International accounting standard 1 nic1 on presentation of financial statements

Background IASB = International Accounting Standards Board

The International Accounting Standards Board is an independent body of the private sector that develops and approves International Financial Reporting Standards (IFRS or IFRS, for its acronym in English). The IASB operates under the supervision of the International Accounting Standards Committee Foundation (IASCF). The IASB was formed in 2001 to replace the International Accounting Standards Committee.

international-accounting-standard-1-nic1-on-presentation-of-financial-statements

The International Accounting Standards Committee Foundation is an independent, not-for-profit Foundation created in 2000 to oversee the IASB.

It has its origin in 1973 and was born from the agreement of the representatives of accounting professionals from several countries (Germany, Australia, the United States, France, Holland, Ireland, Japan, Mexico and the United Kingdom) for the formulation of a series of accounting standards that could be accepted and applied in general in different countries in order to favor the harmonization of data and its comparability.

Scope IASB Objectives

Developing, seeking the public interest, a single set of global accounting standards that are high quality, understandable and enforceable, requiring high quality, transparent and comparable information in financial statements and other types of financial information, to help participants in capital markets around the world, and other users, to make economic decisions; Promote the use and rigorous application of such standards; Meet the objectives associated with (a) and (b), having taking into account, where necessary, the special needs of small and medium-sized entities and emerging economies; and lead to convergence between national accounting standards and International Accounting Standards and International Financial Reporting Standards, towards high-quality solutions.

Scope Differences between NICs and IFRSs (IAS's and IFRS's)

The term International Financial Reporting Standard (IFRS or IFRS) refers to the new numbered series of Standards issued by the IASB, the International Accounting Standards (IAS or IAS), are those issued by its predecessor. Both are in force, as long as the IAS's are not replaced by a new IFRS.

Convergence at the international level

Currently there is an important trend in the use of International Financial Reporting Standards (IFRS or IFRS), as well as International Auditing Standards (ISA or ISA).In the European Economic Community, IFRS have been applied since 2005 and it is expected the adoption of the ISAs. In the USA, the SEC (Securities and Exchange Commission) allows foreign companies with securities placed in that country to report with IFRS without the need to reconcile figures with US GAAP.

Convergence at the international level

Canada, some Latin American and Asian countries, have already adopted IFRS and ISA. The American Institute of Public Accountants (AICPA) is having meetings with the Standards Committee

Audit Internationals (IAASB) which depends on the IFAC (who issues the ISAs), the PCAOB (Public Company Accounting Oversight Board) participates in these meetings as an observer.

Large international public accounting firms have adopted and / or are updating their manuals and methodologies to the ISAs.

Introduction (Conc.):

IFAC

The Action Plan presented by the IMCP to IFAC:

1.- A quality assurance.-

2.- International education standards.

3.- International auditing standards.

4.- Code of ethics.

5.- Accounting standards for the public sector.

6.- Investigation and sanctions.

7.- International financial information standards.

objective

IAS-1 establishes the bases for the presentation of general purpose financial statements, to ensure that they are comparable, both with the financial statements of the same entity corresponding to previous periods, and with those of other entities. This Standard establishes general requirements for the presentation of financial statements, guidelines for determining their structure and minimum requirements on their content.

Definitions

Financial statements for general information purposes (called “financial statements”) are those that seek to meet the needs of users who are not in a position to demand reports tailored to their specific information needs.

The application of a requirement will be impractical when the entity cannot apply it after making all reasonable efforts to do so.

Definitions

International Financial Reporting Standards (IFRS) are the Standards and Interpretations adopted by the International Accounting Standards Board (IASB). These Standards include:

International Financial Reporting Standards, International Accounting Standards; yThe Interpretations developed by the International Financial Reporting Standards Interpretations Committee (IFRIC) or the former Interpretations Committee (SIC).

Materiality (or relative importance). The omissions or inaccuracies of items are material or have relative importance if they can, individually or as a whole, influence the economic decisions made by users on the basis of the financial statements. Materiality (or relative importance) depends on the magnitude and nature of the omission or inaccuracy, judged based on the particular circumstances in which they occurred. The size or nature of the item, or a combination of both, could be the determining factor.

