Illustrative Financial Statements: First-time Adopters
kpmgifrg.comInternational Financial Reporting Standards - Illustrative financial statements: First-time adoptersIllustrative financial statements:First-time adoptersInternational Financial Reporting StandardsFebruary 2010February 2010
About this publicationContentThe purpose of this publication is to assist you in preparing your first financial statements in accordance withInternational Financial Reporting Standards (IFRSs). It illustrates one possible format for full financial statements,based on a fictitious multinational corporation involved in general business and adopting IFRSs as its primarybasis of accounting for the year ending 31 December 2010. IFRS 1 First-time Adoption of IFRSs has been appliedin making the transition from previous GAAP to IFRSs.This publication is based on standards and interpretations that have been issued by the International AccountingStandards Board (IASB) by 31 January 2010 which would be effective for a first-time adopter of IFRSs with afirst annual IFRS reporting date of 31 December 2010. Therefore this publication includes, for example, guidanceon the revised version of IFRS 3 Business Combinations (2008), amended IAS 27 Consolidated and SeparateFinancial Statements (2008), and the amendments to IFRS 1 Additional Exemptions for First-time Adopterspublished in July 2009. In addition the Limited Exemption from Comparative IFRS 7 Disclosures for First-timeAdopters published in January 2010 was early adopted in these financial statements.In the case of IFRS 1, a number of implementation choices exist and only one possible combination isillustrated. The publication does not repeat all of the requirements of IFRS 1 and should be read in conjunctionwith the standard and related implementation guidance, as well as our publication IFRS Handbook: First-timeadoption of IFRS. A list of the standards and interpretations that comprise IFRSs is contained in Appendix III.When preparing financial statements in accordance with IFRSs, an entity should have regard to its local legal andregulatory requirements. These illustrative financial statements do not consider any requirements of a particularjurisdiction. For example, IFRSs do not require the presentation of separate financial statements for the parententity, and these illustrative financial statements include only consolidated financial statements. However, inmany jurisdictions parent financial statements will be required to meet legal or regulatory requirements.While these illustrative financial statements are valuable in understanding international reporting requirementseffective for a reporting date of 31 December 2010, these illustrative financial statements should not be usedas a substitute for referring to the standards and interpretations themselves, particularly when a specificrequirement is not addressed in this publication or when there is uncertainty regarding the correct interpretationof an IFRS.ReferencesThe illustrative financial statements are contained on the odd-numbered pages of this publication. The evennumbered pages contain explanatory comments and notes on the disclosure requirements of IFRSs. Theillustrative examples, together with the explanatory notes, however, are not intended to be seen as a completeand exhaustive summary of all disclosure requirements that are applicable under IFRSs. For an overview of alldisclosure requirements that are applicable under IFRSs, see our publication IFRS Disclosure Checklist.To the left of each item disclosed, a reference to the relevant standard is provided; generally the referencesrelate only to disclosure requirements. The illustrative financial statements also include references to ourpublication Insights into IFRS. 2010 KPMG IFRG Limited, a UK company, limited by guarantee. All rights reserved.
AcknowledgementsThis publication has been produced by the KPMG International Standards Group (part of KPMG IFRG Limited).We would like to acknowledge the principal contributors to this publication. Those contributors includeHeath Preston, Julie Santoro, Hirotaka Tanaka and Sanel Tomlinson of the KPMG International Standards Group.Other KPMG publicationsWe have a range of publications that can assist you further, including: Insights into IFRSIFRS compared to US GAAPIFRS Handbooks that include extensive interpretative guidance and illustrative examples to elaborate orclarify the practical application of a standardNew on the Horizon publications that discuss consultation papersFirst Impression publications that discuss new pronouncementsIFRS Practice Issues publications that discuss specific requirements of pronouncementsIllustrative Financial Statements for annual and interim periods, and for selected industriesDisclosure Checklist.IFRS-related technical information is available at www.kpmgifrg.com.For access to an extensive range of accounting, auditing and financial reporting guidance and literature, visitKPMG’s Accounting Research Online. This web-based subscription service can be a valuable tool for anyone whowants to stay informed in today’s dynamic environment. For a free 15-day trial, go to www.aro.kpmg.com andregister today.Your conversion to IFRSAs a global network of member firms with experience in more than 1,500 IFRS convergence projects around theworld, we can help ensure that the issues are identified early, and can share leading practices to help avoid themany pitfalls of such projects. KPMG firms have extensive experience and the capabilities needed to supportyou through your IFRS assessment and conversion process. Our global network of specialists can advise youon your IFRS conversion process, including training company personnel and transitioning financial reportingprocesses. We are committed to providing a uniform approach to deliver consistent, high-quality services for ourclients across geographies.Our approach comprises four key workstreams: Accounting and reportingBusiness impactSystems, processes and controlsPeople.For further assistance, please get in touch with your usual KPMG contact. 2010 KPMG IFRG Limited, a UK company, limited by guarantee. All rights reserved.
