Financial statements are not written by each business in whatever way it likes. Rules decide when an item is recorded, how it is valued and how it is shown. This topic explains where those rules come from in Nigeria, the three bases on which accounts can be prepared, and the statements that make up a set of accounts.
The material is examined in three ways: short definitions in Section A, an explanation of cash, accrual and break-up bases in Section B, and a question on the components of financial statements and how they link. The bases of accounting have appeared in the written paper in several diets, usually for 6 to 14 marks.
Read the first topic on business, objectives and users and the second on accountants, governance and ethics before this one. The next topic uses the definitions of assets, liabilities and equity given here.
In 30 seconds
Generally accepted accounting principles (GAAP) is the body of concepts, principles, laws and rules used to prepare financial statements. Its main sources are Company law and Accounting standards. Nigeria has adopted International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB), and the Financial Reporting Council of Nigeria (FRCN) develops and enforces standards for public interest entities.
Standards cover recognition, measurement, presentation and disclosure. The Accruals basis records items when they happen, the Cash basis when cash moves, and the Break-up basis is used when the business is no longer a going concern. A full set of statements has five parts: financial position, profit or loss and other comprehensive income, changes in equity, cash flows and notes. Assets − liabilities = equity, and profit links the statements.
GAAP and accounting standards
The concepts, principles, conventions, laws, rules and regulations used to prepare and present financial statements are together called Generally Accepted Accounting Principles (GAAP). Regulation exists so that the information has the qualities and content users need. The main sources of GAAP in a country are company law and accounting standards. Each country has its own legal and regulatory framework, so GAAP differs between countries. Nigerian GAAP and United States (US) GAAP are examples.
Accounting standards are the regulations and codes of practice that professional accountants must follow when preparing financial statements. They are mostly applied by companies and are written to apply to all kinds of entity. Nigeria, like many countries, has adopted the International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB). Standards give guidance in four areas.
- Recognition. When an item should be included in the accounting records.
- Measurement. The amount at which an item is recorded, both when it first enters the records and later.
- Presentation. The structure and format of the statements and where items are displayed.
- Disclosure. Extra information that helps users understand the entity’s position and performance.
Financial reporting regulation in Nigeria
Beyond GAAP and the IFRS, several national laws shape financial reporting in Nigeria.
- Finance Acts 2019 and 2020. These are part of the federal government’s tax and fiscal reforms. Between them they amended 14 tax and fiscal laws, among them the Companies Income Tax Act, the Personal Income Tax Act, the Value Added Tax Act, the Capital Gains Tax Act and the Companies and Allied Matters Act.
- Companies and Allied Matters Act (CAMA) 2020. The revised Act brings Nigerian company regulation in line with good international practice and sets out the rights and duties of shareholders, directors, auditors, employees and other stakeholders. These are the main highlights: mandatory annual audits (CAMA 2020, section 401 on the appointment of auditors, subject to the exemption in section 402), sanctions for defaulting directors, oversight of the audit function (section 404, which provides for the audit committee), rules for annual and extraordinary general meetings, guidelines for prudent management of shareholders’ assets, rules on share transfers and the enforcement of shareholder rights, secure systems for share registration, voting and proxies, and better protection for minority shareholders.
- Financial Reporting Council of Nigeria (Amendment) Act 2023. The FRCN is the body that sets and regulates reporting standards. Under section 8(1) of the Financial Reporting Council of Nigeria Act 2011, as amended, the Council develops and publishes accounting and financial reporting standards for public interest entities (section 8(1)(a)), reviews, promotes and enforces compliance with them (section 8(1)(b)), and receives copies of the annual reports and statements of public interest entities within 60 days of board approval (section 8(1)(d)). It also receives notifications of non-compliance from preparers, users, auditors or third parties.
Bases of accounting
A basis of accounting decides when a transaction is recognised in the statements. There are three main bases, and the first is by far the most important.
Accruals basis
The accruals basis recognises transactions and events in the period in which they happen, whatever the timing of the cash (IAS 1, paragraphs 27 and 28). It follows three rules.
- Revenue is recognised in the period it is earned, even if the cash arrives in another period.
- The cost of sales is matched with the revenue it helped earn, in the same period.
- Other expenses are recognised in the period they relate to and not necessarily when they are paid.
