INTERNATIONAL
ACCOUNTING STANDARD 1
Presentation
of Financial Statements
OBJECTIVE
1 This Standard prescribes the basis for
presentation of general purpose financial statements to ensure comparability
both with the entity’s financial statements of previous periods and with the
financial statements of other entities. It sets out overall requirements for
the presentation of financial statements, guidelines for their structure and
minimum requirements for their content.
SCOPE
2 An entity shall apply this Standard in
preparing and presenting general purpose financial statements in accordance with
International Financial Reporting Standards (IFRSs).
3 Other IFRSs set out the recognition,
measurement and disclosure requirements for specific transactions and other
events.
4 This Standard does not apply to the structure
and content of condensed interim financial statements prepared in accordance
with IAS 34 Interim Financial Reporting. However, paragraphs 15–35
apply to such financial statements. This Standard applies equally to all
entities, including those that present consolidated financial statements in
accordance with IFRS 10 Consolidated Financial Statements and
those that present separate financial statements in accordance with IAS
27 Separate Financial Statements.
5 This Standard uses terminology that is suitable
for profit-oriented entities, including public sector business entities. If
entities with not-for-profit activities in the private sector or the public
sector apply this Standard, they may need to amend the descriptions used for
particular line items in the financial statements and for the financial
statements themselves.
6 Similarly, entities that do not have equity as
defined in IAS 32 Financial Instruments: Presentation (e.g.
some mutual funds) and entities whose share capital is not equity (e.g. some
co-operative entities) may need to adapt the financial statement presentation
of members’ or unitholders’ interests.
DEFINITIONS
7 The following terms are used in this
Standard with the meanings specified:
Accounting policies are defined in paragraph 5 of IAS 8 Accounting Policies,
Changes in Accounting Estimates and Errors, and the term is used in this
Standard with the same meaning.
Impracticable Applying a requirement is impracticable when the entity cannot apply
it after making every reasonable effort to do so.
International Financial Reporting Standards (IFRSs) are Standards and Interpretations adopted by the
International Accounting Standards Board (IASB). They comprise:
(a)
International Financial Reporting Standards;
(b)
International Accounting Standards; and
(c)
Interpretations developed by the International
Financial Reporting Interpretations Committee (IFRIC) or the former Standing
Interpretations Committee (SIC).
Material:
Information is material if omitting, misstating or
obscuring it could reasonably be expected to influence decisions that the
primary users of general purpose financial statements make on the basis of
those financial statements, which provide financial information about a
specific reporting entity.
Materiality depends on the nature or magnitude of
information, or both. An entity assesses whether information, either
individually or in combination with other information, is material in the
context of its financial statements taken as a whole.
Information is obscured if it is communicated in a way
that would have a similar effect for primary users of financial statements to
omitting or misstating that information. The following are examples of
circumstances that may result in material information being obscured:
(a)
information regarding a material item, transaction or
other event is disclosed in the financial statements but the language used is
vague or unclear;
(b)
information regarding a material item, transaction or
other event is scattered throughout the financial statements;
(c)
dissimilar items, transactions or other events are
inappropriately aggregated;
(d)
similar items, transactions or other events are
inappropriately disaggregated; and
(e)
the understandability of the financial statements is
reduced as a result of material information being hidden by immaterial
information to the extent that a primary user is unable to determine what
information is material.
Assessing whether information could reasonably be
expected to influence decisions made by the primary users of a specific
reporting entity’s general purpose financial statements requires an entity to
consider the characteristics of those users while also considering the entity’s
own circumstances.
Many existing and potential investors, lenders and other
creditors cannot require reporting entities to provide information directly to
them and must rely on general purpose financial statements for much of the
financial information they need. Consequently, they are the primary users to
whom general purpose financial statements are directed. Financial statements
are prepared for users who have a reasonable knowledge of business and economic
activities and who review and analyse the information diligently. At times,
even well-informed and diligent users may need to seek the aid of an adviser to
understand information about complex economic phenomena.
►M31 Notes contain
information in addition to that presented in the statement of financial
position, statement(s) of profit or loss and other comprehensive income, ◄ separate ►M5 statement
of comprehensive income ◄ (if presented), statement of
changes in equity and statement of cash flows. Notes provide narrative
descriptions or disaggregations of items presented in those statements and
information about items that do not qualify for recognition in those
statements.
Other comprehensive income comprises items of income and expense (including
reclassification adjustments) that are not recognised in profit or loss as
required or permitted by other IFRSs.
The components of other comprehensive income include:
(a)
changes in revaluation surplus (see IAS 16 Property,
Plant and Equipment and IAS 38 Intangible Assets);
(b)
remeasurements of defined benefit plans (see IAS
19 Employee Benefits);
(c)
gains and losses arising from translating the
financial statements of a foreign operation (see IAS 21 The Effects of
Changes in Foreign Exchange Rates);
(d)
gains and losses from investments in equity
instruments designated at fair value through other comprehensive income in
accordance with paragraph 5.7.5 of IFRS 9 Financial Instruments;
(da)
gains and losses on financial assets measured at fair
value through other comprehensive income in accordance with paragraph 4.1.2 A
of IFRS 9;
(e)
the effective portion of gains and losses on hedging
instruments in a cash flow hedge and the gains and losses on hedging
instruments that hedge investments in equity instruments measured at fair value
through other comprehensive income in accordance with paragraph 5.7.5 of IFRS 9
(see Chapter 6 of IFRS 9);
(f)
for particular liabilities designated as at fair value
through profit or loss, the amount of the change in fair value that is
attributable to changes in the liability's credit risk (see paragraph 5.7.7 of
IFRS 9);
(g)
changes in the value of the time value of options when
separating the intrinsic value and time value of an option contract and
designating as the hedging instrument only the changes in the intrinsic value
(see Chapter 6 of IFRS 9);
(h)
changes in the value of the forward elements of
forward contracts when separating the forward element and spot element of a
forward contract and designating as the hedging instrument only the changes in
the spot element, and changes in the value of the foreign currency basis spread
of a financial instrument when excluding it from the designation of that financial
instrument as the hedging instrument (see Chapter 6 of IFRS 9);
(i)
insurance finance income and expenses from contracts
issued within the scope of IFRS 17 Insurance Contracts excluded
from profit or loss when total insurance finance income or expenses is
disaggregated to include in profit or loss an amount determined by a systematic
allocation applying paragraph 88(b) of IFRS 17, or by an amount that eliminates
accounting mismatches with the finance income or expenses arising on the
underlying items, applying paragraph 89(b) of IFRS 17; and
(j)
finance income and expenses from reinsurance contracts
held excluded from profit or loss when total reinsurance finance income or
expenses is disaggregated to include in profit or loss an amount determined by
a systematic allocation applying paragraph 88(b) of IFRS 17.
Owners are
holders of instruments classified as equity.
Profit or loss is the total of income less expenses, excluding the components of
other comprehensive income.
Reclassification adjustments are amounts reclassified to profit or loss in
the current period that were recognised in other comprehensive income in the
current or previous periods.
Total comprehensive income is the change in equity during a period resulting from transactions
and other events, other than those changes resulting from transactions with
owners in their capacity as owners.
Total comprehensive income comprises all components of
‘profit or loss’ and of ‘other comprehensive income’.
8 Although this Standard uses the terms ‘other
comprehensive income’, ‘profit or loss’ and ‘total comprehensive income’, an
entity may use other terms to describe the totals as long as the meaning is
clear. For example, an entity may use the term ‘net income’ to describe profit
or loss.
8A The following terms are described in IAS
32 Financial Instruments: Presentation and are used in this
Standard with the meaning specified in IAS 32:
(a)
puttable financial instrument classified as an equity
instrument (described in paragraphs 16A and 16B of IAS 32)
(b)
an instrument that imposes on the entity an obligation
to deliver to another party a pro rata share of the net assets of the entity
only on liquidation and is classified as an equity instrument (described in
paragraphs 16C and 16D of IAS 32).
FINANCIAL STATEMENTS
Purpose of financial statements
9 Financial 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:
(a)
assets;
(b)
liabilities;
(c)
equity;
(d)
income and expenses, including gains and losses;
(e)
contributions by and distributions to owners in their
capacity as owners; and
(f)
cash flows.
This information, along with other information in the
notes, assists users of financial statements in predicting the entity’s future
cash flows and, in particular, their timing and certainty.
Complete set of financial statements
10 A
complete set of financial statements comprises:
(a)
a statement of financial position as at the end of the
period;
(b)
a statement of profit or loss and other comprehensive
income for the period;
(c)
a statement of changes in equity for the period;
(d)
a statement of cash flows for the period;
(e)
notes, comprising material accounting policy
information and other explanatory information;
(ea)
comparative information in respect of the preceding
period as specified in paragraphs 38 and 38A; and
(f)
a statement of financial position as at the beginning
of the preceding period 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 in
accordance with paragraphs 40A–40D.
