GENERAL-PURPOSE FINANCIAL STATEMENTS
(referred to as ‘financial statements) are those intended to meet the needs of users who are not in a position to require an entity to prepare reports tailored to their particular information needs.

MATERIAL
Omissions or misstatements of items are material if they could, individually or collectively, influence the economic decisions that users make on the basis of the financial statements. Materiality depends on the size and nature of the omission or misstatement judged in the surrounding circumstances. The size or nature of the item, or a combination of both, could be the determining factor. Assessing whether an omission or misstatement could influence the economic decisions of users, and so be material, requires consideration of the characteristics of those users. Users are assumed to have a reasonable knowledge of business and economic activities and accounting and a willingness to study the information with reasonable diligence.’ Therefore, the assessment needs to take into account how users with such attributes could reasonably be expected to be influenced in making economic decisions.

NOTES
contain information in addition to that presented in the statement of financial position, statement(s) of profit or loss and other comprehensive income, 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 recognized in profit or loss as required or permitted by other IFRSs. The components of other comprehensive income include:

(a) changes in revaluation surplus;
(b) remeasurements of defined benefit plans;
(c) gains and losses arising from translating the financial statements of a foreign operation;
(d) gains and losses from investments in equity instruments designated at fair value through other comprehensive income.
(da) gains and losses on financial assets measured at fair value through other comprehensive income.
(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;
(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;
(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;
(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;
(i) insurance finance income and expenses from 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; 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.

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 recognized 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.