Two terms follow from it. An accrued expense is a liability for goods or services received in the period for which no invoice has yet arrived. A prepayment is an amount paid in advance for goods or services that will be received in a later period, and it is carried forward as a current asset. Both are dealt with in detail in later topics.
Cash basis
The cash basis recognises revenue when the cash is received and expenses when the cash is paid. A sale made in December and paid for in January is revenue of January. Rent paid for twelve months in advance is all an expense of the year in which the payment is made. Over the life of a business both bases give the same totals, but the timing of each item differs.
Break-up basis
Both the accruals basis and the cash basis assume the business is a going concern and will continue (IAS 1, paragraphs 25 and 26). A business may instead be wound up because of financial difficulty or because the owners decide it has run its course. The break-up basis applies when the entity is no longer a going concern.
All assets are measured at the cash they would fetch if sold and all liabilities at the amount needed to settle them. A building carried at ₦5,000,000 that could only be sold for ₦3,800,000 would be restated to ₦3,800,000.
Modified cash basis
A modified cash basis mixes the two. Revenue and expenses follow the cash, except that large payments for long-lived assets are recorded as assets and depreciated over time.
| Point | Accruals basis | Cash basis | Break-up basis |
|---|---|---|---|
| Revenue recorded when | Earned | Cash received | Assets measured at sale value |
| Expenses recorded when | Incurred and matched to revenue | Cash paid | Liabilities at settlement value |
| Going concern assumed | Yes | Yes | No |
| Receivables, payables, prepayments and accruals | Recorded | Not recorded | Recorded at realisable and settlement values |
| Typical use | Financial statements of companies and most businesses | Very small businesses and some not-for-profit bodies | Entities facing liquidation |
Background: limitations of the cash basis. The examiner has asked for these. Under the cash basis revenue and expenses are not matched, so profit can be distorted by the timing of payments. Amounts owed by customers and to suppliers are left out, so the statement of financial position is incomplete. Payments made in advance are written off at once, and unpaid costs are ignored.
Profit and cash cannot be compared with another period reliably. Long-lived assets are expensed in one year, which misleads users about performance.
The components of financial statements
A full set of financial statements usually contains five parts (IAS 1, paragraph 10).
- A Statement of financial position.
- A Statement of profit or loss and other comprehensive income.
- A Statement of changes in equity.
- A Statement of cash flows.
- Notes to the financial statements.
The IFRS terms have replaced older names. The table lists the old terms that appear in past papers and their present equivalents.
| Older term | Term now used |
|---|---|
| Balance sheet | Statement of financial position |
| Trading, profit and loss account | Statement of profit or loss and other comprehensive income |
| Stocks | Inventories |
| Trade debtors | Trade receivables |
| Trade creditors | Trade payables |
| Fixed assets | Non-current assets |
| Net book value | Carrying amount |
| Long-term liability | Non-current liability |
| Shareholders’ funds | Equity |
| Profit after tax | Profit for the period |
The statement of financial position
The statement of financial position shows an entity’s assets, liabilities and equity at a particular date, usually the year end. It is a snapshot, in the way a photograph captures one moment. Three terms are used in it.
- An Asset is a resource the entity owns, controls or is owed. Current assets bring benefit within about a year, such as inventory, trade receivables and cash. Non-current assets last for several years, such as property, machinery and patent rights. A fuller definition comes in the topic on the Conceptual Framework.
- A Liability is an amount the entity owes. Current liabilities are payable within 12 months, for example trade payables. Non-current liabilities are payable later, for example a long-term bank loan.
- Equity is the residual interest of the owners after liabilities are deducted from assets. It is also called net assets.
The statement is a picture of the accounting equation: Assets − Liabilities = Equity, or Assets = Liabilities + Equity. The upper section lists non-current assets and then current assets. The lower section lists equity, then non-current liabilities, then current liabilities. The two totals must agree.
| Ibadan Fresh Foods: statement of financial position as at 31 December | ₦ | ₦ |
|---|---|---|
| Assets | ||
| Non-current assets: land and buildings | 900,000 | |
| Non-current assets: equipment | 350,000 | 1,250,000 |
| Current assets: inventory | 210,000 | |
| Current assets: trade receivables | 160,000 | |
| Current assets: cash | 30,000 | 400,000 |
| Total assets | 1,650,000 | |
| Equity and liabilities | ||
| Owner’s capital | 1,100,000 | |
| Non-current liability: bank loan | 400,000 | |
| Current liabilities: trade payables 120,000 and bank overdraft 30,000 | 150,000 | |
| Total equity and liabilities | 1,650,000 |
The statement is not a statement of value. The worth of a business depends on the profit it is expected to earn from its assets, and the statement alone cannot show that. Users who want a valuation need further analysis.