An entity may use titles for the statements other than
those used in this Standard. For example, an entity may use the title
‘statement of comprehensive income’ instead of ‘statement of profit or loss and
other comprehensive income’.
10A An entity may present a single statement of
profit or loss and other comprehensive income, with profit or loss and other
comprehensive income presented in two sections. The sections shall be presented
together, with the profit or loss section presented first followed directly by
the other comprehensive income section. An entity may present the profit or
loss section in a separate statement of profit or loss. If so, the separate
statement of profit or loss shall immediately precede the statement presenting
comprehensive income, which shall begin with profit or loss.
11 An entity shall present with equal prominence
all of the financial statements in a complete set of financial statements.
▼M31 —————
13 Many 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:
(a)
the main factors and influences determining financial
performance, including changes in the environment in which the entity operates,
the entity’s response to those changes and their effect, and the entity’s
policy for investment to maintain and enhance financial performance, including
its dividend policy;
(b)
the entity’s sources of funding and its targeted ratio
of liabilities to equity; and
(c)
the entity’s resources not recognised in the statement
of financial position in accordance with IFRSs.
14 Many entities also present, outside the
financial statements, reports and statements such as environmental reports and
value added statements, particularly in industries in which environmental
factors are significant and when employees are regarded as an important user
group. Reports and statements presented outside financial statements are
outside the scope of IFRSs.
General features
Fair presentation and compliance with IFRSs
15 Financial statements shall present
fairly the financial position, financial performance and cash flows of an
entity. Fair presentation requires the faithful representation of the effects
of transactions, other events and conditions in accordance with the definitions
and recognition criteria for assets, liabilities, income and expenses set out
in the Conceptual Framework for Financial Reporting (Conceptual
Framework). The application of IFRSs, with additional disclosure when
necessary, is presumed to result in financial statements that achieve a fair
presentation.
16 An entity whose financial statements comply
with IFRSs shall make an explicit and unreserved statement of such compliance
in the notes. An entity shall not describe financial statements as complying
with IFRSs unless they comply with all the requirements of IFRSs.
17 In virtually all circumstances, an entity
achieves a fair presentation by compliance with applicable IFRSs. A fair
presentation also requires an entity:
(a)
to select and apply accounting policies in accordance
with IAS 8 Accounting Policies, Changes in Accounting Estimates and
Errors. IAS 8 sets out a hierarchy of authoritative guidance that
management considers in the absence of an IFRS that specifically applies to an
item.
(b)
to present information, including accounting policies,
in a manner that provides relevant, reliable, comparable and understandable
information.
(c)
to provide additional disclosures when compliance with
the specific requirements in IFRSs is insufficient to enable users to
understand the impact of particular transactions, other events and conditions
on the entity’s financial position and financial performance.
18 An entity cannot rectify inappropriate
accounting policies either by disclosure of the accounting policies used or by
notes or explanatory material.
19 In 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, the entity shall
depart from that requirement in the manner set out in paragraph 20 if the
relevant regulatory framework requires, or otherwise does not prohibit, such a
departure.
20 When an entity departs from a
requirement of an IFRS in accordance with paragraph 19, it shall disclose:
(a)
that management has concluded that the financial
statements present fairly the entity’s financial position, financial
performance and cash flows;
(b)
that it has complied with applicable IFRSs, except
that it has departed from a particular requirement to achieve a fair
presentation;
(c)
the title of the IFRS from which the entity has
departed, the nature of the departure, including the treatment that the IFRS
would require, the reason why that treatment would be so misleading in the
circumstances that it would conflict with the objective of financial statements
set out in the Conceptual Framework, and the treatment adopted; and
(d)
for each period presented, the financial effect of the
departure on each item in the financial statements that would have been
reported in complying with the requirement.
21 When an entity has departed from a requirement
of an IFRS in a prior period, and that departure affects the amounts recognised
in the financial statements for the current period, it shall make the
disclosures set out in paragraph 20(c) and (d).
22 Paragraph 21 applies, for example, when an
entity departed in a prior period from a requirement in an IFRS for the
measurement of assets or liabilities and that departure affects the measurement
of changes in assets and liabilities recognised in the current period’s
financial statements.
23 In 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:
(a)
the title of the IFRS in question, the nature of the
requirement, and the reason why management has concluded that complying with
that requirement is so misleading in the circumstances that it conflicts with
the objective of financial statements set out in the Conceptual
Framework; and
(b)
for each period presented, the adjustments to each
item in the financial statements that management has concluded would be
necessary to achieve a fair presentation.
24 For 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:
(a)
why the objective of financial statements is not
achieved in the particular circumstances; and
(b)
how the entity’s circumstances differ from those of
other entities that comply with the requirement. If other entities in similar
circumstances comply with the requirement, there is a rebuttable presumption
that the entity’s compliance with the requirement would not be so misleading
that it would conflict with the objective of financial statements set out in
the Conceptual Framework.
Going concern
25 When preparing financial statements,
management shall make an assessment of an entity’s ability to continue as a
going concern. An entity shall prepare financial statements on a going concern
basis unless management either intends to liquidate the entity or to cease
trading, or has no realistic alternative but to do so. When management is
aware, in making its assessment, of material uncertainties related to events or
conditions that may cast significant doubt upon the entity’s ability to
continue as a going concern, the entity shall disclose those uncertainties.
When an entity does not prepare financial statements on a going concern basis,
it shall disclose that fact, together with the basis on which it prepared the
financial statements and the reason why the entity is not regarded as a going
concern.
26 In assessing whether the going concern
assumption is appropriate, management takes into account all available
information about the future, which is at least, but is not limited to, twelve
months from the end of the reporting period. The degree of consideration
depends on the facts in each case. When an entity has a history of profitable
operations and ready access to financial resources, the entity may reach a
conclusion that the going concern basis of accounting is appropriate without
detailed analysis. In other cases, management may need to consider a wide range
of factors relating to current and expected profitability, debt repayment
schedules and potential sources of replacement financing before it can satisfy
itself that the going concern basis is appropriate.
Accrual basis of accounting
27 An entity shall prepare its financial
statements, except for cash flow information, using the accrual basis of
accounting.
28 When the accrual basis of accounting is used,
an entity recognises items as assets, liabilities, equity, income and expenses
(the elements of financial statements) when they satisfy the definitions and
recognition criteria for those elements in the Conceptual Framework.
Materiality and aggregation
29 An entity shall present separately each
material class of similar items. An entity shall present separately items of a
dissimilar nature or function unless they are immaterial.
30 Financial statements result from processing large
numbers of transactions or other events that are aggregated into classes
according to their nature or function. The final stage in the process of
aggregation and classification is the presentation of condensed and classified
data, which form line items in the financial statements. If a line item is not
individually material, it is aggregated with other items either in those
statements or in the notes. An item that is not sufficiently material to
warrant separate presentation in those statements may warrant separate
presentation in the notes.
30A When applying this and other IFRSs an entity
shall decide, taking into consideration all relevant facts and circumstances,
how it aggregates information in the financial statements, which include the
notes. An entity shall not reduce the understandability of its financial
statements by obscuring material information with immaterial information or by
aggregating material items that have different natures or functions.
31 Some IFRSs specify information that is
required to be included in the financial statements, which include the notes.
An entity need not provide a specific disclosure required by an IFRS if the
information resulting from that disclosure is not material. This is the case
even if the IFRS contains a list of specific requirements or describes them as
minimum requirements. An entity shall also consider whether to provide
additional disclosures when compliance with the specific requirements in IFRS
is insufficient to enable users of financial statements to understand the
impact of particular transactions, other events and conditions on the entity's
financial position and financial performance.
Offsetting
32 An entity shall not offset assets and
liabilities or income and expenses, unless required or permitted by an IFRS.
33 An entity reports separately both assets and
liabilities, and income and expenses. Offsetting in the statements of
comprehensive income or financial position or in the separate ►M5 statement
of comprehensive income ◄ (if presented), except when
offsetting reflects the substance of the transaction or other event, detracts
from the ability of users both to understand the transactions, other events and
conditions that have occurred and to assess the entity’s future cash flows.
Measuring assets net of valuation allowances — for example, obsolescence
allowances on inventories and doubtful debts allowances on receivables — is not
offsetting.
34 IFRS 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:
(a)
an entity presents gains and losses on the disposal of
non-current assets, including investments and operating assets, by deducting
from the amount of consideration on disposal the carrying amount of the asset
and related selling expenses; and
(b)
an entity may net expenditure related to a provision
that is recognised in accordance with IAS 37 Provisions, Contingent
Liabilities and Contingent Assets and reimbursed under a contractual
arrangement with a third party (for example, a supplier’s warranty agreement)
against the related reimbursement.
35 In addition, an entity presents on a net basis
gains and losses arising from a group of similar transactions, for example,
foreign exchange gains and losses or gains and losses arising on financial
instruments held for trading. However, an entity presents such gains and losses
separately if they are material.
Frequency of reporting
36 An 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:
(a)
the reason for using a longer or shorter period, and
(b)
the fact that amounts presented in the financial
statements are not entirely comparable.
