ABSTRACT
The formats of the above statements are mandatory, although slight variations to the wording are to be found, and on each of the statements references are made to notes in the financial statements. These are an integral part of the financial statements and contain mandatory and discretionary elements which explain in greater detail the item to which the notes refer. There will normally be between 35 and 40 notes to the financial statements, which will be reviewed by the external auditors as part of their audit prior to giving their audit opinion on the financial statements for the year. The notes may also refer to relevant SSAPs and FRSs when explaining particular items.
