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Interim consolidated financial statements 2018

Sarah Carroll Sarah Carroll

The member firms within Grant Thornton International Ltd (GTIL) have extensive expertise in the application of IFRS. GTIL, through its IFRS team, develops guidance that supports its member firms’ commitment to high quality, consistent application of IFRS and is pleased to share these insights by publishing ‘Example Interim Consolidated Financial Statements 2018'.

This publication reflects the collective experience of the GTIL IFRS team and member firm experts. It is intended to illustrate the ‘look and feel’ of IFRS interim financial statements and provide a realistic example of their presentation.

The publication illustrates condensed interim financial statements for a six month accounting period beginning on 1 January 2018. It is based on the activities and results of Illustrative Corporation and its subsidiaries – a fictional consulting, service and retail group that has been preparing IFRS financial statements for several years. The group produces half-yearly interim financial reports in accordance with IAS 34 ‘Interim Financial Reporting’ (IAS 34) at 30 June 2018.

The publication has been reviewed and updated to reflect changes in IAS 34 and in other IFRSs that are effective for the year ending 31 December 2018.  In particular, they reflect the adoption of IFRS 9 ‘Financial Instruments’ and IFRS 15 ‘Revenue from Contracts with Customers’ which are effective for annual accounting periods beginning on or after 1 January 2018.

An entity complying with IAS 34 has a choice of preparing a condensed set of interim financial statements or a full set of IFRS financial statements. This publication illustrates a condensed set of interim financial statements based on the requirements of IAS 34.8. Where a full set of financial statements is presented in the interim financial report, the form and content of those financial statements are required to conform to the requirements of IAS 1 for a complete set of financial statements (IAS 34.9).

To discuss your financial statements or any challenges you have implementing IFRSs please contact your local member firm.