37 Normally, an entity consistently prepares
financial statements for a one-year period. However, for practical reasons,
some entities prefer to report, for example, for a 52-week period. This
Standard does not preclude this practice.
Comparative information
Minimum comparative information
38 Except
when IFRSs permit or require otherwise, an entity shall present comparative
information in respect of the preceding period for all amounts reported in the
current period’s financial statements. An entity shall include comparative
information for narrative and descriptive information if it is relevant to
understanding the current period’s financial statements.
38A An
entity shall present, as a minimum, two statements of financial position, two
statements of profit or loss and other comprehensive income, two separate
statements of profit or loss (if presented), two statements of cash flows and
two statements of changes in equity, and related notes.
38B In some cases, narrative information provided
in the financial statements for the preceding period(s) continues to be
relevant in the current period. For example, an entity discloses in the current
period details of a legal dispute, the outcome of which was uncertain at the
end of the preceding period and is yet to be resolved. Users may benefit from
the disclosure of information that the uncertainty existed at the end of the preceding
period and from the disclosure of information about the steps that have been
taken during the period to resolve the uncertainty.
Additional comparative information
38C An entity may present comparative information
in addition to the minimum comparative financial statements required by IFRSs,
as long as that information is prepared in accordance with IFRSs. This
comparative information may consist of one or more statements referred to in
paragraph 10, but need not comprise a complete set of financial statements.
When this is the case, the entity shall present related note information for
those additional statements.
38D For example, an entity may present a third
statement of profit of loss and other comprehensive income (thereby presenting
the current period, the preceding period and one additional comparative
period). However, the entity is not required to present a third statement of
financial position, a third statement of cash flows or a third statement of
changes in equity (ie an additional financial statement comparative). The
entity is required to present, in the notes to the financial statements, the
comparative information related to that additional statement of profit or loss
and other comprehensive income.
▼M36 —————
Change in accounting policy, retrospective
restatement or reclassification
40A An
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:
(a)
it applies an accounting policy retrospectively, makes
a retrospective restatement of items in its financial statements or
reclassifies items in its financial statements; and
(b)
the retrospective application, retrospective
restatement or the reclassification has a material effect on the information in
the statement of financial position at the beginning of the preceding period.
40B In the circumstances described in paragraph
40A, an entity shall present three statements of financial position as at:
(a)
the end of the current period;
(b)
the end of the preceding period; and
(c)
the beginning of the preceding period.
40C When an entity is required to present an
additional statement of financial position in accordance with paragraph 40A, it
must disclose the information required by paragraphs 41–44 and IAS 8. However,
it need not present the related notes to the opening statement of financial
position as at the beginning of the preceding period.
40D The date of that opening statement of
financial position shall be as at the beginning of the preceding period
regardless of whether an entity’s financial statements present comparative
information for earlier periods (as permitted in paragraph 38C).
41 If
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):
(a)
the nature of the reclassification;
(b)
the amount of each item or class of items that is
reclassified; and
(c)
the reason for the reclassification.
42 When it is impracticable to reclassify
comparative amounts, an entity shall disclose:
(a)
the reason for not reclassifying the amounts, and
(b)
the nature of the adjustments that would have been
made if the amounts had been reclassified.
43 Enhancing the inter-period comparability of
information assists users in making economic decisions, especially by allowing
the assessment of trends in financial information for predictive purposes. In
some circumstances, it is impracticable to reclassify comparative information
for a particular prior period to achieve comparability with the current period.
For example, an entity may not have collected data in the prior period(s) in a
way that allows reclassification, and it may be impracticable to recreate the
information.
44 IAS 8 sets out the adjustments to comparative
information required when an entity changes an accounting policy or corrects an
error.
Consistency of presentation
45 An entity shall retain the presentation and
classification of items in the financial statements from one period to the next
unless:
(a)
it is apparent, following a significant change in the
nature of the entity’s operations or a review of its financial statements, that
another presentation or classification would be more appropriate having regard
to the criteria for the selection and application of accounting policies in IAS
8; or
(b)
an IFRS requires a change in presentation.
46 For example, a significant acquisition or
disposal, or a review of the presentation of the financial statements, might
suggest that the financial statements need to be presented differently. An
entity changes the presentation of its financial statements only if the changed
presentation provides information that is reliable and more relevant to users
of the financial statements and the revised structure is likely to continue, so
that comparability is not impaired. When making such changes in presentation, an
entity reclassifies its comparative information in accordance with paragraphs
41 and 42.
STRUCTURE AND CONTENT
Introduction
47 This Standard requires particular disclosures
in the statement of financial position or of comprehensive income, in the
separate ►M5 statement
of comprehensive income ◄ (if presented), or in the
statement of changes in equity and requires disclosure of other line items
either in those statements or in the notes. IAS 7 Statement of Cash
Flows sets out requirements for the presentation of cash flow
information.
48 This Standard sometimes uses the term
‘disclosure’ in a broad sense, encompassing items presented in the financial
statements. Disclosures are also required by other IFRSs. Unless specified to
the contrary elsewhere in this Standard or in another IFRS, such disclosures
may be made in the financial statements.
Identification of the financial statements
49 An entity shall clearly identify the financial
statements and distinguish them from other information in the same published
document.
50 IFRSs apply only to financial statements, and
not necessarily to other information presented in an annual report, a
regulatory filing, or another document. Therefore, it is important that users
can distinguish information that is prepared using IFRSs from other information
that may be useful to users but is not the subject of those requirements.
51 An 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:
(a)
the name of the reporting entity or other means of
identification, and any change in that information from the end of the
preceding reporting period;
(b)
whether the financial statements are of an individual
entity or a group of entities;
(c)
the date of the end of the reporting period or the
period covered by the set of financial statements or notes;
(d)
the presentation currency, as defined in IAS 21; and
(e)
the level of rounding used in presenting amounts in
the financial statements.
52 An entity meets the requirements in paragraph
51 by presenting appropriate headings for pages, statements, notes, columns and
the like. Judgement is required in determining the best way of presenting such
information. For example, when an entity presents the financial statements
electronically, separate pages are not always used; an entity then presents the
above items to ensure that the information included in the financial statements
can be understood.
53 An entity often makes financial statements
more understandable by presenting information in thousands or millions of units
of the presentation currency. This is acceptable as long as the entity
discloses the level of rounding and does not omit material information.
Statement of financial position
Information to be presented in the statement of financial position
54 The
statement of financial position shall include line items that present the
following amounts:
(a)
property, plant and equipment;
(b)
investment property;
(c)
intangible assets;
(d)
financial assets (excluding amounts shown under (e),
(h) and (i));
(da)
portfolios of contracts within the scope of IFRS 17
that are assets, disaggregated as required by paragraph 78 of IFRS 17;
(e)
investments accounted for using the equity method;
(f)
biological assets within the scope of IAS 41 Agriculture;
(g)
inventories;
(h)
trade and other receivables;
(i)
cash and cash equivalents;
(j)
the total of assets classified as held for sale and
assets included in disposal groups classified as held for sale in accordance
with IFRS 5 Non-current Assets Held for Sale and Discontinued
Operations;
(k)
trade and other payables;
(l)
provisions;
(m)
financial liabilities (excluding amounts shown under
(k) and (l));
(ma)
portfolios of contracts within the scope of IFRS 17
that are liabilities, disaggregated as required by paragraph 78 of IFRS 17;
(n)
liabilities and assets for current tax, as defined in
IAS 12 Income Taxes;
(o)
deferred tax liabilities and deferred tax assets, as
defined in IAS 12;
(p)
liabilities included in disposal groups classified as
held for sale in accordance with IFRS 5;
(q)
►M11 non-controlling
interest ◄ ,
presented within equity; and
(r)
issued capital and reserves attributable to owners of
the parent.
55 An
entity shall present additional line items (including by disaggregating the
line items listed in paragraph 54), headings and subtotals in the statement of
financial position when such presentation is relevant to an understanding of
the entity's financial position.
55A When an entity presents subtotals in
accordance with paragraph 55, those subtotals shall:
(a)
be comprised of line items made up of amounts
recognised and measured in accordance with IFRS;
(b)
be presented and labelled in a manner that makes the
line items that constitute the subtotal clear and understandable;
(c)
be consistent from period to period, in accordance
with paragraph 45; and
(d)
not be displayed with more prominence than the subtotals
and totals required in IFRS for the statement of financial position.
56 When an entity presents current and
non-current assets, and current and non-current liabilities, as separate classifications
in its statement of financial position, it shall not classify deferred tax
assets (liabilities) as current assets (liabilities).
57 This 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:
(a)
line items are included when the size, nature or
function of an item or aggregation of similar items is such that separate
presentation is relevant to an understanding of the entity’s financial
position; and
(b)
the descriptions used and the ordering of items or
aggregation of similar items may be amended according to the nature of the
entity and its transactions, to provide information that is relevant to an
understanding of the entity’s financial position. For example, a financial
institution may amend the above descriptions to provide information that is
relevant to the operations of a financial institution.