4Illustrative financial statements: First-time adoptionFebruary 2010Note Reference Explanatory note1.IAS 1.10In these illustrative financial statements, the titles of the statements are consistent with thetitles used in IAS 1 Presentation of Financial Statements (2007). However, these terms arenot mandatory and different titles are permitted.2.IFRS 1.20IFRS 1 does not provide relief from the presentation and disclosure requirements in otherIFRSs; rather, except in respect of certain disclosures for defined post-employment benefitplans (see note 29), IFRS 1 requires additional presentation and disclosures in the first IFRSfinancial statements.IFRS 1.D113.IFRS 1.22If the financial statements contain historical summaries or comparative information underprevious GAAP, then an entity:IFRS 1.22(a)(a) labels the previous GAAP information prominently as not being prepared under IFRSs; and(b) discloses the nature of the main adjustments that would make it comply with IFRSs. Anentity need not quantify those adjustments.IFRS 1.22(b)4.The difference between the single-statement approach and the two-statement approach withrespect to the statement of comprehensive income is further explained in explanatory note 1on page 10 that accompanies the consolidated statement of comprehensive income. 2010 KPMG IFRG Limited, a UK company, limited by guarantee. All rights reserved.
ContentsReferencePageConsolidated financial statements1, 2, 3Consolidated statement of financial positionConsolidated statement of comprehensive income (single-statement approach)4Consolidated statement of changes in equityConsolidated statement of cash flowsNotes to the consolidated financial statementsIAS 1.10, 49IIIIII711152327Independent auditors’ report253AppendicesConsolidated income statement and consolidatedstatement of comprehensive income (two-statement approach)4Consolidated statement of cash flows (direct method)Currently effective requirements and future expected impacts255259260 2010 KPMG IFRG Limited, a UK company, limited by guarantee. All rights reserved.
6Illustrative financial statements: First-time adoptionFebruary 2010Note Reference Explanatory note1.IFRS 1.1, 21,IAS 1.38An entity’s first IFRS financial statements comprise at least three statements of financialposition, two statements of comprehensive income, two separate income statements (ifpresented), two statements of cash flows and two statements of changes in equity andrelated notes, including at least one year of comparative information prepared under IFRSs.In the context of the statement of financial position as at the date of transition, in our viewthe requirement for “related notes” should be interpreted as disclosure of those notesthat are relevant to an understanding of how the transition from previous GAAP to IFRSsaffected the entity’s financial position at the date of transition. In deciding which notes andother comparative information may be omitted, regard should be given to materiality and theparticular facts and circumstances of the entity.In these illustrative financial statements, we have included all the notes disaggregating theline items in the statement of financial position at 1 January 2009 and have omitted selectedsupporting (descriptive) comparative information. The most appropriate level of disclosurefor each entity will depend on the facts and circumstances of the entity and may differ fromthe extent of note disclosure presented in this publication. Careful consideration based onmateriality and taking account of all facts and circumstances of the particular entity is neededto determine the appropriate disclosures related to the date of transition. In addition, theseillustrative financial statements do not consider any requirements of a particular jurisdictionand more extensive disclosures may be required to meet the requirements of a particularjurisdiction.2.IAS 1.60, 61In these illustrative financial statements we have presented current and non-currentassets, and current and non-current liabilities as separate classifications in the statement offinancial position. An entity may present its assets