The entire disclosure for management commentary. Management commentary is a narrative report that relates to financial statements that have been prepared in accordance with IFRSs. It provides users with historical explanations of the amounts presented in the financial statements, specifically the entity’s financial position, financial performance and cash flows. It also provides commentary on an entity’s prospects and other information not presented in the financial statements. Management commentary also serves as a basis for understanding management’s objectives and its strategies for achieving those objectives. The disclosure of the nature of the business to help users of financial reports to gain an understanding of the entity and of the external environment in which it operates. This may include: (a) the industries in which the entity operates; (b) the entity’s main markets and competitive position within those markets; (c) significant features of the legal, regulatory and macro-economic environments that influence the entity and the markets in which the entity operates; (d) the entity’s main products, services, business processes and distribution methods; and (e) the entity’s structure and how it creates value. The disclosure of management's objectives and its strategies for meeting those objectives. The disclosure of the most important resources, risks and relationships that management believes can affect the entity’s value and how those resources, risks and relationships are managed. The disclosure of the results of operations and prospects of the entity. The disclosure of critical performance measures and indicators that management uses to evaluate the entity's performance against stated objectives. Performance measures are quantified measurements that reflect the critical success factors of an entity. Indicators can be narrative evidence describing how the business is managed or quantified measures that provide indirect evidence of performance.