial statements\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n9\nFinancial statements are a structured representation of the financial position and financial performance of an entity. The objective of financial statements is to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions. Financial statements also show the results of the management’s stewardship of the resources entrusted to it. To meet this objective, financial statements provide information about an entity’s:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nComplete set of financial statements\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n10\nA complete set of financial statements comprises :\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n10A\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n11\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n12\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n13\nMany entities present, outside the financial statements, a financial review by management that describes and explains the main features of the entity’s financial performance and financial position, and the principal uncertainties it faces. Such a report may include a review of:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n14\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nGeneral features\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nFair presentation and compliance with IFRSs\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n15\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n16\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n17\nIn virtually all circumstances, an entity achieves a fair presentation by compliance with applicable IFRSs. A fair presentation also requires an entity:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n18\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n19\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n20\nWhen an entity departs from a requirement of an IFRS in accordance with paragraph 19, it shall disclose:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n21\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n22\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n23\nIn the extremely rare circumstances in which management concludes that compliance with a requirement in an IFRS would be so misleading that it would conflict with the objective of financial statements set out in the Conceptual Framework , but the relevant regulatory framework prohibits departure from the requirement, the entity shall, to the maximum extent possible, reduce the perceived misleading aspects of compliance by disclosing:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n24\nFor the purpose of paragraphs 19–23, an item of information would conflict with the objective of financial statements when it does not represent faithfully the transactions, other events and conditions that it either purports to represent or could reasonably be expected to represent and, consequently, it would be likely to influence economic decisions made by users of financial statements. When assessing whether complying with a specific requirement in an IFRS would be so misleading that it would conflict with the objective of financial statements set out in the Conceptual Framework , management considers:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nGoing concern\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n25\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n26\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nAccrual basis of accounting\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n27\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n28\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nMateriality and aggregation\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n29\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n30\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n30A\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n31\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nOffsetting\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n32\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n33\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n34\nIFRS 15 Revenue from Contracts with Customers requires an entity to measure revenue from contracts with customers at the amount of consideration to which the entity expects to be entitled in exchange for transferring promised goods or services. For example, the amount of revenue recognised reflects any trade discounts and volume rebates the entity allows. An entity undertakes, in the course of its ordinary activities, other transactions that do not generate revenue but are incidental to the main revenue-generating activities. An entity presents the results of such transactions, when this presentation reflects the substance of the transaction or other event, by netting any income with related expenses arising on the same transaction. For example:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n35\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nFrequency of reporting\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n36\nAn entity shall present a complete set of financial statements (including comparative information) at least annually. When an entity changes the end of its reporting period and presents financial statements for a period longer or shorter than one year, an entity shall disclose, in addition to the period covered by the financial statements:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n37\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nComparative information\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nMinimum comparative information\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n38\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n38A\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n38B\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nAdditional comparative information\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n38C\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n38D\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n39\nAn entity disclosing comparative information shall present, as a minimum, two statements of financial position, two of each of the other statements, and related notes. When an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements or when it reclassifies items in its financial statements, it shall present, as a minimum, three statements of financial position, two of each of the other statements, and related notes. An entity presents statements of financial position as at:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n40\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nChange in accounting policy, retrospective restatement or reclassification\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n40A\nAn entity shall present a third statement of financial position as at the beginning of the preceding period in addition to the minimum comparative financial statements required in paragraph 38A if:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n40B\nIn the circumstances described in paragraph 40A, an entity shall present three statements of financial position as at:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n40C\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n40D\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n41\nIf an entity changes the presentation or classification of items in its financial statements, it shall reclassify comparative amounts unless reclassification is impracticable. When an entity reclassifies comparative amounts, it shall disclose (including as at the beginning of the preceding period):\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n42\nWhen it is impracticable to reclassify comparative amounts, an entity shall disclose:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n43\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n44\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nConsistency of presentation\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n45\nAn entity shall retain the presentation and classification of items in the financial statements from one period to the next unless:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n46\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nSTRUCTURE AND CONTENT\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nIntroduction\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n47\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n48\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nIdentification of the financial statements\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n49\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n50\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n51\nAn entity shall clearly identify each financial statement and the notes. In addition, an entity shall display the following information prominently, and repeat it when necessary for the information presented to be understandable:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n52\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n53\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nStatement of financial position\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nInformation to be presented in the statement of financial position\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n54\nThe statement of financial position shall include line items that present the following amounts:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n55\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n55A\nWhen an entity presents subtotals in accordance with paragraph 55, those subtotals shall:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n56\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n57\nThis Standard does not prescribe the order or format in which an entity presents items. Paragraph 54 simply lists items that are sufficiently different in nature or function to warrant separate presentation in the statement of financial position. In addition:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n58\nAn entity makes the judgement about whether to present additional items separately on the basis of an assessment of:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n59\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nCurrent/non-current distinction\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n60\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n61\nWhichever method of presentation is adopted, an entity shall disclose the amount expected to be recovered or settled after more than twelve months for each asset and liability line item that combines amounts expected to be recovered or settled:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n62\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n63\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n64\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n65\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nCurrent assets\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n66\nAn entity shall classify an asset as current when:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n67\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n68\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nCurrent liabilities\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n69\nAn entity shall classify a liability as current when:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n70\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n71\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n72\nAn entity classifies its financial liabilities as current when they are due to be settled within twelve months after the reporting period, even if:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n73\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n74\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n75\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n76\nIn respect of loans classified as current liabilities, if the following events occur between the end of the reporting period and the date the