I thought I would add a little more...
We're always talking about taking your time and improvising and adapting. Should a possibles bag cover just the things you can't improvise or adapt easily?
I mean a knife, I couldn't bang up some sort of forge in the woods / glacier / wilderness so I'd take one... I like light... I'd take a torch, so what if it ruines my night vision, guess what... I've got this handy torch still and i'll use it until I go to sleep or rest
If I don't want a torch or don't have one I'll improvise a white stick (I can't believe nobody mentioned that before).
My bag contains the following:
fire steel, legal pen knife and a spare key on a keyring
a petzl tikka plus head torch
Some paracord
a digital camera
a water bottle
a cheapie waterproof (soon to be replaced with a poncho)
This coveres me for everything... I can make fire... yes, I can fell a big tree with a 2.5" blade, it takes time but if it comes to it, I'll make the time... paracord to replace broken shoe laces, tie things together etc... a camera because I like having a record of what I see... a water bottle because I like fluid and a waterproof for if it rains or if I get caught out. minimal but sensible.