The evaluation of whether an omission or inaccuracy may influence the economic decisions of users, thus being considered material or with relative importance, requires taking into account the characteristics of such users. The Conceptual Framework for the Preparation and Presentation of Financial Information establishes, in paragraph 25, that: “it is assumed that users have a reasonable knowledge of economic activities and the business world, as well as their accounting, and also the willingness to study the information with reasonable diligence" Consequently, the evaluation needs to take into account how users with the described characteristics can reasonably be expected to be influenced when making economic decisions.

The notes contain information in addition to that presented in the statement of financial position, statement of comprehensive income, separate statement of income (when presented), statement of changes in equity and statement of cash flows. The notes provide narrative descriptions or breakdowns of items presented in those statements and information on items that do not meet the conditions to be recognized in them.

Other comprehensive income comprises income and expense items (including reclassification adjustments) that are not recognized in profit or loss as required or permitted by other IFRS.

The components of other comprehensive income include:

Changes in the revaluation surplus (see IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets);

Actuarial gains and losses on defined benefit plans recognized in accordance with paragraph 93A of IAS 19 Employee Benefits; Gains and losses arising from the translation of the financial statements of a foreign operation (see IAS 21 Effects of the Variation in Foreign Currency Exchange Rates); Gains and losses from ingestion of equity instruments measured at fair value with changes in other comprehensive income in accordance with paragraph 5.4.4 of IFRS 9 Financial Instruments; The effective part profit and loss on hedging instruments in a cash flow hedge (see IAS 39).

The owners are holders of equity instruments.

The result is the total income less expenses, excluding the components of other comprehensive income.

The reclassification adjustments are amounts reclassified to result in the current period that were recognized in other comprehensive result in the current period or previous periods.

The total comprehensive income is the change in equity during a period from transactions and other events, other than those changes resulting from transactions with owners in their capacity as such.

Total comprehensive income comprises all the components of "income" and "other comprehensive income".

(*) Although this Standard uses the terms "other comprehensive income", "income" and "total comprehensive income", an entity may use other terms to describe totals, provided the meaning is clear. For example, an entity may use the term “net income” to refer to the result.

Purpose of the Financial Statements

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, which is useful to a wide variety of users when making their economic decisions. The financial statements also show the results of the management carried out by the administrators with the resources that have been entrusted to them.

To meet this objective, financial statements will provide information about the following elements of an entity:

Assets; Liabilities; Equity; Income and expenses, which include gains and losses; Contributions from owners and distributions to them in their capacity as such; y Cash flows.

Complete set of Financial Statements

A complete set of financial statements comprises:

a statement of financial position at the end of the period; a statement of comprehensive income for the period; a statement of changes in equity for the period; a statement of cash flows for the period; notes, including a summary of the most significant accounting policies and other explanatory information; a statement of financial position at the beginning of the first comparative period, when an entity applies an accounting policy retrospectively or when it reclassifies items in its financial statements.

An entity may use titles other than those used in this Standard to refer to the previous statements.

Accounting treatment IAS-8 "´Accounting policies, accounting changes, estimates and errors".

Change in particular rule Reclassifications Application Corrections of errors Retrospective Changes in the structure of the economic entity Application

Changes in accounting prospective estimate

General characteristics Fair presentation and compliance with IFRS

The financial statements should reasonably present the financial position and financial performance, as well as the cash flows of an entity. This fair presentation requires the accurate presentation of the effects of transactions, as well as other events and conditions, in accordance with the definitions and criteria for recognition of assets, liabilities, income and expenses established in the Conceptual Framework. It is presumed that the application of IFRS, accompanied by additional information when necessary, will result in financial statements that provide a fair presentation.

An entity whose financial statements comply with IFRS shall make, in the notes, an explicit and unreserved statement of such compliance. An entity shall not report that its financial statements comply with IFRS unless it satisfies all the requirements of IFRS.

Affirmations - Explicit Manifestations

Public company

Fair presentation and compliance with IFRS

A fair presentation also requires that an entity:

Select and apply accounting policies in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. Present information, including accounting policies, in a way that is relevant, reliable, comparable and understandable. Provide additional information, provided that the requirements required by IFRS are insufficient to allow users to understand the impact of certain transactions, other events or conditions, on the financial position and financial performance of the entity.