financial statements are authorised for issue, those events are disclosed as non-adjusting events in accordance with IAS 10 Events after the Reporting Period :\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nInformation to be presented either in the statement of financial position or in the notes\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n77\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n78\nThe detail provided in subclassifications depends on the requirements of IFRSs and on the size, nature and function of the amounts involved. An entity also uses the factors set out in paragraph 58 to decide the basis of subclassification. The disclosures vary for each item, for example:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n79\nAn entity shall disclose the following, either in the statement of financial position or the statement of changes in equity, or in the notes:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n80\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n80A\nIf an entity has reclassified\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nStatement of profit or loss and other comprehensive income\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n81\nAn entity shall present all items of income and expense recognised in a period:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n81A\nThe statement of profit or loss and other comprehensive income (statement of comprehensive income) shall present, in addition to the profit or loss and other comprehensive income sections:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n81B\nAn entity shall present the following items, in addition to the profit or loss and other comprehensive income sections, as allocation of profit or loss and other comprehensive income for the period:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nInformation to be presented in profit or loss section or the statement of profit or loss\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n82\nIn addition to items required by other IFRSs, the profit or loss section or the statement of profit or loss shall include line items that present the following amounts for the period:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nInformation to be presented in the other comprehensive income section\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n82A\nThe other comprehensive income section shall present line items for the amounts for the period of:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n83\nAn entity shall disclose the following items in the statement of comprehensive income as allocations of profit or loss for the period:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n84\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n85\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n85A\nWhen an entity presents subtotals in accordance with paragraph 85, those subtotals shall:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n85B\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n86\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n87\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nProfit or loss for the period\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n88\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n89\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nOther comprehensive income for the period\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n90\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n91\nAn entity may present items of other comprehensive income either:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n92\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n93\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n94\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n95\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n96\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nInformation to be presented in the statement(s) of profit or loss and other comprehensive income or in the notes\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n97\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n98\nCircumstances that would give rise to the separate disclosure of items of income and expense include:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n99\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n100\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n101\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n102\nThe first form of analysis is the ‘nature of expense’ method. An entity aggregates expenses within profit or loss according to their nature (for example, depreciation, purchases of materials, transport costs, employee benefits and advertising costs), and does not reallocate them among functions within the entity. This method may be simple to apply because no allocations of expenses to functional classifications are necessary. An example of a classification using the nature of expense method is as follows:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n103\nThe second form of analysis is the ‘function of expense’ or ‘cost of sales’ method and classifies expenses according to their function as part of cost of sales or, for example, the costs of distribution or administrative activities. At a minimum, an entity discloses its cost of sales under this method separately from other expenses. This method can provide more relevant information to users than the classification of expenses by nature, but allocating costs to functions may require arbitrary allocations and involve considerable judgement. An example of a classification using the function of expense method is as follows:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n104\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n105\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nStatement of changes in equity\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nInformation to be presented in the statement of changes in equity\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n106\nAn entity shall present a statement of changes in equity as required by paragraph 10. The statement of changes in equity includes the following information:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nInformation to be presented in the statement of changes in equity or in the notes\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n106A\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n107\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n108\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n109\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n110\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nStatement of cash flows\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n111\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nNotes\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nStructure\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n112\nThe notes shall:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n113\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n114\nExamples of systematic ordering or grouping of the notes include:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n115\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n116\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nDisclosure of accounting policies\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n117\nAn entity shall disclose its significant accounting policies comprising:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n118\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n119\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n120\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n121\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n122\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n123\nIn the process of applying the entity's accounting policies, management makes various judgements, apart from those involving estimations, that can significantly affect the amounts it recognises in the financial statements. For example, management makes judgements in determining:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n124\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nSources of estimation uncertainty\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n125\nAn entity shall disclose information about the assumptions it makes about the future, and other major sources of estimation uncertainty at the end of the reporting period, that have a significant risk of resulting in 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:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n126\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n127\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n128\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n129\nAn entity presents the disclosures in paragraph 125 in a manner that helps users of financial statements to understand the judgements that management makes about the future and about other sources of estimation uncertainty. The nature and extent of the information provided vary according to the nature of the assumption and other circumstances. Examples of the types of disclosures an entity makes are:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n130\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n131\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n132\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n133\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nCapital\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n134\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n135\nTo comply with paragraph 134, the entity discloses the following:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n136\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nPuttable financial instruments classified as equity\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n136A\nFor puttable financial instruments classified as equity instruments, an entity shall disclose (to the extent not disclosed elsewhere):\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nOther disclosures\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n137\nAn entity shall disclose in the notes:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n138\nAn entity shall disclose the following, if not disclosed elsewhere in information published with the financial statements:\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nTRANSITION AND EFFECTIVE DATE\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n139\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n139A\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n139B\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n139C\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n139D\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n139F\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n139H\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n139I\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n139J\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n139K\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n139L\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n139N\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n139O\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n139P\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n139Q\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n139S\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n139T\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nWITHDRAWAL OF IAS 1 (REVISED 2003)\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n140\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .",
  "extent": "E+W+S+N.I.",
  "status": "repealed",
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Regulation revoked (31.12.2020) by The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/685), reg. 1(2), Sch. 2 para. 1 (with reg. 20(2)) (as amended by S.I. 2020/335, regs. 1, 5); 2020 c. 1, Sch. 5 para. 1(1)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eur/2008/1126/annex/appendix/INTERNATIONAL",
    "retrieved_at": "2026-11-01T14:51:52.288506+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}