Introduction

Published financial information for an IFRS annual report is centred around a company's income statement, statement of comprehensive income, balance sheet and cash flow statement – the main IFRS primary statements. Extensive notes in the financial statements provide more detailed disclosure in support of the numbers in these primary statements. For example, there are notes to give more detail about the categories of property, plant and equipment (land and buildings, vehicles and machinery and so on) and to give details of the movements during the year (the amount at the beginning of the year, the additions, disposals, depreciation and so on). Similar details are given about intangible assets, provisions, share capital and reserves and many other items in the primary statements.

In addition, there are disclosures under a number of headings that do not directly amplify the items in the primary statements, but are free-standing. Some apply to all companies; some to listed companies only; and some to quoted companies (which includes listed companies). Some are within the financial statements while others are outside, albeit within the overall annual report. This chapter contains a brief discussion of these disclosures, under the following headings:

• Corporate governance disclosures;

• Statement of directors' responsibilities;

• Directors' report;

• Operating and financial review;

• Directors' remuneration;

• Related party relationships and transactions;

• Transactions with directors; and

• Segment disclosure.

Corporate governance disclosures

For accounting periods beginning on or after 29 June 2008, the corporate governance disclosures applicable to UK listed companies come from three different sources: the FSA Listing Rules; the FSA Disclosure and Transparency Rules; and the FRC Combined Code (‘the Code’).