and liabilities broadly in order of liquidityif such presentation provides reliable and more relevant information. Whichever method ofpresentation is adopted, for each asset and liability line item that combines amounts expectedto be recovered or settled within (1) no more than 12 months after the reporting date, and(2) more than 12 months after the reporting date, an entity discloses in the notes the amountexpected to be recovered or settled after more than 12 months.3.IAS 1.54(n),An entity offsets current tax assets and current tax liabilities only if it has a legally enforceableright to set off the recognised amounts, and intends to realise the asset and settle the liabilityon a net basis or simultaneously. Current tax assets and liabilities are presented as separateline items in the statement of financial position.12.714.IFRS 5.40Comparatives are not restated to reflect classification as held for sale at the currentreporting date.In our view, non-current assets (disposal groups) classified as held for sale are classifiedas current in the statement of financial position as they are expected to be realised within12 months of the date of classification as held for sale. Consequently, the presentation of a“three column statement of financial position” with the headings of “Assets/Liabilities not forsale”, “Assets/Liabilities held for sale” and “Total” generally would not be appropriate if theassets and liabilities held for sale continue to be included in non-current line items. This issueis discussed in our publication Insights into IFRS (5.4.110.30). 2010 KPMG IFRG Limited, a UK company, limited by guarantee. All rights reserved.
Illustrative financial statements: First-time adoptionFebruary 2010ReferenceConsolidated statement of financial position1IAS 1.10(a), 113As at 31 DecemberIn thousands of euroNote2010200971 January2009IAS 1.54(a)IAS 1.54(c)IAS 1.54(f)IAS 1.54(h)IAS 1.54(b)IAS 1.54(e), 28.38IAS 1.54(d)IAS 1.54(o), 56IAS 1.55IAS 1.60IAS 1.54(g)IAS 1.54(f)IAS 1.54(d)IAS 1.54(n)IAS 1.54(h)IAS 1.55IAS 1.54(i)IFRS 5.38-40AssetsProperty, plant and equipmentIntangible assetsBiological assetsTrade and other receivablesInvestment propertyInvestments in equity accounted investeesOther investments, including derivativesDeferred tax assetsEmployee benefitsTotal non-current assets2InventoriesBiological assetsOther investments, including derivativesCurrent tax assets3Trade and other receivablesPrepaymentsCash and cash equivalentsAssets classified as held for 624IAS 1.54(j)IAS 1.60Total current assets2Total assetsThe notes on pages 27 to 251 are an integral part of these consolidated financial statements. 2010 KPMG IFRG Limited, a UK company, limited by guarantee. All rights reserved.
8Illustrative financial statements: First-time adoptionFebruary 2010This page has been left blank intentionally. 2010 KPMG IFRG Limited, a UK company, limited by guarantee. All rights reserved.
Illustrative financial statements: First-time adoptionFebruary 20109Consolidated statement of financial position (continued)ReferenceAs at 31 DecemberIn thousands of euroNote201020091 January2009EquityIAS 1.54(r), 78(e) Share capital14,97914,550IAS 1.55, 78(e) Share premium4,8753,500IAS 1.54(r), 78(e) Reserves1,233578IAS 1.55, 78(e) Retained earnings19,20013,877Total equity attributable to equity holders ofthe Company40,287 32,505IAS 1.54(q), 27.27Non-controlling 41733,34729,526LiabilitiesIAS 1.54(m) Loans and borrowings28Derivatives34IAS 1.55 Employee benefits29IAS 1.55, 20.24 Deferred income31IAS 1.54(l) Provisions32IAS 1.54(o), 56 Deferred tax liabilities22Total non-current 600-3032,01730,6272031,400-Total current liabilitiesTotal liabilities6Total equity and ,55060,35089,876Total equityIAS 1.55IAS 1.54(m)IAS 1.54(k)IAS 1.55, 11.42(b)IAS 1.54(l)IFRS 5.38-40IAS 1.60Bank overdraftLoans and borrowingsTrade and other payables, including derivativesDeferred incomeProvisionsLiabilities classified as held for saleThe notes on pages 27 to 251 are an integral part of these consolidated financial statements. 2010 KPMG IFRG Limited, a UK company, limited by guarantee. All rights reserved.