Going Business Hypothesis

In preparing financial statements, management will assess an entity's ability to continue in operation. An entity will prepare the financial statements under the going concern assumption, unless management intends to liquidate the entity or cease its activity, or there is no other more realistic alternative than to proceed in one of these ways. When management, when making this assessment, is aware of the existence of significant uncertainties, relative to events or conditions that may raise significant doubts about the possibility of the entity continuing to function normally, it shall proceed to disclose them in the financial statements .. When an entity does not prepare the financial statements under the going concern assumption, it shall disclose that fact, together with the assumptions on which they have been made and the reasons why the entity is not considered as a going concern.

Going Business Hypothesis

When evaluating whether the going concern hypothesis is appropriate, management will take into account all available information about the future, which must cover at least the following twelve months from the end of the reporting period, without being limited to said period. The degree of detail of the considerations will depend on the facts that are presented in each case. When an entity has a history of profitable operations, as well as prompt access to financial resources, the entity may conclude that the use of the going concern assumption is appropriate, without conducting a detailed analysis.. In other cases, it may be necessary for management, before convincing itself that the going concern assumption is appropriate, must weigh a wide range of factors related to current and expected profitability, debt repayment schedule and potential sources of replacement for existing funding.

Accrual accounting basis (accrual)

An entity prepares its financial statements, except for cash flow information, using the accrual (or accrual) basis of accounting.

When the accrual basis of accounting is used (accrual), an entity will recognize items as assets, liabilities, equity, income and expenses (the elements of financial statements), when they satisfy the definitions and recognition criteria provided for such elements in the Conceptual Framework.

Materiality (relative importance) and grouping of data

An entity shall present each significant class of similar items separately. An entity shall present items of a different nature or function separately, unless they are not material.

The final stage of the aggregation and classification process is the presentation of condensed and classified data, which constitute the items of the financial statements. If a specific item is not material on its own, it will be aggregated with other items, either in the financial statements or in the notes.

An entity need not provide a specific disclosure required by an IFRS if the information is not material.

Compensation

An entity shall not offset assets with liabilities or income with expenses unless required or permitted by an IFRS.

Compensation in the statement of comprehensive income or in the statement of financial position limits the ability of users to understand transactions and other events and conditions that have occurred, as well as to evaluate the entity's future cash flows, except when compensation is a reflection of the substance of the transaction or event. The net measurement in the case of assets subject to valuation adjustments - for example, corrections for impairment of inventories due to obsolescence and of doubtful accounts receivable - is not a compensation.

An entity will present the results offsetting the income with the related expenses generated by the same operation, provided that said presentation reflects the substance of the transaction or other event. For example:

An entity shall present the gains and losses from the disposal of non-current assets, deducting from the amount received for such disposal the asset's carrying amount and the corresponding selling expenses; An entity may offset the disbursements related to the provisions recognized in accordance with the IAS 37 Provisions, Contingent Liabilities and Contingent Assets, which have been reimbursed to the entity as a result of a contractual arrangement with another party (for example, a product warranty agreement covered by a supplier) with related reimbursements.

In addition, an entity will present in net terms the gains and losses that come from a group of similar transactions, for example the gains and losses on exchange differences, or those derived from financial instruments held for trading. However , an entity shall present these gains and losses separately if they are material.

Frequency of information

An entity shall present a complete set of financial statements (including comparative information) at least annually. When an entity changes the end of the reporting period and presents the financial statements for an accounting period greater or less than one year, it shall disclose, in addition to the period covered by the financial statements:

the reason for using a shorter or longer period; and the fact that the amounts presented in the financial statements are not fully comparable.

Comparative information

Unless IFRS permits or requires otherwise, an entity shall disclose comparative information for the prior period for all amounts included in the financial statements for the current period. An entity shall include comparative information for descriptive and narrative information, when this is relevant to an understanding of the financial statements for the current period.

An entity that discloses comparative information shall present, at a minimum, two statements of financial position, two for each of the remaining statements, and related notes. When an entity applies an accounting policy retrospectively when reclassifying items in its financial statements, it shall present, at a minimum, three statements of financial position, two of each of the remaining statements, and the related notes.

Comparative information

An entity shall present statements of financial position:

at the end of the current period, at the end of the previous period (which is the same as the beginning of the current period), and at the beginning of the first comparative period.