58 An entity makes the judgement about whether to
present additional items separately on the basis of an assessment of:
(a)
the nature and liquidity of assets;
(b)
the function of assets within the entity; and
(c)
the amounts, nature and timing of liabilities.
59 The use of different measurement bases for
different classes of assets suggests that their nature or function differs and,
therefore, that an entity presents them as separate line items. For example,
different classes of property, plant and equipment can be carried at cost or at
revalued amounts in accordance with IAS 16.
Current/non-current distinction
60 An entity shall present current and
non-current assets, and current and non-current liabilities, as separate
classifications in its statement of financial position in accordance with
paragraphs 66–76 except when a presentation based on liquidity provides information
that is reliable and more relevant. When that exception applies, an entity
shall present all assets and liabilities in order of liquidity.
61 Whichever 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:
(a)
no more than twelve months after the reporting period,
and
(b)
more than twelve months after the reporting period.
62 When an entity supplies goods or services
within a clearly identifiable operating cycle, separate classification of
current and non-current assets and liabilities in the statement of financial
position provides useful information by distinguishing the net assets that are
continuously circulating as working capital from those used in the entity’s
long-term operations. It also highlights assets that are expected to be
realised within the current operating cycle, and liabilities that are due for
settlement within the same period.
63 For some entities, such as financial
institutions, a presentation of assets and liabilities in increasing or
decreasing order of liquidity provides information that is reliable and more
relevant than a current/non-current presentation because the entity does not
supply goods or services within a clearly identifiable operating cycle.
64 In applying paragraph 60, an entity is
permitted to present some of its assets and liabilities using a
current/non-current classification and others in order of liquidity when this
provides information that is reliable and more relevant. The need for a mixed
basis of presentation might arise when an entity has diverse operations.
65 Information about expected dates of
realisation of assets and liabilities is useful in assessing the liquidity and
solvency of an entity. IFRS 7 Financial Instruments: Disclosures requires
disclosure of the maturity dates of financial assets and financial liabilities.
Financial assets include trade and other receivables, and financial liabilities
include trade and other payables. Information on the expected date of recovery
of non-monetary assets such as inventories and expected date of settlement for
liabilities such as provisions is also useful, whether assets and liabilities
are classified as current or as non-current. For example, an entity discloses
the amount of inventories that are expected to be recovered more than twelve
months after the reporting period.
Current assets
66 An entity shall classify an asset as current
when:
(a)
it expects to realise the asset, or intends to sell or
consume it, in its normal operating cycle;
(b)
it holds the asset primarily for the purpose of
trading;
(c)
it expects to realise the asset within twelve months
after the reporting period; or
(d)
the asset is cash or a cash equivalent (as defined in
IAS 7) unless the asset is restricted from being exchanged or used to settle a
liability for at least twelve months after the reporting period.
An entity shall classify all other assets as
non-current.
67 This Standard uses the term ‘non-current’ to
include tangible, intangible and financial assets of a long-term nature. It
does not prohibit the use of alternative descriptions as long as the meaning is
clear.
68 The operating cycle of an entity is the time
between the acquisition of assets for processing and their realisation in cash
or cash equivalents. When the entity's normal operating cycle is not clearly
identifiable, it is assumed to be 12 months. Current assets include assets
(such as inventories and trade receivables) that are sold, consumed or realised
as part of the normal operating cycle even when they are not expected to be realised
within 12 months after the reporting period. Current assets also include assets
held primarily for the purpose of trading (examples include some financial
assets that meet the definition of held for trading in IFRS 9) and the current
portion of non-current financial assets.
Current liabilities
69 An
entity shall classify a liability as current when:
(a)
it expects to settle the liability in its normal
operating cycle;
(b)
it holds the liability primarily for the purpose of
trading;
(c)
the liability is due to be settled within twelve
months after the reporting period; or
(d)
it does not have an unconditional right to defer
settlement of the liability for at least twelve months after the reporting
period (see paragraph 73). Terms of a liability that could, at the option of
the counterparty, result in its settlement by the issue of equity instruments
do not affect its classification.
An entity shall classify all other liabilities as
non-current.
70 Some current liabilities, such as trade
payables and some accruals for employee and other operating costs, are part of
the working capital used in the entity’s normal operating cycle. An entity
classifies such operating items as current liabilities even if they are due to
be settled more than twelve months after the reporting period. The same normal
operating cycle applies to the classification of an entity’s assets and
liabilities. When the entity’s normal operating cycle is not clearly
identifiable, it is assumed to be twelve months.
71 Other current liabilities are not settled as
part of the normal operating cycle, but are due for settlement within 12 months
after the reporting period or held primarily for the purpose of trading.
Examples are some financial liabilities that meet the definition of held for
trading in IFRS 9, bank overdrafts, and the current portion of non-current
financial liabilities, dividends payable, income taxes and other non-trade
payables. Financial liabilities that provide financing on a long-term basis (ie
are not part of the working capital used in the entity's normal operating
cycle) and are not due for settlement within 12 months after the reporting
period are non-current liabilities, subject to paragraphs 74 and 75.
72 An entity classifies its financial liabilities
as current when they are due to be settled within twelve months after the
reporting period, even if:
(a)
the original term was for a period longer than twelve
months, and
(b)
an agreement to refinance, or to reschedule payments,
on a long-term basis is completed after the reporting period and before the
financial statements are authorised for issue.
73 If an entity expects, and has the discretion,
to refinance or roll over an obligation for at least twelve months after the
reporting period under an existing loan facility, it classifies the obligation
as non-current, even if it would otherwise be due within a shorter period.
However, when refinancing or rolling over the obligation is not at the
discretion of the entity (for example, there is no arrangement for
refinancing), the entity does not consider the potential to refinance the
obligation and classifies the obligation as current.
74 When an entity breaches a provision of a long-term
loan arrangement on or before the end of the reporting period with the effect
that the liability becomes payable on demand, it classifies the liability as
current, even if the lender agreed, after the reporting period and before the
authorisation of the financial statements for issue, not to demand payment as a
consequence of the breach. An entity classifies the liability as current
because, at the end of the reporting period, it does not have an unconditional
right to defer its settlement for at least twelve months after that date.
75 However, an entity classifies the liability as
non-current if the lender agreed by the end of the reporting period to provide
a period of grace ending at least twelve months after the reporting period,
within which the entity can rectify the breach and during which the lender
cannot demand immediate repayment.
76 In 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:
(a)
refinancing on a long-term basis;
(b)
rectification of a breach of a long-term loan
arrangement; and
(c)
the granting by the lender of a period of grace to
rectify a breach of a long-term loan arrangement ending at least twelve months
after the reporting period.
Information to be presented either in the statement of financial position
or in the notes
77 An entity shall disclose, either in the
statement of financial position or in the notes, further subclassifications of
the line items presented, classified in a manner appropriate to the entity’s
operations.
78 The 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:
(a)
items of property, plant and equipment are
disaggregated into classes in accordance with IAS 16;
(b)
receivables are disaggregated into amounts receivable
from trade customers, receivables from related parties, prepayments and other
amounts;
(c)
inventories are disaggregated, in accordance with IAS
2 Inventories, into classifications such as merchandise, production
supplies, materials, work in progress and finished goods;
(d)
provisions are disaggregated into provisions for
employee benefits and other items; and
(e)
equity capital and reserves are disaggregated into
various classes, such as paid-in capital, share premium and reserves.
79 An entity shall disclose the following, either
in the statement of financial position or the statement of changes in equity,
or in the notes:
(a)
for each class of share capital:
(i)
the number of shares authorised;
(ii)
the number of shares issued and fully paid, and issued
but not fully paid;
(iii)
par value per share, or that the shares have no par
value;
(iv)
a reconciliation of the number of shares outstanding
at the beginning and at the end of the period;
(v)
the rights, preferences and restrictions attaching to
that class including restrictions on the distribution of dividends and the
repayment of capital;
(vi)
shares in the entity held by the entity or by its
subsidiaries or associates; and
(vii)
shares reserved for issue under options and contracts
for the sale of shares, including terms and amounts; and
(b)
a description of the nature and purpose of each reserve
within equity.
80 An entity without share capital, such as a
partnership or trust, shall disclose information equivalent to that required by
paragraph 79(a), showing changes during the period in each category of equity
interest, and the rights, preferences and restrictions attaching to each
category of equity interest.
80A If an entity has reclassified
(a)
a puttable financial instrument classified as an
equity instrument, or
(b)
an instrument that imposes on the entity an obligation
to deliver to another party a pro rata share of the net assets of the entity
only on liquidation and is classified as an equity instrument
between financial liabilities and equity, it shall
disclose the amount reclassified into and out of each category (financial
liabilities or equity), and the timing and reason for that reclassification.
Statement of profit or loss
and other comprehensive income
▼M31 —————
81A The 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:
(a)
profit or loss;
(b)
total other comprehensive income;
(c)
comprehensive income for the period, being the total
of profit or loss and other comprehensive income.