The statement of profit or loss
The statement of profit or loss and other comprehensive income reports performance over a period. It has two parts: the statement of profit or loss, which lists income and expenses to arrive at profit or loss, and the statement of other comprehensive income, which holds certain other gains and losses.
Other comprehensive income is outside your syllabus, so every example in this course uses only the statement of profit or loss.
- Income includes revenue from selling goods or services, other income such as interest received, and gains from selling non-current assets for more than their carrying amount. Revenue means income from normal operating activity and is shown separately from other income.
- Expenses include the cost of sales, wages, depreciation, interest payable and similar costs of ordinary activity, and also losses such as those from fire or flood, and losses on selling non-current assets below carrying amount.
The usual order is revenue, cost of sales, Gross profit (revenue less cost of sales), other income, other expenses, and Net profit. A company then deducts tax. In a shop the cost of sales is the purchase cost of the goods sold. In a factory it is the cost of producing the goods sold, including materials, labour and production expenses.
| Ibadan Fresh Foods: statement of profit or loss for the year ended 31 December | ₦ | ₦ |
|---|---|---|
| Revenue | 2,400,000 | |
| Cost of sales | (1,500,000) | |
| Gross profit | 900,000 | |
| Other income: gain on disposal of equipment | 20,000 | |
| Salaries | 300,000 | |
| Rent | 90,000 | |
| Depreciation | 60,000 | |
| Telephone | 25,000 | |
| Interest | 40,000 | |
| Bad debts | 15,000 | (530,000) |
| Net profit | 390,000 |
How the statements connect
Profit belongs to the owners, so it adds to equity. The statement of profit or loss therefore joins the statement of financial position at the start of the year to the one at the end. In a sole trader’s books the movement in equity is:
Closing equity = Opening equity + Profit for the year + Capital introduced − Drawings
The statement of financial position usually shows the previous year’s figures alongside as Comparatives. The examination does not ask you to prepare comparatives, but they help you see that equity rose by the profit retained. If a trader’s net assets rise by ₦40,000 and the profit was ₦40,000 with no drawings, the two statements agree.
The statement of changes in equity shows the same link as a table from opening to closing equity. In practice equity has several parts and each has its own column.
The ideas in more depth
Why the accruals basis is preferred
Users want to know how well the business performed in a period, and for that, revenue has to be set against the costs that earned it. The cash basis can show a large profit one year and a large loss the next for the same activity, because payments are bunched. The accruals basis smooths this by recognising items when they belong.
It also puts receivables, payables, prepayments and accruals into the statement of financial position, so the assets and liabilities are complete.
Cash basis and the same totals over time
Both bases recognise the same total revenue and the same total expenses over the whole life of a business. A sale is revenue under both, and only the period changes. This is why the difference between the two profits for one year can always be explained by the movements in receivables, payables, prepayments and accruals. The worked example below shows it.
Going concern and break-up
The going concern idea underlies the first two bases. If the business is about to close, the cost-based figures no longer mean much, because nobody will use the assets over their full lives. The break-up basis replaces them with what the assets can fetch. A fall in value goes straight into the statements as a loss.
Standards apply mainly to companies
Standards are written for all entities, but companies must comply fully. A sole trader’s accounts must follow accepted practice and need not meet every standard. This links back to the stricter regulation of companies described in the first topic.
Equity is a claim and not a pile of cash
Equity is what the entity owes its owners. A business can have high equity and little cash, because the equity is represented by all the net assets together, such as stock, buildings and receivables.
Sources and references
- Financial Reporting Council of Nigeria Act, No. 6 of 2011, as amended by the Financial Reporting Council of Nigeria (Amendment) Act 2023: section 8(1)(a), (b) and (d).
- Companies and Allied Matters Act 2020: sections 401 and 402 (appointment of auditors and exemption from audit) and section 404 (auditors’ report and audit committee).