10Illustrative financial statements: First-time adoptionFebruary 2010Note Reference Explanatory note1.IAS 1.10(b)A complete set of financial statements comprises, as one of its statements, a statement ofcomprehensive income for the period.IAS 1.81Total comprehensive income is the changes in equity during a period other than thosechanges resulting from transactions with owners in their capacity as owners, which ispresented either in: 2.one statement (i.e. a statement of comprehensive income)two statements (i.e. a separate income statement and a statement beginning with profitor loss and displaying components of other comprehensive income).IAS 1.81(a)This analysis is based on a single statement of comprehensive income. The two-statementapproach is displayed in Appendix I.IAS 1.87No items of income and expense may be presented as “extraordinary”. The nature andamounts of material items are disclosed as a separate line item in the statement ofcomprehensive income or in the notes.IAS 1.85In our view, it is preferable for separate presentation to be made in the statement ofcomprehensive income only when necessary for an understanding of the entity’s financialperformance. This issue is discussed in our publication Insights into IFRS (4.1.82).An entity presents additional line items, headings and subtotals when this is relevant to anunderstanding of its financial performance.3.IFRSs do not specify whether revenue can be presented only as a single line item in thestatement of comprehensive income, or whether an entity also may include the individualcomponents of revenue in the statement of comprehensive income, with a subtotal forrevenue from continuing operations.4.IAS 1.99This analysis is based on functions within the entity. The analysis of expenses also maybe presented based on the nature of expenses. Individual material items are classified inaccordance with their nature or function, consistent with the classification of items that arenot material individually. This issue is discussed in our publication Insights into IFRS (4.1.30).5.IAS 28.38An entity presents separately its share of any discontinued operations of its associates.6.IFRS 5.33(a)An entity presents a single amount in the statement of comprehensive income comprisingthe post-tax profit or loss from discontinued operations plus the post-tax gain or loss arisingfrom disposal or measurement to fair value less cost to sell.IFRS 5.33(b)An entity also discloses revenue, expenses, and the pre-tax profit or loss from discontinuedoperations; income tax on the profit or loss from discontinued operations; the gain or losson the disposal or measurement to fair value less cost to sell; and income tax on that gainor loss. In this publication we have illustrated this analysis in the notes. An entity also maypresent this analysis in the statement of comprehensive income, in a section identified asrelating to discontinued operations. For example, a columnar format presenting the resultsfrom continuing and discontinued operations in separate columns is acceptable.7.IAS 1.82(g),(h) Anentity presents each component of other comprehensive income by nature. The onlyexception to this principle relates to investments in associates and joint ventures accountedfor using the equity method. An entity’s share of the other comprehensive income of anequity accounted investee is presented as a separate line item.8.IAS 1.94An entity may present reclassification adjustments directly in the statement ofcomprehensive income or in the notes. This analysis is based on presentation directly in thestatement of comprehensive income.9.IAS 1.91Individual components of other comprehensive income may be presented either net ofrelated tax effects, or before related tax effects, with an aggregate amount presented forincome tax. 2010 KPMG IFRG Limited, a UK company, limited by guarantee. All rights reserved.