If an entity presents a separate statement of profit
or loss it does not present the profit or loss section in the statement
presenting comprehensive income.
81B An 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:
(a)
profit or loss for the period attributable to:
(i)
non-controlling interests, and
(ii)
owners of the parent.
(b)
comprehensive income for the period attributable to:
(i)
non-controlling interests, and
(ii)
owners of the parent.
If an entity presents profit or loss in a separate
statement it shall present (a) in that statement.
Information to be presented in profit or loss section or the statement of
profit or loss
82 In 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:
(a)
revenue, presenting separately:
(i)
interest revenue calculated using the effective
interest method; and
(ii)
insurance revenue (see IFRS 17);
(aa)
gains and losses arising from the derecognition of
financial assets measured at amortised cost;
(ab)
insurance service expenses from contracts issued
within the scope of IFRS 17 (see IFRS 17);
(ac)
income or expenses from reinsurance contracts held
(see IFRS 17);
(b)
finance costs;
(ba)
impairment losses (including reversals of impairment
losses or impairment gains) determined in accordance with Section 5.5 of IFRS
9;
(bb)
insurance finance income or expenses from contracts
issued within the scope of IFRS 17 (see IFRS 17);
(bc)
finance income or expenses from reinsurance contracts
held (see IFRS 17);
(c)
share of the profit or loss of associates and joint
ventures accounted for using the equity method;
(ca)
if a financial asset is reclassified out of the
amortised cost measurement category so that it is measured at fair value
through profit or loss, any gain or loss arising from a difference between the
previous amortised cost of the financial asset and its fair value at the
reclassification date (as defined in IFRS 9);
(cb)
if a financial asset is reclassified out of the fair
value through other comprehensive income measurement category so that it is
measured at fair value through profit or loss, any cumulative gain or loss
previously recognised in other comprehensive income that is reclassified to
profit or loss;
(d)
tax expense;
(e)
[deleted]
(ea)
a single amount for the total of discontinued
operations (see IFRS 5).
(f)–(i)
[deleted]
Information to be presented in the other comprehensive income section
82A The
other comprehensive income section shall present line items for the amounts for
the period of:
(a)
items of other comprehensive income (excluding amounts
in paragraph (b)), classified by nature and grouped into those that, in
accordance with other IFRSs:
(i)
will not be reclassified subsequently to profit or
loss; and
(ii)
will be reclassified subsequently to profit or loss
when specific conditions are met.
(b)
the share of the other comprehensive income of
associates and joint ventures accounted for using the equity method, separated
into the share of items that, in accordance with other IFRSs:
(i)
will not be reclassified subsequently to profit or
loss; and
(ii)
will be reclassified subsequently to profit or loss
when specific conditions are met.
▼M31 —————
85 An
entity shall present additional line items (including by disaggregating the
line items listed in paragraph 82), headings and subtotals in the statement(s)
presenting profit or loss and other comprehensive income when such presentation
is relevant to an understanding of the entity's financial performance.
85A When an entity presents subtotals in
accordance with paragraph 85, those subtotals shall:
(a)
be comprised of line items made up of amounts
recognised and measured in accordance with IFRS;
(b)
be presented and labelled in a manner that makes the
line items that constitute the subtotal clear and understandable;
(c)
be consistent from period to period, in accordance
with paragraph 45; and
(d)
not be displayed with more prominence than the
subtotals and totals required in IFRS for the statement(s) presenting profit or
loss and other comprehensive income.
85B An entity shall present the line items in the
statement(s) presenting profit or loss and other comprehensive income that
reconcile any subtotals presented in accordance with paragraph 85 with the
subtotals or totals required in IFRS for such statement(s).
86 Because the effects of an entity’s various
activities, transactions and other events differ in frequency, potential for
gain or loss and predictability, disclosing the components of financial
performance assists users in understanding the financial performance achieved
and in making projections of future financial performance. An entity includes
additional line items in the statement(s) presenting profit or loss and other
comprehensive income and it amends the descriptions used and the ordering of
items when this is necessary to explain the elements of financial performance.
An entity considers factors including materiality and the nature and function
of the items of income and expense. For example, a financial institution may
amend the descriptions to provide information that is relevant to the
operations of a financial institution. An entity does not offset income and
expense items unless the criteria in paragraph 32 are met.
87 An entity shall not present any items of
income or expense as extraordinary items, in the statement(s) presenting profit
or loss and other comprehensive income or in the notes.
Profit or loss for the period
88 An entity shall recognise all items of income
and expense in a period in profit or loss unless an IFRS requires or permits
otherwise.
89 Some IFRSs specify circumstances when an
entity recognises particular items outside profit or loss in the current
period. IAS 8 specifies two such circumstances: the correction of errors and
the effect of changes in accounting policies. Other IFRSs require or permit
components of other comprehensive income that meet the Conceptual
Framework’s definition of income or expense to be excluded from profit
or loss (see paragraph 7).
Other comprehensive income for the period
90 An entity shall disclose the amount of income
tax relating to each item of other comprehensive income, including
reclassification adjustments, either in the statement of profit or loss and
other comprehensive income or in the notes.
91 An entity may present items of other
comprehensive income either:
(a)
net of related tax effects, or
(b)
before related tax effects with one amount shown for
the aggregate amount of income tax relating to those.
If an entity elects alternative (b), it shall allocate
the tax between the items that might be reclassified subsequently to the profit
or loss section and those that will not be reclassified subsequently to the
profit or loss section.
92 An entity shall disclose reclassification
adjustments relating to components of other comprehensive income.
93 Other IFRSs specify whether and when amounts
previously recognised in other comprehensive income are reclassified to profit
or loss. Such reclassifications are referred to in this Standard as
reclassification adjustments. A reclassification adjustment is included with
the related component of other comprehensive income in the period that the
adjustment is reclassified to profit or loss. These amounts may have been
recognised in other comprehensive income as unrealised gains in the current or
previous periods. Those unrealised gains must be deducted from other
comprehensive income in the period in which the realised gains are reclassified
to profit or loss to avoid including them in total comprehensive income twice.
94 An entity may present reclassification
adjustments in the statement(s) of profit or loss and other comprehensive
income or in the notes. An entity presenting reclassification adjustments in
the notes presents the items of other comprehensive income after any related
reclassification adjustments.
95 Reclassification adjustments arise, for
example, on disposal of a foreign operation (see IAS 21) and when some hedged
forecast cash flow affect profit or loss (see paragraph 6.5.11(d) of IFRS 9 in
relation to cash flow hedges).
96 Reclassification adjustments do not arise on
changes in revaluation surplus recognised in accordance with IAS 16 or IAS 38
or on remeasurements of defined benefit plans recognised in accordance with IAS
19. These components are recognised in other comprehensive income and are not
reclassified to profit or loss in subsequent periods. Changes in revaluation
surplus may be transferred to retained earnings in subsequent periods as the
asset is used or when it is derecognised (see IAS 16 and IAS 38). In accordance
with IFRS 9, reclassification adjustments do not arise if a cash flow hedge or
the accounting for the time value of an option (or the forward element of a
forward contract or the foreign currency basis spread of a financial
instrument) result in amounts that are removed from the cash flow hedge reserve
or a separate component of equity, respectively, and included directly in the
initial cost or other carrying amount of an asset or a liability. These amounts
are directly transferred to assets or liabilities.
Information to be presented in the statement(s) of profit or loss and other
comprehensive income or in the notes
97 When items of income or expense are material,
an entity shall disclose their nature and amount separately.
98 Circumstances that would give rise to the
separate disclosure of items of income and expense include:
(a)
write-downs of inventories to net realisable value or
of property, plant and equipment to recoverable amount, as well as reversals of
such write-downs;
(b)
restructurings of the activities of an entity and
reversals of any provisions for the costs of restructuring;
(c)
disposals of items of property, plant and equipment;
(d)
disposals of investments;
(e)
discontinued operations;
(f)
litigation settlements; and
(g)
other reversals of provisions.
99 An entity shall present an analysis of
expenses recognised in profit or loss using a classification based on either
their nature or their function within the entity, whichever provides
information that is reliable and more relevant.
100 Entities are encouraged to present the
analysis in paragraph 99 in the statement(s) presenting profit or loss and
other comprehensive income.
101 Expenses are subclassified to highlight
components of financial performance that may differ in terms of frequency,
potential for gain or loss and predictability. This analysis is provided in one
of two forms.
102 The 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:
|
Revenue |
|
X |
|
Other income |
|
X |
|
Changes in inventories
of finished goods and work in progress |
X |
|
|
Raw materials and
consumables used |
X |
|
|
Employee benefits expense |
X |
|
|
Depreciation and amortisation expense |
X |
|
|
Other expenses |
X |
|
|
Total expenses |
|
(X) |
|
Profit before tax |
|
X |
103 The 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:
|
Revenue |
X |
|
|
Cost of sales |
(X) |
|
|
Gross profit |
X |
|
|
Other income |
X |
|
|
Distribution costs |
(X) |
|
|
Administrative expenses |
(X) |
|
|
Other expenses |
(X) |
|
|
Profit before tax |
X |
|
104 An entity classifying expenses by function
shall disclose additional information on the nature of expenses, including
depreciation and amortisation expense and employee benefits expense.