- IAS 1 Presentation of Financial Statements: paragraph 10 (complete set of financial statements), paragraphs 25 and 26 (going concern) and paragraphs 27 and 28 (accrual basis of accounting).
Worked example: one year on three bases
Scenario. Ruth Bello runs a printing business with a year end of 31 December. During the year she sold goods for cash of ₦900,000 and sold goods on credit for ₦300,000 on 5 December, which the customer paid on 12 January. She bought and sold goods costing ₦500,000, all paid in the year. On 1 October she paid ₦240,000 for twelve months’ rent. Wages of ₦350,000 were paid in the year and all relate to it.
Electricity of ₦40,000 for November and December was unpaid at the year end. Required: (a) profit on the accruals basis; (b) profit or loss on the cash basis; (c) reconcile the two; (d) restate a building carried at ₦9,000,000 if the business were closing and the building could be sold for ₦7,400,000.
- Accruals revenue.
₦900,000 + ₦300,000 = ₦1,200,000.
The credit sale is earned in December, so it belongs to this year. - Accruals expenses. Cost of sales ₦500,000.
Rent for three of the twelve months: ₦240,000 × 3/12 = ₦60,000.
Electricity ₦40,000 is accrued.
Wages ₦350,000.
Total = ₦500,000 + ₦60,000 + ₦40,000 + ₦350,000 = ₦950,000. - Accruals profit.
₦1,200,000 − ₦950,000 = ₦250,000. - Cash basis. Receipts are ₦900,000, because the credit sale was paid in January.
Payments are ₦500,000 + ₦240,000 + ₦350,000 = ₦1,090,000.
The electricity is unpaid and is left out.
Result = ₦900,000 − ₦1,090,000 = Loss of ₦190,000. - Reconciliation.
Difference = ₦250,000 − (−₦190,000) = ₦440,000.
It comes from the receivable ₦300,000, plus the prepaid rent ₦240,000 − ₦60,000 = ₦180,000, less the accrued electricity ₦40,000: ₦300,000 + ₦180,000 − ₦40,000 = ₦440,000.
The check agrees. - Break-up. The building would be restated from ₦9,000,000 to ₦7,400,000, a reduction of ₦1,600,000.
Check: ₦9,000,000 − ₦7,400,000 = ₦1,600,000.
Common mistakes in the exam
- Describing the break-up basis as a method for a business that has simply made a loss. It applies only when the business is no longer a going concern.
- Giving cash basis limitations that are really limitations of accounting in general. Link each one to unmatched timing or missing receivables and payables.
- Writing the old names in answers, such as balance sheet, stocks and debtors. Use the IFRS terms.
- Saying the statement of financial position shows what the business is worth.
- Forgetting that the cash basis recognises prepaid rent as a full expense of the year of payment.
- Mixing up gross profit and net profit, or putting tax above net profit in a company.
- Stating the components of financial statements but omitting the notes or the statement of changes in equity.
Quick revision
- GAAP sources: company law and accounting standards. Nigeria uses IFRS from the IASB. FRCN regulates public interest entities.
- Standards cover recognition, measurement, presentation and disclosure.
- Accruals: earned and incurred. Cash: received and paid. Break-up: no going concern, sale and settlement values.
- Accrual: expense owed and not yet invoiced. Prepayment: paid in advance and carried forward as an asset.
- Five components: financial position, profit or loss and other comprehensive income (OCI), changes in equity, cash flows, notes.
- Assets − liabilities = equity. The statement of financial position is not a statement of value.
- Gross profit = revenue − cost of sales. Net profit = gross profit + other income − other expenses.
- Closing equity = opening equity + profit + capital introduced − drawings.
Practice questions
These are original questions written in the style of the Institute of Chartered Accountants of Nigeria (ICAN) exam. Try each one before you open the answer.
