Each year the requirements of International Financial Reporting Standards (IFRS) change. New standards and amendments become effective and these determine the presentation of primary financial statements and accompanying disclosures. 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 ‘Reporting under IFRSs - Example consolidated financial statements 2016’.
These 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 these 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 cannot therefore 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.
These example financial statements have been updated to reflect changes in IFRSs that are effective for the year ending 31 December 2016. No account has been taken of any new developments published after 31 July 2016.