Illustrative financial statements: First-time adoptionFebruary 2010ReferenceConsolidated statement of comprehensive income1, 2IAS 1.10(b), 81(a)For the year ended 31 DecemberIn thousands of euroNoteContinuing operationsRevenue3104IAS 1.99, 103, 2.36(d) Cost of salesIAS 1.103Gross profitOther income114IAS 1.99, 103Distribution expensesIAS 1.99, 103Administrative expenses44IAS 1.99, 103, 38.126 Research and development expenses4IAS 1.99, 103Other expenses12IAS 1.85Results from operating activitiesIAS 1.82(c), 28.38IAS 1.85IAS 1.82(d), 12.77IAS 1.85IFRS 5.33(a),IAS 1.82(e)IAS 1.82(f)IAS 1.82(g), 21.52(b)IAS 1.82(g)IAS 1.82(g)IFRS 7.23(c)IFRS 7.23(d),IAS 1.92IFRS 7.20(a)(ii)IFRS 7.20(a)(ii),IAS 1.92IAS 1.82(g), 19.93BIAS 1.91(b)IAS 1.85IAS )(15,269)(697)6,787Finance incomeFinance costsNet finance costs14911(1,760)(849)480(1,676)(1,196)Share of profit of equity accounted investees (net ofincome tax)520Profit before income tax4678,3735876,178Income tax expense15Profit from continuing operations(2,528)5,845(1,800)4,378Discontinued operationProfit (loss) from discontinued operation (net ofincome tax)6Profit for the 1)94(64)72(104)7086,932(15)(48)4194,375IAS 1.82(a)IAS 1.82(b)2010117Other comprehensive income7Foreign currency translation differences for foreign operations14Net loss on hedge of net investment in foreign operation14Revaluation of property, plant and equipment16Effective portion of changes in fair value of cash flow hedges14Net change in fair value of cash flow hedges transferred toprofit or loss814Net change in fair value of available-for-sale financial assets14Net change in fair value of available-for-sale financial assetstransferred to profit or loss814Defined benefit plan actuarial gains (losses)29Income tax on other comprehensive income915Other comprehensive income for the period, net of income taxTotal comprehensive income for the periodThe notes on pages 27 to 251 are an integral part of these consolidated financial statements. 2010 KPMG IFRG Limited, a UK company, limited by guarantee. All rights reserved.
12Illustrative financial statements: First-time adoptionFebruary 2010Note Reference Explanatory note1.IAS 33.73Earnings per share based on alternative measures of earnings also may be given if considerednecessary, but should be presented in the notes to the financial statements only and not inthe statement of comprehensive income. This issue is discussed in our publication Insightsinto IFRS (5.3.370.55).2.IAS 33.2An entity is required to present earnings per share if its ordinary shares or potential ordinaryshares are publicly traded, or if it is in the process of issuing ordinary shares or potentialordinary shares in public securities markets.IAS 33.67, 69Basic and diluted earnings per share are presented even if the amounts are negative (a loss pershare). Diluted earnings per share also are presented even if it equals basic earnings per shareand this may be accomplished by the presentation of basic and diluted earnings per share inone line item. This issue is discussed in our publication Insights into IFRS (5.3.370.50). 2010 KPMG IFRG Limited, a UK company, limited by guarantee. All rights reserved.
ReferenceIllustrative financial statements: First-time adoptionFebruary 201013Consolidated statement of comprehensive income (continued)For the year ended 31 DecemberIn thousands of euroIAS 1.83(a)(ii)IAS 1.83(a)(i)IAS 1.83(b)(ii)IAS 1.83(b)(i)IAS 33.6620102009Profit attributable to:Owners of the CompanyNon-controlling interestProfit for the period5,8483766,2243,7372193,956Total comprehensive income attributable to:Owners of the CompanyNon-controlling interestTotal comprehensive income for the 07271.631.22271.571.21Earnings per share1Basic earnings per share (euro)2IAS 33.66Diluted earnings per share (euro)IAS 33.66Continuing operationsBasic earnings per share (euro)2IAS 33.66NoteDiluted earnings per share (euro)22The notes on pages 27 to 251 are an integral part of these consolidated financial statements. 2010 KPMG IFRG Limited, a UK company, limited by guarantee. All rights reserved.