Section A style: multiple choice
Question 1. The main sources of GAAP in a country are:
- Bank rules and tax returns
- Auditors’ letters and budgets
- Day books and ledgers
- Company law and accounting standards
Show the answer
D. Company law and accounting standards are the two main sources.
Question 2. The International Financial Reporting Standards are issued by the:
- International Accounting Standards Board
- Financial Reporting Council of Nigeria
- Corporate Affairs Commission
- Institute of Chartered Accountants of Nigeria
Show the answer
A. The IASB issues IFRS. Nigeria has adopted them and the FRCN enforces them for public interest entities.
Question 3. The guidance in an accounting standard on the layout of the financial statements falls under:
- Recognition
- Presentation
- Measurement
- Disclosure
Show the answer
B. Presentation covers the structure and format of the statements.
Question 4. A company with a 31 December year end sells goods for ₦250,000 on 20 December and receives the cash in February. On the accruals basis the revenue is recognised in:
- The following year
- Both years, half in each
- The year ended 31 December
- Neither year
Show the answer
C. Revenue is recognised when earned, which was in December.
Question 5. On 1 November a company pays ₦72,000 for twelve months’ rent. Its year end is 31 December. The rent expense on the accruals basis for the year is:
- ₦6,000
- ₦60,000
- ₦12,000
- ₦72,000
Show the answer
C. ₦72,000 × 2/12 = ₦12,000. The other ₦60,000 is a prepayment.
Question 6. Under the break-up basis, assets are measured at:
- Original cost
- The amount they could be sold for
- Cost less depreciation
- Replacement cost
Show the answer
B. Break-up values assets at what they would fetch if sold and liabilities at their settlement amounts.
Question 7. Which responsibility belongs to the Financial Reporting Council of Nigeria?
- Developing and publishing reporting standards for public interest entities
- Collecting income tax
- Registering business names
- Approving bank loans
Show the answer
A. It also reviews and enforces compliance and receives annual reports of public interest entities.
Question 8. A business has assets of ₦640,000 and liabilities of ₦250,000. Its equity is:
- ₦250,000
- ₦640,000
- ₦390,000
- ₦890,000
Show the answer
C. Equity = assets − liabilities = ₦640,000 − ₦250,000 = ₦390,000.
Question 9. A machine with a carrying amount of ₦18,000 is sold for ₦22,000. The result is shown in the statement of profit or loss as:
- A loss of ₦4,000
- Revenue of ₦22,000
- An expense of ₦18,000
- A gain of ₦4,000
Show the answer
D. Proceeds exceed carrying amount by ₦4,000, which is a gain on disposal and counts as other income.
Question 10. Which of the following is NOT one of the five components of a full set of financial statements?
- Statement of cash flows
- Trial balance
- Notes to the financial statements
- Statement of changes in equity
Show the answer
B. The trial balance is an accounting working paper and not a financial statement.
Section B style: written questions
Question 11 (10 marks). (a) Define Generally Accepted Accounting Principles and state their main sources. (4 marks) (b) State the FOUR areas covered by accounting standards. (4 marks) (c) Name the body that issues IFRS. (2 marks)
Question 12 (20 marks). Haruna Musa runs a provisions store in Maiduguri with a year end of 30 June. During the year he made cash sales of ₦1,100,000 and credit sales of ₦640,000, none of which had been collected by the year end. He bought goods costing ₦700,000, paid in cash, and sold all of them. On 1 April he paid ₦96,000 for a twelve-month insurance policy. Telephone charges of ₦18,000 were unpaid at 30 June.
(a) Explain the difference between the cash, accruals and break-up bases of accounting. (6 marks)
(b) State FOUR limitations of the cash basis. (4 marks)
(c) Calculate Haruna’s profit on (i) the accruals basis and (ii) the cash basis, and reconcile the two. (6 marks)
(d) State FOUR responsibilities of the Financial Reporting Council of Nigeria. (4 marks)
A further written question
Question 13 (10 marks). (a) List the components of a full set of financial statements. (5 marks) (b) The net assets of a trader were ₦300,000 at the start of the year and ₦350,000 at the end. Profit for the year was ₦90,000 and no capital was introduced. Calculate the drawings and show the statement of changes in equity. (5 marks)
Model answers
Show the model answer to Question 11
(a) Generally Accepted Accounting Principles are the concepts, principles, conventions, laws, rules and regulations used to prepare and present financial statements. The main sources are company law and accounting standards.
(b) Accounting standards give guidance on (1) recognition, which is when an item is included in the records; (2) measurement, which is the amount at which it is recorded initially and later; (3) presentation, which is the structure and format of the statements; and (4) disclosure, which is the extra information users need.
(c) The International Accounting Standards Board (IASB).