105 The choice between the function of expense
method and the nature of expense method depends on historical and industry
factors and the nature of the entity. Both methods provide an indication of
those costs that might vary, directly or indirectly, with the level of sales or
production of the entity. Because each method of presentation has merit for
different types of entities, this Standard requires management to select the
presentation that is reliable and more relevant. However, because information
on the nature of expenses is useful in predicting future cash flows, additional
disclosure is required when the function of expense classification is used. In
paragraph 104, ‘employee benefits’ has the same meaning as in IAS 19.
Statement of changes in equity
Information to be presented in the statement of changes in equity
106 An
entity shall present a statement of changes in equity as required by paragraph
10. The statement of changes in equity includes the following information:
(a)
total comprehensive income for the period, showing
separately the total amounts attributable to owners of the parent and to
non-controlling interests;
(b)
for each component of equity, the effects of
retrospective application or retrospective restatement recognised in accordance
with IAS 8; and
(c)
[deleted]
(d)
for each component of equity, a reconciliation between
the carrying amount at the beginning and the end of the period, separately (as
a minimum) disclosing changes resulting from:
(i)
profit or loss;
(ii)
other comprehensive income; and
(iii)
transactions with owners in their capacity as owners,
showing separately contributions by and distributions to owners and changes in
ownership interests in subsidiaries that do not result in a loss of control.
Information to be presented in the statement of changes in equity or in the
notes
106A For
each component of equity an entity shall present, either in the statement of
changes in equity or in the notes, an analysis of other comprehensive income by
item (see paragraph 106(d)(ii)).
107 An
entity shall present, either in the statement of changes in equity or in the
notes, the amounts of dividends recognised as distributions to owners during
the period, and the related amount of dividends per share.
108 In paragraph 106, the components of equity
include, for example, each class of contributed equity, the accumulated balance
of each class of other comprehensive income and retained earnings.
109 Changes in an entity’s equity between the
beginning and the end of the reporting period reflect the increase or decrease
in its net assets during the period. Except for changes resulting from
transactions with owners in their capacity as owners (such as equity
contributions, reacquisitions of the entity’s own equity instruments and
dividends) and transaction costs directly related to such transactions, the
overall change in equity during a period represents the total amount of income
and expense, including gains and losses, generated by the entity’s activities
during that period.
110 IAS 8 requires retrospective adjustments to
effect changes in accounting policies, to the extent practicable, except when
the transition provisions in another IFRS require otherwise. IAS 8 also
requires restatements to correct errors to be made retrospectively, to the
extent practicable. Retrospective adjustments and retrospective restatements
are not changes in equity but they are adjustments to the opening balance of
retained earnings, except when an IFRS requires retrospective adjustment of
another component of equity. Paragraph 106(b) requires disclosure in the
statement of changes in equity of the total adjustment to each component of
equity resulting from changes in accounting policies and, separately, from
corrections of errors. These adjustments are disclosed for each prior period
and the beginning of the period.
Statement of cash flows
111 Cash flow information provides users of
financial statements with a basis to assess the ability of the entity to
generate cash and cash equivalents and the needs of the entity to utilise those
cash flows. IAS 7 sets out requirements for the presentation and disclosure of
cash flow information.
Notes
Structure
112 The notes shall:
(a)
present information about the basis of preparation of
the financial statements and the specific accounting policies used in
accordance with paragraphs 117–124;
(b)
disclose the information required by IFRSs that is not
presented elsewhere in the financial statements; and
(c)
provide information that is not presented elsewhere in
the financial statements, but is relevant to an understanding of any of them.
113 An
entity shall, as far as practicable, present notes in a systematic manner. In
determining a systematic manner, the entity shall consider the effect on the
understandability and comparability of its financial statements. An entity
shall cross-reference each item in the statements of financial position and in
the statement(s) of profit or loss and other comprehensive income, and in the
statements of changes in equity and of cash flows to any related information in
the notes.
114 Examples of systematic ordering or grouping
of the notes include:
(a)
giving prominence to the areas of its activities that
the entity considers to be most relevant to an understanding of its financial
performance and financial position, such as grouping together information about
particular operating activities;
(b)
grouping together information about items measured
similarly such as assets measured at fair value; or
(c)
following the order of the line items in the
statement(s) of profit or loss and other comprehensive income and the statement
of financial position, such as:
(i)
statement of compliance with IFRSs (see paragraph 16);
(ii)
material accounting policy information (see paragraph
117);
(iii)
supporting information for items presented in the
statements of financial position and in the statement(s) of profit or loss and
other comprehensive income, and in the statements of changes in equity and of
cash flows, in the order in which each statement and each line item is
presented; and
(iv)
other disclosures, including
(1)
contingent liabilities (see IAS 37) and unrecognised
contractual commitments; and
(2)
non-financial disclosures, eg the entity's financial
risk management objectives and policies (see IFRS 7).
▼M49 —————
116 An entity may present notes providing
information about the basis of preparation of the financial statements and
specific accounting policies as a separate section of the financial statements.
Disclosure of accounting policy information
117 An
entity shall disclose material accounting policy information (see paragraph 7).
Accounting policy information is material if, when considered together with
other information included in an entity’s financial statements, it can
reasonably be expected to influence decisions that the primary users of general
purpose financial statements make on the basis of those financial statements.
117A Accounting policy information that relates
to immaterial transactions, other events or conditions is immaterial and need
not be disclosed. Accounting policy information may nevertheless be material
because of the nature of the related transactions, other events or conditions,
even if the amounts are immaterial. However, not all accounting policy
information relating to material transactions, other events or conditions is
itself material.
117B Accounting policy information is expected to
be material if users of an entity’s financial statements would need it to
understand other material information in the financial statements. For example,
an entity is likely to consider accounting policy information material to its
financial statements if that information relates to material transactions, other
events or conditions and:
(a)
the entity changed its accounting policy during the
reporting period and this change resulted in a material change to the
information in the financial statements;
(b)
the entity chose the accounting policy from one or
more options permitted by IFRSs—such a situation could arise if the entity
chose to measure investment property at historical cost rather than fair value;
(c)
the accounting policy was developed in accordance with
IAS 8 in the absence of an IFRS that specifically applies;
(d)
the accounting policy relates to an area for which an
entity is required to make significant judgements or assumptions in applying an
accounting policy, and the entity discloses those judgements or assumptions in
accordance with paragraphs 122 and 125; or
(e)
the accounting required for them is complex and users
of the entity’s financial statements would otherwise not understand those
material transactions, other events or conditions—such a situation could arise
if an entity applies more than one IFRS to a class of material transactions.
117C Accounting policy information that focuses
on how an entity has applied the requirements of the IFRSs to its own
circumstances provides entity-specific information that is more useful to users
of financial statements than standardised information, or information that only
duplicates or summarises the requirements of the IFRSs.
117D If an entity discloses immaterial accounting
policy information, such information shall not obscure material accounting
policy information.
117E An entity’s conclusion that accounting
policy information is immaterial does not affect the related disclosure
requirements set out in other IFRSs.
118 [Deleted]
119 [Deleted]
120 [Deleted]
121 [Deleted]
122 An
entity shall disclose, along with material accounting policy information or
other notes, the judgements, apart from those involving estimations (see
paragraph 125), 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.
123 In 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:
(a)
[deleted]
(b)
when substantially all the significant risks and
rewards of ownership of financial assets and, for lessors, assets subject to
leases are transferred to other entities; and
(c)
whether, in substance, particular sales of goods are
financing arrangements and therefore do not give rise to revenue; and
(d)
whether the contractual terms of a financial asset
give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
124 Some of the disclosures made in accordance
with paragraph 122 are required by other IFRSs. For example IFRS 12 Disclosure
of Interests in Other Entities requires an entity to disclose the
judgements it has made in determining whether it controls another entity. ◄ IAS
40 Investment Property requires disclosure of the criteria
developed by the entity to distinguish investment property from owner-occupied
property and from property held for sale in the ordinary course of business,
when classification of the property is difficult.
Sources of estimation uncertainty
125 An 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:
(a)
their nature, and
(b)
their carrying amount as at the end of the reporting
period.
126 Determining the carrying amounts of some
assets and liabilities requires estimation of the effects of uncertain future
events on those assets and liabilities at the end of the reporting period. For
example, in the absence of recently observed market prices, future-oriented
estimates are necessary to measure the recoverable amount of classes of
property, plant and equipment, the effect of technological obsolescence on
inventories, provisions subject to the future outcome of litigation in
progress, and long-term employee benefit liabilities such as pension
obligations. These estimates involve assumptions about such items as the risk
adjustment to cash flows or discount rates, future changes in salaries and
future changes in prices affecting other costs.