In some cases, the narrative information provided in the financial statements for the previous period (s) continues to be relevant in the current period. For example, an entity will disclose in the current period details of a legal dispute the outcome of which was uncertain at the end of the immediately preceding period and which has yet to be resolved.

When the entity changes the presentation or classification of items in its financial statements, it will also reclassify the comparative amounts, unless it is impractical to do so. When the entity reclassifies comparative amounts, it shall disclose:

the nature of the reclassification; the amount of each item or group of items that have been reclassified; and the reason for the reclassification.

When reclassification of comparative amounts is impracticable, the entity shall disclose:

the reason for not reclassifying the amounts; and the nature of the adjustments that would have been made if the amounts had been reclassified.

IAS 8 establishes the adjustments to be made to the required comparative information when an entity changes an accounting policy or corrects an error.

Uniformity in presentation

An entity shall maintain the presentation and classification of items in the financial statements from one period to the next, unless:

following a change in the nature of the entity's activities or a review of its financial statements, it becomes clear that another presentation or classification would be more appropriate, taking into consideration the criteria for the selection and application of accounting policies in IAS 8; An IFRS requires a change in presentation.

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 will only change the presentation of its financial statements when said change provides reliable and more relevant information for the users of the financial statements, and the new structure has continuity in sight, so that comparability is not impaired. When these presentation changes are made, an entity will reclassify its information on a comparative basis.

Structure and content Identification of the financial statements

An entity will clearly identify each financial statement and notes. In addition, it will display the following information:

the name of the entity or another form of identification thereof, as well as the changes relating to such information since the end of the preceding period; if the financial statements pertain to an individual entity or a group of entities; the date of the end of the period the reporting period or the period covered by the set of financial statements or notes; the presentation currency, as defined in IAS 21; the degree of rounding practiced when presenting the financial statement figures.

Structure and content Identification of the financial statements

Often an entity will make financial statements more understandable by presenting figures in thousands or millions of monetary units of the presentation currency. This will be acceptable to the extent that the entity discloses the degree of rounding practiced and does not omit material or material information in doing so.

Statement of financial position Minimum information to present:

property, plant and equipment; investment properties; intangible assets; financial assets (excluding sections (e), (h) and (i)); investments accounted for using the equity method; biological assets; inventories; trade debtors and other accounts for collect; cash and cash equivalents; total assets classified as held for sale, which have been classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations;

Statement of financial position Minimum information to present:

trade creditors and other accounts payable, provisions, financial liabilities (excluding the amounts mentioned in sections (k) and (l));

liabilities and assets for current taxes, as defined in IAS 12 Income Tax; liabilities and assets for deferred taxes, as defined in IAS 12; liabilities included in the groups of assets for disposal classified as held for sale in accordance with IFRS 5, non-controlling interests, presented within equity; and issued capital and reserves attributable to owners of the parent.

Statement of financial position

An entity shall present in the statement of financial position additional items, headings and subtotals, when relevant to understanding its financial position.

When an entity present in the statement of financial position assets and liabilities classified as current or non - current, it shall not classify assets (liabilities) Deferred taxes as assets (or liabilities) currents.

This Standard does not prescribe the order or format in which an entity will present items.

The use of different measurement bases for different classes of assets suggests that their nature or function differ and, consequently, that they should be presented as separate items. For example, certain classes of property, plant and equipment may be carried at historical cost, or at their revalued amounts, in accordance with IAS 16.

Statement of financial position Distinction between current and non-current items

An entity shall present its current and non-current assets, as well as its current and non-current liabilities, as separate categories in its statement of financial position, except when a presentation based on the degree of liquidity provides reliable information that is more relevant. When this exception is applied, an entity will present all the assets and liabilities ordered according to their liquidity.

For some entities, such as financial institutions, a presentation of assets and liabilities in ascending or descending order of liquidity provides reliable and more relevant information than the current-non-current presentation, because the entity does not supply goods or services within a clearly identifiable operating cycle.

Statement of financial position Current assets

An entity shall classify an asset as current when:

expects to realize the asset, or intends to sell or consume it in its normal operating cycle; holds the asset primarily for trading purposes; expects to realize the asset within twelve months after the reporting period; o the asset is cash or cash equivalent (as defined in IAS 7) unless the asset is restricted and cannot be exchanged or used to settle a liability for a minimum period of twelve months after the reporting period.