Show the model answer to Question 12
(a) Bases. The accruals basis recognises revenue when it is earned and expenses when they are incurred, matched with the revenue, whatever the timing of cash. The cash basis recognises revenue when cash is received and expenses when cash is paid.
The break-up basis is used when the business is no longer a going concern. Measures assets at what they could be sold for and liabilities at what it would cost to settle them.
(b) Limitations. (1) Revenue and expenses are not matched, so profit is distorted by the timing of cash. (2) Receivables and payables are left out, so the statement of financial position is incomplete. (3) Prepayments are written off at once, and unpaid costs are ignored. (4) Profits of different periods cannot be compared reliably.
(c) Profit.
(i) Accruals basis. Revenue = ₦1,100,000 + ₦640,000 = ₦1,740,000. Expenses: cost of sales ₦700,000; insurance ₦96,000 × 3/12 = ₦24,000; telephone ₦18,000. Total = ₦742,000. Profit = ₦1,740,000 − ₦742,000 = ₦998,000.
(ii) Cash basis. Receipts ₦1,100,000. Payments ₦700,000 + ₦96,000 = ₦796,000. Profit = ₦1,100,000 − ₦796,000 = ₦304,000.
Reconciliation. Difference = ₦998,000 − ₦304,000 = ₦694,000. Receivable ₦640,000 + prepaid insurance ₦72,000 (₦96,000 − ₦24,000) − accrued telephone ₦18,000 = ₦694,000. The check agrees.
(d) FRCN. It develops and publishes accounting and financial reporting standards for public interest entities. It reviews, promotes and enforces compliance with them. It receives notifications of non-compliance from preparers, users, auditors or third parties. It receives copies of annual reports and statements of public interest entities within 60 days of board approval.
Show the model answer to Question 13
(a) A full set contains (1) a statement of financial position, (2) a statement of profit or loss and other comprehensive income, (3) a statement of changes in equity, (4) a statement of cash flows and (5) notes to the financial statements.
(b)
- Closing equity = opening equity + profit + capital introduced − drawings.
- ₦350,000 = ₦300,000 + ₦90,000 + nil − drawings, so drawings = ₦390,000 − ₦350,000 = ₦40,000.
Statement of changes in equity: opening equity ₦300,000; profit for the year ₦90,000; drawings (₦40,000); closing equity ₦350,000. Check: ₦300,000 + ₦90,000 − ₦40,000 = ₦350,000.
Pathfinder on FRC Nigeria, bases of accounting and elements of financial statements
These are the ICAN Pathfinder questions that test this topic. ICAN owns the questions and the suggested solutions, so we point you to them and do not copy them. Open your Pathfinder, attempt each question under exam conditions, then check your answer against the notes above.
Asks for the IFRS names that replace ten older terms, such as balance sheet, stocks, trade debtors, fixed assets and shareholders’ funds.
Revise first: The components of financial statements
From the previous syllabus. Asks you to differentiate between cash, accrual and break-up bases and to state one setback of the cash basis.
Revise first: Bases of accounting
From the previous syllabus. Asks you to explain cash, accrual and break-up bases and to state four limitations of the cash basis. The same question appears in both diets.
Revise first: Bases of accounting
From the previous syllabus. Asks you to state the components of financial statements.
Revise first: The components of financial statements
From the previous syllabus. Asks you to state and explain the relationships among the main components of financial statements.
Revise first: How the statements connect
Asks which item is not part of a complete set of financial statements under IFRS.
Revise first: The components of financial statements
From the previous syllabus. Question 1 asks what accounting standards are mainly about. Question 2 asks for the name of the statement that lists assets and liabilities at a date.
Revise first: GAAP and accounting standards
From the previous syllabus. Asks which valuation method applies when an entity faces liquidation.
Revise first: Bases of accounting
Expect items on the older and newer names of statements and items, the bases of accounting, and the accounting equation. Check Section A of every diet you practise.
Revise first: The statement of financial position
Source: ICAN Pathfinder, Financial Accounting. Diets covered: November Diet, 2014, November Diet, 2015, November Diet, 2016, May Diet, 2017, November Diet, 2021, May Diet, 2022, November Diet, 2022 and November Diet, 2023 (all previous syllabus). Diets before November 2014, and November Diet, 2024 onwards, are not covered here.
Spotted a mistake? Tell us and we will check it.
