PwC Illustrative IFRS Consolidated Financial Statements .
VALUE IFRS PlcIllustrative IFRS consolidatedfinancial statementsDecember 2019
This publication presents the sample annual financial reports of a fictional listed company, VALUE IFRS Plc. Itillustrates the financial reporting requirements that would apply to such a company under InternationalFinancial Reporting Standards as issued at 31 May 2019. Supporting commentary is also provided. For thepurposes of this publication, VALUE IFRS Plc is listed on a fictive Stock Exchange and is the parent entity in aconsolidated entity.VALUE IFRS Plc 2019 is for illustrative purposes only and should be used in conjunction with the relevantfinancial reporting standards and any other reporting pronouncements and legislation applicable in specificjurisdictions.Global Accounting Consulting ServicesPricewaterhouseCoopers LLPThis content is for general information purposes only, and should not be used as a substitute forconsultation with professional advisors.About PwCAt PwC, our purpose is to build trust in society and solve important problems. We're a network of firmsin 158 countries with more than 250,000 people who are committed to delivering quality in assurance,advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com 2019 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each ofwhich is a separate legal entity. Please see www.pwc.com/structure for further details.
VALUE IFRS PlcIllustrative IFRS consolidated financial statementsDecember 2019Financial statements6Statement of profit or lossStatement of comprehensive incomeBalance sheetStatement of changes in equityStatement of cash flowsNotes to the financial statements27Significant changes in the current reporting period29How numbers are calculated30Segment informationProfit and lossBalance sheetCash flows313652113Group structure143Business combinationDiscontinued operationInterests in other entitiesFurther detailsRelated party transactionsShare-based paymentsEarnings per shareOffsetting financial assets and financial liabilitiesAssets pledged as securityAccounting policiesChanges in accounting policiesIndependent auditor's al estimates, judgements and errorsFinancial risk managementCapital management117120140Unrecognised itemsContingent liabilities and contingent assetsCommitmentsEvents occurring after the reporting period1571581591601621631671721751771781952002012
IntroductionThis publication presents illustrative consolidated financial statements for a fictitious listed company, VALUE IFRS Plc. Thefinancial statements comply with International Financial Reporting Standards (IFRS) as issued at 31 May 2019 and thatapply to financial years commencing on or after 1 January 2019.We have attempted to create a realistic set of financial statements for VALUE IFRS Plc, a corporate entity that manufacturesgoods, provides services and holds investment property. However, as this publication is a reference tool, we have notremoved any disclosures based on materiality. Instead, we have included illustrative disclosures for as many commonscenarios as possible. Please note that the amounts disclosed in this publication are purely for illustrative purposes and maynot be consistent throughout the publication.New disclosure requirements and changes in accounting policiesMost companies will have to make changes to their disclosures in 2019, to reflect the adoption of IFRS 16 Leases. Thispublication shows how the adoption of the standard may affect a corporate entity. Note 26 provides example disclosureswhich explain the impact of the changes in accounting policy. The new leasing disclosures are illustrated in note 8(b) and innote 8(c). You can find new or revised disclosures by looking for shading in the reference column.In compiling the illustrative disclosures, we have made a number of assumptions in relation to the adoption of IFRS 16. Inparticular, VALUE IFRS Plc: has applied the simplified transition approach and has not restated comparative information does not have any right-of-use assets that would meet the definition of investment property does not have any finance leases as lessor, and did not have to recognise any adjustments in relation to the assets held as lessor under operating leases.For further specific assumptions made, please refer to the commentary to note 26.In addition, we have added comparative information to some of the financial instruments disclosures that were new lastyear and where comparatives were therefore not required (see note 7 and note 12). We have also made a few improvementsto existing disclosures.The other amendments to standards that apply from 1 January 2019 and that are unrelated to the adoption of IFRS 16 areprimarily clarifications, see Appendix D. We have assumed that none of them required a change in VALUE IFRS Plc’saccounting policies. However, this assumption will not necessarily apply to all entities. Where there has been a change inpolicy that has a material impact on the reported amounts, this would also need to be