An entity will classify all other assets as non-current (tangible, intangible and financial assets).

Statement of financial position Current assets

The normal cycle of an entity's operation is the period between the acquisition of assets that enter the production process, and their realization in cash or cash equivalents.. When the normal cycle of the operation is not clearly identifiable, its duration is assumed to be twelve months. Current assets include assets (such as inventories and trade debtors) that are sold, consumed or realized, within the normal cycle of the operation, even when their realization is not expected within a period of twelve months from the date of the period on the one who is informed. Current assets also include assets that are primarily held for trading (for example some financial assets that meet the definition of held for trading in IAS 39) and the current portion of non-current financial assets.

Statement of financial position Current liabilities

An entity shall classify a liability as current when:

expects to settle the liability in its normal operating cycle; holds the liability primarily for trading purposes; the liability must be settled within twelve months from the date of the reporting period; or (d) does not have an unconditional right to defer the cancellation of the liability for at least twelve months following the date of the reporting period.

An entity shall classify all other liabilities as non-current.

Statement of financial position Current liabilities

If an entity has the expectation and, in addition, the power to renew or refinance an obligation at least during the twelve months following the date of the reporting period, in accordance with the existing financing conditions, it will classify the obligation as not current, even if it otherwise expires in a shorter period. However, when refinancing or extension of the term is not a faculty of the entity (for example, if there is no refinancing agreement), the entity will not take into account the potential refinancing and the obligation will be classified as current.

Statement of financial position Current liabilities

When an entity violates a provision contained in a long-term loan agreement at the end of the reporting period or earlier with the effect that the liability becomes enforceable at the lender's will, such liability shall be classified as current, even if the lender had agreed, after the date of the reporting period and before the financial statements are authorized for publication, not to demand payment as a consequence of the infringement. An entity will classify the liability as current because, at the end of the reporting period, it does not have an unconditional right to defer the settlement of the liability for at least twelve months after that date.

Contingent liabilities - Valuation rules

Information to be presented in the statement of financial position or in the notes

The level of information provided will vary for each game, for example:

Property, plant and equipment items will be disaggregated by class, in accordance with IAS 16; accounts receivable will be disaggregated into amounts receivable from commercial customers, related parties, advances and other amounts; inventories will be disaggregated, according to with IAS 2, Inventories, in classifications such as merchandise, raw materials, materials, work in progress and finished products; the provisions will be broken down, so that those corresponding to provisions for employee benefits and the rest are shown separately; and capital and reserves will be broken down into various classes, such as paid-in capital, issue premiums, and reserves.

An entity shall disclose the following, either in the statement of financial position, in the statement of changes in equity or in the notes:

(a) for each class of share capital:

(i) the number of authorized shares;

(ii) the number of shares issued and fully paid, as well as those issued but not yet paid;

the nominal value of the shares, or the fact that they have no nominal value; a reconciliation between the number of shares outstanding at the beginning and end of the period; the rights, privileges and restrictions corresponding to each class of shares, including the restrictions on the distribution of dividends and the repayment of capital;

An entity shall disclose the following, either in the statement of financial position, in the statement of changes in equity or in the notes:

the shares of the entity that are in its power or that of its subsidiaries or associates; and the shares whose issue is reserved as a consequence of the existence of options or contracts for the sale of shares, including the corresponding conditions and amounts; and

(b) a description of the nature and destination of each reserve that appears in the heritage.

An entity without capital in shares, such as those that respond to a corporate or fiduciary formula, will disclose equivalent information, showing the changes produced during the period in each of the categories that make up the equity and the rights, privileges and restrictions associated with each a.

Statement of comprehensive income

An entity shall present all items of income and expense recognized in a period:

in a single statement of comprehensive income, or in two statements: one that shows the components of the result (separate income statement) and a second statement that begins with the result and shows the components of the other comprehensive income (statement of comprehensive income).

