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The preparation of financial statements in accordance with International Financial Reporting Standards (‘IFRSs’) is challenging. Each year new Standards and Amendments are published by the International Accounting Standards Board (‘IASB’) with the potential to significantly impact both the presentation of the primary statements and the accompanying disclosures.
The member firms of Grant Thornton International Ltd (‘GTIL’) -- one of the world’s leading organisations of independent assurance, tax and advisory firms -- have extensive expertise in the application of IFRSs. GTIL, through its IFRS team, develops general guidance that supports its member firms’ commitment to high quality, consistent application of IFRSs and is therefore pleased to share these insights by publishing ‘Reporting under IFRSs – Example Consolidated Financial Statements 2015’ (the ‘Example Financial Statements’).
The Example Financial Statements are based on the activities and results of Illustrative Corporation and subsidiaries (the Group) -- 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 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.
The Example Financial Statements have been updated to reflect changes in IFRSs that are effective for the year ending 31 December 2015. No account has been taken of any new developments published after 31 July 2015.