127 The assumptions and other sources of
estimation uncertainty disclosed in accordance with paragraph 125 relate to the
estimates that require management’s most difficult, subjective or complex judgements.
As the number of variables and assumptions affecting the possible future
resolution of the uncertainties increases, those judgements become more
subjective and complex, and the potential for a consequential material
adjustment to the carrying amounts of assets and liabilities normally increases
accordingly.
128 The disclosures in paragraph 125 are not
required for assets and liabilities with a significant risk that their carrying
amounts might change materially within the next financial year if, at the end
of the reporting period, they are measured at fair value based on a quoted
price in an active market for an identical asset or liability. Such fair values
might change materially within the next financial year but these changes would
not arise from assumptions or other sources of estimation uncertainty at the
end of the reporting period.
129 An 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:
(a)
the nature of the assumption or other estimation
uncertainty;
(b)
the sensitivity of carrying amounts to the methods,
assumptions and estimates underlying their calculation, including the reasons
for the sensitivity;
(c)
the expected resolution of an uncertainty and the
range of reasonably possible outcomes within the next financial year in respect
of the carrying amounts of the assets and liabilities affected; and
(d)
an explanation of changes made to past assumptions
concerning those assets and liabilities, if the uncertainty remains unresolved.
130 This Standard does not require an entity to
disclose budget information or forecasts in making the disclosures in paragraph
125.
131 Sometimes it is impracticable to disclose the
extent of the possible effects of an assumption or another source of estimation
uncertainty at the end of the reporting period. In such cases, the entity
discloses that it is reasonably possible, on the basis of existing knowledge,
that outcomes within the next financial year that are different from the
assumption could require a material adjustment to the carrying amount of the
asset or liability affected. In all cases, the entity discloses the nature and
carrying amount of the specific asset or liability (or class of assets or
liabilities) affected by the assumption.
132 The disclosures in paragraph 122 of
particular judgements that management made in the process of applying the
entity’s accounting policies do not relate to the disclosures of sources of
estimation uncertainty in paragraph 125.
133 Other IFRSs require the disclosure of some of
the assumptions that would otherwise be required in accordance with paragraph
125. For example, IAS 37 requires disclosure, in specified circumstances, of
major assumptions concerning future events affecting classes of provisions.
IFRS 13 Fair Value Measurement requires disclosure of
significant assumptions (including the valuation technique(s) and inputs) the
entity uses when measuring the fair values of assets and liabilities that are
carried at fair value.
Capital
134 An entity shall disclose information that
enables users of its financial statements to evaluate the entity’s objectives,
policies and processes for managing capital.
135 To comply with paragraph 134, the entity discloses
the following:
(a)
qualitative information about its objectives, policies
and processes for managing capital, including:
(i)
a description of what it manages as capital;
(ii)
when an entity is subject to externally imposed
capital requirements, the nature of those requirements and how those
requirements are incorporated into the management of capital; and
(iii)
how it is meeting its objectives for managing capital.
(b)
summary quantitative data about what it manages as
capital. Some entities regard some financial liabilities (e.g. some forms of
subordinated debt) as part of capital. Other entities regard capital as
excluding some components of equity (e.g. components arising from cash flow
hedges).
(c)
any changes in (a) and (b) from the previous period.
(d)
whether during the period it complied with any
externally imposed capital requirements to which it is subject.
(e)
when the entity has not complied with such externally
imposed capital requirements, the consequences of such non-compliance.
The entity bases these disclosures on the information
provided internally to key management personnel.
136 An entity may manage capital in a number of
ways and be subject to a number of different capital requirements. For example,
a conglomerate may include entities that undertake insurance activities and
banking activities and those entities may operate in several jurisdictions. When
an aggregate disclosure of capital requirements and how capital is managed
would not provide useful information or distorts a financial statement user’s
understanding of an entity’s capital resources, the entity shall disclose
separate information for each capital requirement to which the entity is
subject.
Puttable financial instruments classified as equity
136A For puttable financial instruments
classified as equity instruments, an entity shall disclose (to the extent not
disclosed elsewhere):
(a)
summary quantitative data about the amount classified
as equity;
(b)
its objectives, policies and processes for managing
its obligation to repurchase or redeem the instruments when required to do so
by the instrument holders, including any changes from the previous period;
(c)
the expected cash outflow on redemption or repurchase
of that class of financial instruments; and
(d)
information about how the expected cash outflow on
redemption or repurchase was determined.
Other disclosures
137 An entity shall disclose in the notes:
(a)
the amount of dividends proposed or declared before
the financial statements were authorised for issue but not recognised as a
distribution to owners during the period, and the related amount per share; and
(b)
the amount of any cumulative preference dividends not
recognised.
138 An entity shall disclose the following, if
not disclosed elsewhere in information published with the financial statements:
(a)
the domicile and legal form of the entity, its country
of incorporation and the address of its registered office (or principal place
of business, if different from the registered office);
(b)
a description of the nature of the entity’s operations
and its principal activities;
(c)
the name of the parent and the ultimate parent of the
group; and
(d)
if it is a limited life entity, information regarding
the length of its life.
TRANSITION AND EFFECTIVE DATE
139 An entity shall apply this Standard for annual
periods beginning on or after 1 January 2009. Earlier application is permitted.
If an entity adopts this Standard for an earlier period, it shall disclose that
fact.
139A IAS 27 (as amended by the International
Accounting Standards Board in 2008) amended paragraph 106. An entity shall
apply that amendment for annual periods beginning on or after 1 July 2009. If
an entity applies IAS 27 (amended 2008) for an earlier period, the amendment
shall be applied for that earlier period. The amendment shall be applied
retrospectively.
139B Puttable Financial Instruments and
Obligations Arising on Liquidation (Amendments to IAS 32 and IAS 1),
issued in February 2008, amended paragraph 138 and inserted paragraphs 8A, 80A
and 136A. An entity shall apply those amendments for annual periods beginning
on or after 1 January 2009. Earlier application is permitted. If an entity
applies the amendments for an earlier period, it shall disclose that fact and
apply the related amendments to IAS 32, IAS 39, IFRS 7 and IFRIC 2 Members’
Shares in Co-operative Entities and Similar Instruments at the same
time.
139C Paragraphs 68 and 71 were amended by Improvements
to IFRSs issued in May 2008. An entity shall apply those amendments
for annual periods beginning on or after 1 January 2009. Earlier application is
permitted. If an entity applies the amendments for an earlier period it shall
disclose that fact.
139D Paragraph 69 was amended by Improvements
to IFRSs issued in April 2009. An entity shall apply that amendment for
annual periods beginning on or after 1 January 2010. Earlier application is
permitted. If an entity applies the amendment for an earlier period it shall
disclose that fact.
139F Paragraphs 106 and 107 were amended and
paragraph 106A was added by Improvements to IFRSs issued in
May 2010. An entity shall apply those amendments for annual periods beginning
on or after 1 January 2011. Earlier application is permitted.
139H IFRS 10 and IFRS 12, issued in May 2011,
amended paragraphs 4, 119, 123 and 124. An entity shall apply those amendments
when it applies IFRS 10 and IFRS 12.
139I IFRS 13, issued in May 2011, amended
paragraphs 128 and 133. An entity shall apply those amendments when it applies
IFRS 13.
139J Presentation of Items of Other
Comprehensive Income (Amendments to IAS 1), issued in June 2011,
amended paragraphs 7, 10, 82, 85–87, 90, 91, 94, 100 and 115, added paragraphs
10A, 81A, 81B and 82A, and deleted paragraphs 12, 81, 83 and 84. An entity
shall apply those amendments for annual periods beginning on or after 1 July
2012. Earlier application is permitted. If an entity applies the amendments for
an earlier period it shall disclose that fact.
139K IAS 19 Employee Benefits (as
amended in June 2011) amended the definition of ‘other comprehensive income’ in
paragraph 7 and paragraph 96. An entity shall apply those amendments when it
applies IAS 19 (as amended in June 2011).
139L Annual Improvements 2009–2011 Cycle,
issued in May 2012, amended paragraphs 10, 38 and 41, deleted paragraphs 39–40
and added paragraphs 38A–38D and 40A–40D. An entity shall apply that amendment
retrospectively in accordance with IAS 8 Accounting Policies, Changes
in Accounting Estimates and Errors for annual periods beginning on or
after 1 January 2013. Earlier application is permitted. If an entity applies
that amendment for an earlier period it shall disclose that fact.
139N IFRS 15 Revenue from Contracts with
Customers, issued in May 2014, amended paragraph 34. An entity shall apply
that amendment when it applies IFRS 15.
139O IFRS 9, as issued in July 2014, amended
paragraphs 7, 68, 71, 82, 93, 95, 96, 106 and 123 and deleted paragraphs 139E,
139G and 139M. An entity shall apply those amendments when it applies IFRS 9.