14Illustrative financial statements: First-time adoptionFebruary 2010Note Reference Explanatory note1.IAS 1.106IAS 1 (2007) requires an entity, among other things, to disclose in the statement of changesin equity a reconciliation, for each component of equity, between the carrying amount at thebeginning and at the end of the period, separately disclosing changes resulting from: IAS 1.IG6profit or losseach item of other comprehensive incometransactions with owners in their capacity as owners, showing separately contributions byand distributions to owners, and changes in ownership interests in subsidiaries that do notresult in a loss of control.The statement of changes in equity included in these illustrative financial statementsseparately presents changes in other comprehensive income attributable to each item ofother comprehensive income. The example of a statement of changes in equity provided inthe Implementation Guidance of IAS 1 (2007), which was not revised by the amendmentsto IAS 1 (2007), presents changes in other comprehensive income in one line item in thestatement of changes in equity with a corresponding footnote explaining the changes in eachitem of other comprehensive income.In August 2009, the IASB published ED Improvements to IFRSs 2009 (the 2009/2010Improvements ED), which comprises 15 amendments to 11 IFRSs. The ED proposes toamend IAS 1 to state that certain elements of the statement of changes in equity, includingthe reconciliation from opening to closing balance for each component of equity can bepresented either in the statement of changes in equity or in the notes. 2010 KPMG IFRG Limited, a UK company, limited by guarantee. All rights reserved.
IAS 1.106(a)IAS 19.93(b)IAS 1.82(g)IFRS 7.20(a)(ii),IAS 1.82(g)IFRS 7.23(d),IAS 1.82(g)IFRS 7.23(c),IAS 1.82(g)IAS 1.82(g), 21.52(b)IAS 1.106(d)(ii)IAS 1.106(d)(i)IAS 1.108, 109Reference 2010 KPMG IFRG Limited, a UK company, limited by guarantee. All rights 08--3,500-reservepremiumShare 37- 10,424 28,925sharesfor ownReserveAttributable to equity holders of the CompanyThe notes on pages 27 to 251 are an integral part of these consolidated financial statements.Other comprehensive incomeForeign currency translation differencesNet loss on hedge of net investmentin foreign operationEffective portion of changes in fair valueof cash flow hedges, net of taxNet change in fair value of cash flowhedges transferred to profit or loss,net of taxNet change in fair value of availablefor-sale financial assets, net of taxDefined benefit plan actuarial gainsand losses, net of taxTotal other comprehensive incomeTotal comprehensive income for theperiodBalance at 1 Januar y 2009Total comprehensive income forthe periodProfit or lossIn thousands of euroShareConsolidated statement of changes in 8)52(8)3303,956601 29,526interestcontrollingIllustrative financial statements: First-time adoptionFebruary 201015
16Illustrative financial statements: First-time adoptionFebruary 2010Note Reference Explanatory note1.IAS 1.802.IAS 32.333.An entity without share capital (e.g. a partnership) discloses information equivalent to thatrequired for other entities, disclosing movements during the period in each category ofequity interest, and the rights, preferences, and restrictions attaching to each category ofequity interest.IFRSs do not mandate a specific method of presenting treasury shares within equity. Lawsmay prescribe the allocation method. This issue is discussed, and certain possible presentationalternatives are explained, in our publication Insights into IFRS (3.11.310.10 - .340.10).An entity presents own shares purchased as a deduction from equity, either as a separate lineitem in the statement of financial position or in the notes. Consideration received when ownshares held are reissued is presented as a change in equity, and no gain or loss is recognised.In these illustrative financial statements the surplus arising on the reissue of own shares ispresented as share premium. However, before following this approach, an entity should checklocal legal requirements. This issue is discussed in our publication Insights into IFRS (3.11.310).IFRS 2 Share-based Payment does not address specifically how share-based paymenttransactions are presented within equity, e.g. whether an increase in equity in connectionwith a share-based payment transaction is presented in a separate line item within equity orwithin retained earnings. In our view, either approach would be allowed under IFRSs. In theseillustrative financial statements the increase in equity recognised in connection with a sharebased payment transaction is presented within retained earnings. This issue is discussed ourpublication Insights into IFRS (4.5.620.10 - .20). 2010 KPMG IFRG Limited, a UK company, limited by guarantee. All rights reserved.
