National Grid 2014 Annual Report Download - page 77

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Strategic Report Corporate Governance Financial Statements Additional Information
We have continued to develop our presentational format to provide shareholders and users of these financial statements with additional
information and guidance, and to make them easier to understand.
Throughout these financial statements we have included additional information boxes, providing helpful commentary on what the
disclosures mean and why they are important to the understanding of our financial performance and position. Some of these boxes
highlight ‘Our strategy in action’, drawing out the key elements of our business model (set out in the Strategic Report on pages 14
and21), and showing how the disclosures reflect this strategy.
Audit opinions
We have two audit opinions on our financial statements, reflecting our dual listing on the London Stock Exchange and the New York
Stock Exchange. Due to the different reporting requirements for each listing, our auditors are required to confirm compliance with
each set of standards in a prescribed format. The IFRS audit opinion has changed this year, reflecting the change to auditing standards,
which requires the auditors to provide more detail as to how they have planned and completed their audit, as well as their views on
significant matters they have noted and that were discussed by the Audit Committee. There are also additional specific disclosure
requirements due to our US listing which are included in the notes.
Notes
Notes to the financial statements provide additional information required by statute, accounting standards or other regulations to
assist in a more detailed understanding of the primary financial statements. In many notes we have included an accounting policy
thatdescribes how the transactions or balance in that note have been measured, recognised and disclosed. The basis of preparation
section provides details of accounting policies that apply to transactions and balances in general.
Unaudited commentary
We have presented with the financial statements certain analysis previously included in the financial review section of the Strategic
Report of our Annual Report. This approach provides a more understandable narrative, a logical flow of information and reduces
duplication. We have created a combined financial review, including a commentary on items within the primary statements, on pages
84 to 91. Unless otherwise indicated, all analysis provided in the financial statements ison a statutory IFRS basis. All information
inruled boxes styled in the same manner as this one does not form part of the audited financial statements. This has been further
highlighted by including the word ‘unaudited’ at the start of each box header. Unaudited commentary boxes appear on pages 85
to87, 89, 91, 96, 106, 108 and 121.
Introduction to the
financial statements
75