Each year the requirements of International Financial Reporting Standards (IFRS) change. New Standards, Interpretations and Amendments become effective and these determine the content of the financial statements. As a result, companies face the challenge of updating their financial statements every year.
We can help you with this challenge and are pleased to share our insights by publishing ‘IFRS Example Consolidated Financial Statements 2017 [ 1313 kb ]’ (Example Financial Statements).
The Example Financial Statements are based on the activities and results of Illustrative Corporation and subsidiaries - a fictional consulting, service and retail entity that has been preparing IFRS financial statements for several years. The form and content of IFRS financial statements depend on the activities and transactions of each reporting entity. Our objective in preparing the Example Financial Statements is to illustrate one possible approach to financial reporting by an entity engaging in transactions that are typical across a range of non-specialist sectors. However, as with any example, this illustration does not envisage every possible transaction and therefore cannot be regarded as comprehensive. Management is responsible for the fair presentation of financial statements and therefore may find other approaches more appropriate for its specific circumstances.
The Example Financial Statements have been updated to reflect changes in IFRS that are effective for the year ending 31 December 2017. In addition, the Example Financial Statements early apply IFRS 15 ‘Revenue from Contracts with Customers’ which will become effective for accounting periods beginning on or after 1 January 2018. No account has been taken of any new developments published after 31 October 2017.