IAS 1.106(d)(iii)IAS 1.106(d)(iii)IAS 1.106(d)(iii)IAS 1.106(d)(iii)IAS 1.106(d)(iii)IAS 32.33IAS 1.108, premium478-42--reserveHedging--reserveShare TranslationFair80---reservevalueThe notes on pages 27 to 251 are an integral part of these consolidated financial statements.Transactions with owners, recordeddirectly in equityContributions by and distributionsto ownersOwn shares acquired2Dividends to equity holdersShare-based payment transactions3Share options exercisedTotal contributions by and distributionsto ownersChanges in ownership interests insubsidiaries that do not result in aloss of controlAcquisition of non-controlling interestTotal changes in ownership interestsin subsidiariesTotal transactions with ownersBalance at 31 December 2009In thousands of )(524)250-Total(280)(554)(274)(280) 13,877 32,505-(280)(280)-sharesfor ownReserveAttributable to equity holders of the CompanyConsolidated statement of changes in equity 842 33,347---interestcontrollingIllustrative financial statements: First-time adoptionFebruary 2010 2010 KPMG IFRG Limited, a UK company, limited by guarantee. All rights reserved.17
18Illustrative financial statements: First-time adoptionFebruary 2010This page has been left blank intentionally. 2010 KPMG IFRG Limited, a UK company, limited by guarantee. All rights reserved.
2010 KPMG IFRG Limited, a UK company, limited by guarantee. All rights reserved.IAS 1.106(a)IAS 19.93(b)IAS 1.82(g)IFRS 7.20(a)(ii),IAS 1.82(g)IFRS 7.20(a)(ii),IAS 1.82(g)IFRS 7.23(c),IAS 1.82(g)IAS 1.82(g)IAS 1.82(
International Financial Reporting Standards (IFRSs). It illustrates one possible format for full financial statements, based on a fictitious multinational corporation involved in general business and adopting IFRSs as its primary basis of accounting for the year ending 31 December 2010. IFRS
entity's particular circumstances, when preparing its financial statements. These example directors' report and illustrative financial statements should not be regarded as a template appropriate for all entities. P6 These illustrative financial statements are mainly based on the illustrative financial
The illustrative financial statements include the disclosures required by the Singapore Companies Act, SGX-ST Listing Manual, and FRSs and INT FRSs that are issued at the date of publication (August 31, 2017). Illustrative in nature The sample disclosures in this set of illustrative financial statements should not be considered to be
Illustrative interim financial information 2011 Illustrative information, prepared in accordance with IAS 34, reflecting standards issued up to March 2011. Includes a disclosure checklist, IAS 34 application guidance and an appendix for first-time adopters. Illustrative IFRS corporate consolidated financial statements for 2010 year ends .
PwC’s Illustrative IFRS consolidated financia l statements 2016 Investment property provides an illustrative set of consolidated financial statements, prepared in accordance with International Financial Reporting Standards (IFRS), for a fictional investment pro
Overview of the Financial Statements The Village's basic financial statements are comprised of three components: 1) entity-wide financial statements; 2) fund financial statements; and 3) notes to the basic financial statements. This report also contains supplementary information in addition to the basic financial statements themselves.
Illustrative Financial Statements 2006 – Investment Funds Illustrative Interim Consolidated Financial Statements 2005 – For fi rst-time adopters of IFRS . Similarities and Differences – A comparison of IFRS and US GAAP Understanding IAS 29 – Financial Reporting in Hyperinflationary Economies World Watch – Governance and Corporate .
This publication presents illustrative consolidated financial statements for a fictitious listed company, VALUE IFRS Plc. The financial statements comply with International Financial Reporting Standards (IFRS) as issued at 31 May 2019 and that apply to financial years
Illustrative Financial Statements iii On January, 1, 2018, GAAP Singapore Ltd group adopted the new SFRS(I) framework for the first time for financial year ending December 31, 2018 and SFRS(I) 1 First-time Adoption of Singapore Financial Reporting Standards (International) is