139P Disclosure Initiative (Amendments
to IAS 1), issued in December 2014, amended paragraphs 10, 31, 54–55, 82A, 85,
113–114, 117, 119 and 122, added paragraphs 30A, 55A and 85A–85B and deleted
paragraphs 115 and 120. An entity shall apply those amendments for annual
periods beginning on or after 1 January 2016. Earlier application is permitted.
Entities are not required to disclose the information required by paragraphs
28–30 of IAS 8 in relation to these amendments.
139Q IFRS 16 Leases, issued in January
2016, amended paragraph 123. An entity shall apply that amendment when it
applies IFRS 16.
139R IFRS 17, issued in May 2017, amended
paragraphs 7, 54 and 82. Amendments to IFRS 17, issued in June
2020, further amended paragraph 54. An entity shall apply those amendments when
it applies IFRS 17.
139S Amendments to References to the
Conceptual Framework in IFRS Standards, issued in 2018, amended paragraphs
7, 15, 19–20, 23–24, 28 and 89. An entity shall apply those amendments for
annual periods beginning on or after 1 January 2020. Earlier application is
permitted if at the same time an entity also applies all other amendments made
by Amendments to References to the Conceptual Framework in IFRS
Standards. An entity shall apply the amendments to IAS 1 retrospectively in
accordance with IAS 8 Accounting Policies, Changes in Accounting
Estimates and Errors. However, if an entity determines that retrospective
application would be impracticable or would involve undue cost or effort, it
shall apply the amendments to IAS 1 by reference to paragraphs 23–28, 50–53 and
54F of IAS 8.
139T Definition of Material (Amendments
to IAS 1 and IAS 8), issued in October 2018, amended paragraph 7 of IAS 1 and
paragraph 5 of IAS 8, and deleted paragraph 6 of IAS 8. An entity shall apply
those amendments prospectively for annual periods beginning on or after 1
January 2020. Earlier application is permitted. If an entity applies those
amendments for an earlier period, it shall disclose that fact.
139V Disclosure of Accounting Policies,
issued in February 2021, amended paragraphs 7, 10, 114, 117 and 122, added
paragraphs 117A–117E and deleted paragraphs 118, 119 and 121. It also
amended IFRS Practice Statement 2 Making Materiality Judgements. An
entity shall apply the amendments to IAS 1 for annual reporting periods
beginning on or after 1 January 2023. Earlier application is permitted. If
an entity applies those amendments for an earlier period, it shall disclose
that fact.
WITHDRAWAL OF IAS 1 (REVISED 2003)
140 This Standard supersedes IAS 1 Presentation
of Financial Statements revised in 2003, as amended in 2005.


Version 1.1.0 - Created by Sebastian Helzle
The plugins are provided in the libs folder.
If you don't want to use the Modernizr library you should remove the .cssgradients, .borderradius, .rgba and .boxshadow classes in css/jquery.smallipop.css to have css3 effects.
There are minified versions of the rondell files for production in the lib and css folders too.
Add these lines to the header (or footer in case of the javascripts) of your html file and replace x.x.x with the correct versions and use the correct path where you put your files.
<link rel="stylesheet" href="jquery.rondell.css" type="text/css" media="all" title="Screen"/> <script type="text/javascript" src="jquery-x.x.x.min.js"></script> <script type="text/javascript" src="modernizr-x.x.x.min.js"></script> <script type="text/javascript" src="jquery.rondell.js"></script>
Setup your images html and use the code of one of my examples to create your own rondell.
Experiment with the various options and send me a message if you want to share your great work.


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| 039:008 Khan | : |
And when some hurt touches man, he cries to his Lord (Allah Alone), turning to Him in repentance, but when He bestows a favour upon him from Himself, he forgets that for which he cried for before, and he sets up rivals to Allah, in order to mislead others from His Path. Say: "Take pleasure in your disbelief for a while: surely, you are (one) of the dwellers of the Fire!" |
| 039:008 Maulana | : |
And when distress afflicts a man he calls upon his Lord, turning to Him; then when He grants him a favour from Him, he forgets that for which he called upon Him before, and sets up rivals to Allah that he may cause (men) to stray from His path. Say: Enjoy thine ungratefulness for a little, surely thou art of the companions of the Fire. |
| 039:008 Pickthal | : |
And when some hurt toucheth man, he crieth unto his Lord, turning unto Him (repentant). Then, when He granteth him a boon from Him he forgetteth that for which he cried unto Him before, and setteth up rivals to Allah that he may beguile (men) from his way. Say (O Muhammad, unto such an one): Take pleasure in thy disbelief a while. Lo! thou art of the owners of the Fire. |
| 039:008 Rashad | : |
When the human being is afflicted, he implores his Lord, sincerely devoted to Him. But as soon as He blesses him, he forgets his previous imploring, sets up idols to rank with GOD and to divert others from His path. Say, "Enjoy your disbelief temporarily; you have incurred the hellfire." |
| 039:008 Sarwar | : |
When the human being is afflicted with hardship, he starts to pray to his Lord and turns to Him in repentance. When God grants him a favor, he forgets the hardship about which he had prayed to God and starts to consider equal to God things that lead him astray from His path. (Muhammad), tell him, "You can only enjoy in your disbelief for a short time. You will certainly be a dweller of hell fire". |
| 039:008 Shakir | : |
And when distress afflicts a man he calls upon his Lord turning to Him frequently; then when He makes him possess a favor from Him, he forgets that for which he called upon Him before, and sets up rivals to Allah that he may cause (men) to stray off from His path. Say: Enjoy yourself in your ungratefulness a little, surely you are of the inmates of the fire. |
| 039:008 Sherali | : |
And when an affliction befalls man, he calls upon his Lord, turning penitently to HIM. Then, when HE confers upon him a favour from Himself, he forgets what he used to pray for before, and starts assigning rivals to ALLAH, that he may lead people astray from HIS way. Say, 'Profit from thy disbelief a little; while in the end thou art, surely, of the inmates of the Fire.' |
| 039:008 Yusufali | : |
When some trouble toucheth man, he crieth unto his Lord, turning to Him in repentance: but when He bestoweth a favour upon him as from Himself, (man) doth forget what he cried and prayed for before, and he doth set up rivals unto Allah, thus misleading others from Allah's Path. Say, "Enjoy thy blasphemy for a little while: verily thou art (one) of the Companions of the Fire!" |
Concepts/Themes Covered: أركان الإسلام > التوحيد > توحيد الله تعالي > وحدانيته Pillars of Islam> Islamic> Oneness of Allah> Singularity and Being Unique أركان الإسلام > التوحيد > الشرك والمشركون > النهي عن الشِرك والوعيد عليه Pillars of Islam> Islamic> Polytheism and the Polytheists> The Inhibition of Polytheisms and the Threat Against it الإيمان > الغيب > النار > أصحاب النار Faith> The Unseen World> Hell-Fire>Hell Fellows الإنسان والعلاقات الأخلاقية > الأخلاق الذميمة > الكفران Man and The Moral Relations>The Dispraised Morals>Rejection الإنسان والعلاقات الاجتماعية > الإنسان > ضجره فى حال الشدة و نسيانه الشكر حال الرخاء Man and The Social Relations>Man> His Despair during the Distress and his Ingratitude during Welfare
This tool uses eight English parallel translations for the Holy Quran imported from Mr. Clay Smith. You can also visit Qurany Concepts for browsing the Quran themes or topics. If you want to search the Holy Quran for keywords, please visit Qurany Keywords.


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I'm a rising junior at The University of Massachusetts Amherst and currently intern at Arbor Networks and The Boston Globe. My studies focus on Network Software Engineering and Sports Journalism.
This site will serve to showcase some of my projects outside of school/work, photography taken during journalism classes, and various written pieces of sundry subjects.
My main skills in computer science are centered around: Java, C, Python, and some knowledge of html. I have the most experience in Java and Python, and my current internship is centered around Python, using agile development. I have experience in Windows, OSx, and Ubuntu; and am partial to unix based operating systems. I have used Git in both corporate and educational settings, along with Git integrationg with GitHub and GitLab. I was largely a QA developer at Arbor, using automation in order to test prodicts efficiently.


Masai Mara National Reserve is an extraordinary wilderness travel destination in south-western Kenya that offers an ideal climate and exceptional year-round game viewing. The average daytime temperatures remain quite comfortable while the nights are much cooler. The average daytime temperature is around 77 F (25 C) from June to August while the nighttime lows are around 50 F (10 C). The average daytime temperatures range from 79 F (26 C) to 82 F (28 C) in September through May, and the temperatures drop at night to lows of 55 F (13 C). The Mara offers ample daylight of around 12 hours for all of your outdoor African safari vacation activities.
The long dry season also corresponds to the Great Migration that arrives in Masai Mara from the Serengeti National Park (read more on the Tanzania side of the migration). Approximately 1.5 million wildebeests and hundreds of thousands of zebras, elands and gazelles cross the crocodile infested Mara River in the reserve in search of food and water.