Information to be presented in the statement of comprehensive income

At a minimum, the statement of comprehensive income will include:

(a) income from ordinary activities;

(aa) gains and losses arising from derecognition of financial assets measured at amortized cost;

financial costs, participation in the profit or loss of associates and joint ventures that are accounted for using the equity method;

(ca) If a financial asset is reclassified so that it is measured at fair value, any gain or loss arising from a difference between the previous carrying amount and its fair value at the reclassification date (as defined in IFRS 9);

tax expense;

Information to be presented in the statement of comprehensive income

(e) a single amount comprising the total of:

the after-tax result of discontinued operations; and the profit or loss after taxes recognized by the measurement at fair value less costs to sell, or by the disposal of the assets or groups for their disposal that constitute the discontinued operation. results; each component of other comprehensive income classified by nature (excluding the amounts referred to in subsection (h)); participation in other comprehensive income of associates and joint ventures that are accounted for using the equity method; and total comprehensive result.

Information to be presented in the statement of comprehensive income or in its notes

When items of income or expense are material, an entity shall separately disclose:

the reduction of inventories to their net realizable value, or of items of property, plant and equipment to their recoverable amount, as well as the reversal of such; the restructuring of the activities of an entity; the disposal of property, plant and equipment; investment provisions; discontinued operations; cancellations of payments due to litigation; and other reversals of provisions.

Statement of comprehensive income

An entity shall present a breakdown of the expenses recognized in profit or loss, using a classification based on their nature or their function.

Statement of changes in Equity

An entity shall present in the statement of changes in equity:

the total comprehensive income for the period, showing separately the participation of the controlling and non-controlling; for each component of equity, the effects of retrospective application or retrospective restatement. for each component of equity, a reconciliation between the carrying amounts, at the beginning and at the end of the period of: (i) results;
- each item of other comprehensive income; and transactions with owners in their capacity as such, showing separately the contributions made by the owners and the distributions to them and changes in ownership interests in subsidiaries that do not result in a loss of control.

Statement of cash flows

Information about cash flows provides users of financial statements with a basis for evaluating the entity's ability to generate cash and cash equivalents and the entity's needs to use those cash flows. IAS 7 establishes the requirements for the presentation and disclosure of information about cash flows.

Notes Structure

They will present information about the bases for the preparation of the financial statements, and about the specific accounting policies used. They will disclose the information required by IFRS that has not been included elsewhere in the financial statements; They will provide information that is not presented elsewhere. of the financial statements, but that is relevant to understand any of them.

Notes Structure

An entity shall present the notes, to the extent practicable, in a systematic manner. An entity shall reference each item included in the statements of financial position and comprehensive income, in the separate income statement (when presented), and in the statements of changes in equity and cash flows, with any related information in the notes.

Notes Causes of uncertainty in estimates

An entity shall disclose information about the assumptions made about the future and other causes of estimation uncertainty at the end of the reporting period that have a significant risk of causing significant adjustments in the carrying amount of assets or liabilities within the period. next accounting period. With respect to those assets and liabilities, the notes will include details of:

his, her nature; and its carrying amount at the end of the reporting period.

Notes Causes of uncertainty in estimates

Examples of the types of disclosures an entity will make are:

the nature of the assumptions or other uncertainties in the estimate; the sensitivity of the carrying amount to the methods, assumptions and estimates implicit in its calculation, including the reasons for such sensitivity; the expected resolution of the uncertainty, as well as the range of the reasonably possible consequences within the next year, with respect to the carrying amount of the affected assets and liabilities; and when the uncertainty remains unresolved, an explanation of the changes made to the past assumptions regarding those assets and liabilities.

This Standard does not require an entity to disclose budget information or forecasts when disclosing the information in paragraph

Notes Other Disclosures

An entity shall disclose in the notes:

the amount of dividends proposed or announced before the financial statements have been authorized for issuance, which have not been recognized as a distribution to the owners during the period, as well as the corresponding amounts per share; and the amount of any cumulative preferred dividend that has not been recognized.

Notes Other Disclosures

An entity shall disclose the following, if it has not been disclosed elsewhere in the information published with the financial statements:

the domicile and legal form of the entity, the country in which it has been incorporated and the address of its registered office (or the main domicile where it carries out its activities, if different from the registered office); a description of the nature of the operations the entity, as well as its main activities, the name of the direct controller and the ultimate controller of the group; and if it is an entity with a limited life, information on its duration.

Validity

An entity shall apply this Standard in annual periods beginning on or after January 1, 2014. Early application is permitted. If an entity applies this Standard to prior periods it will disclose this fact.

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