IFRS Example Consolidated Financial Statements 2026

IFRS Example Consolidated Financial Statements 2026

The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging. Each year, new Standards and amendments are published by the International Accounting Standards Board (IASB). These changes have the potential to significantly impact the presentation of a complete set of financial statements, and 2026 is no different.

IFRS

IFRS Example Consolidated Financial Statements 2026

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The member firms of Grant Thornton International Ltd (GTI) have extensive expertise in the application of IFRS. GTI, through its IFRS Team, develops general guidance that supports its member firms’ commitment to high quality, consistent application of IFRS and is therefore pleased to share our insights by publishing ‘IFRS Example Consolidated Financial Statements 2026' (Example Financial Statements).

These 2026 Example Financial Statements are based on the activities and results of Illustrative Corporation and its subsidiaries (‘the Group’ or the ‘Illustrative Corporation Group’) – a fictional consulting, service and retail entity that has been preparing IFRS consolidated financial statements for several years. The form and content of IFRS financial statements will always depend on the activities and transactions of the reporting entity.

In particular, this year's version reflects the early adoption of IFRS 18 ‘Presentation and Disclosure in Financial Statements’, issued by the IASB in April 2024 and effective for annual reporting periods beginning on or after 1 January 2027, with earlier application permitted. IFRS 18 replaces IAS 1 ‘Presentation of Financial Statements’ and introduces revised principles for the presentation and disclosure of information in the financial statements, while retaining the general requirements previously contained in IAS 1.

The majority of entities will not yet be applying IFRS 18, since it is not mandatorily effective until annual reporting periods beginning on or after 1 January 2027. Entities that have not adopted IFRS 18 should refer instead to the ‘IFRS Example Consolidated Financial Statements 2025’ , which were prepared applying IAS 1.

There have been a number of developments since that edition that are not related to IFRS 18 but are relevant to entities continuing to apply IAS 1. These are set out, with references to where they are illustrated in Appendix D of this publication.

Our objective in preparing these Example Financial Statements is to illustrate financial reporting by an entity engaging in transactions that are typical across a range of non-specialist sectors. However, as with any publication of this type, these example financial statements cannot envisage every possible transaction and therefore cannot be regarded as comprehensive. Management as defined by the IASB, is ultimately responsible for the fair presentation of financial statements and therefore they may find other approaches more appropriate for its specific circumstances.

These Example Financial Statements have been updated to reflect changes in IFRS that are effective for the year ending 31 December 2026. No account has been taken of any new developments after 30 September 2026.