disclosed in note 26.While the IASB issued a revised Conceptual Framework for Financial Reporting in March 2018 which will be usedimmediately by the Board and Interpretations Committee in developing new pronouncements, preparers will onlycommence referring to the new framework from 1 January 2020. We have therefore continued referring to the existingframework in this publication.Early adoption of standardsVALUE IFRS Plc generally adopts standards early if they clarify existing practice but do not introduce substantive changes.These include standards issued by the IASB as part of the improvements programme or the amendments made to IAS 1 andIAS 8 in relation to the definition of material.As required under IFRS, the impacts of standards and interpretations that have not been early adopted and that areexpected to have a material effect on the entity are disclosed in accounting policy note 25(a). A summary of allpronouncements relevant for annual reporting periods ending on or after 31 December 2019 is included in Appendix D. Forupdates after the cut-off date for our publication, see www.pwc.com/ifrs.Using this publicationThe source for each disclosure requirement is given in the reference column. Shading in this column indicates changes madeas a result of new or revised requirements that become applicable for the first time this year. There is also commentary that(i) explains some of the more challenging areas, (ii) lists disclosures that have not been included because they are notrelevant to VALUE IFRS Plc, and (iii) provides additional disclosure examples.The appendices give further information about the operating and financial review (management commentary), alternativeformats for the statement of profit or loss and other comprehensive income and the statement of cash flows, and industryspecific disclosures. A summary of all standards that apply for the first time to annual reports beginning on or after 1January 2019 is included in Appendix D, and abbreviations used in this publication are listed in Appendix E.PwC3
As VALUE IFRS Plc is an existing preparer of IFRS consolidated financial statements, IFRS 1 First-time Adoption ofInternational Financial Reporting Standards does not apply. Guidance on financial statements for first-time adopters ofIFRS is available in Chapter 2 of our Manual of Accounting.The example disclosures are not the only acceptable form of presenting financial statements. Alternative presentations maybe acceptable if they comply with the specific disclosure requirements prescribed in IFRS. Readers may find our IFRSdisclosure checklist 2019 useful to identify other disclosures that may be relevant under the circumstances but are notillustrated in this publication.Some of the disclosures in this publication would likely be immaterial if VALUE IFRS Plc was a ‘real life’ company. Thepurpose of this publication is to provide a broad selection of illustrative disclosures which cover most common scenariosencountered in practice. The underlying story of the company only provides the framework for these disclosures and theamounts disclosed are for illustration purposes only. Disclosures should not be included where they are not relevant or notmaterial in specific circumstances. Guidance on assessing materiality is provided in IAS 1 Presentation of FinancialStatements and the non-mandatory IFRS Practice Statement 2 Making Materiality Judgements.Preparers of financial reports should also consider local legal and regulatory requirements which may stipulate additionaldisclosures that are not illustrated in this publication.FormatThere is a general view that financial reports have become too complex and difficult to read and that financial reportingtends to focus more on compliance than communication. At the same time, users’ tolerance for sifting through informationto find what they need continues to decline. This has implications for the reputation of companies who fail to keep pace. Aglobal study confirmed this trend, with the majority of analysts stating that the quality of reporting directly influenced theiropinion of the quality of management.To demonstrate what companies could do to make their financial report more relevant, we have ‘streamlined’ the financialreport to reflect some of the best practices that have been emerging globally over the past few years. In particular: Information is organised to clearly tell the story of financial performance and make critical information moreprominent and easier to find. Additional information is included where it is important for an understanding of the performance of the company.For example, we have included a summary of significant transactions and events as the first note to the financialstatements even though this is not a required disclosure.Accounting policies that are significant and specific to the entity are disclosed along with other relevant information,generally in the section ‘How the numbers are calculated’. While we have still listed other accounting policies in note 25, thisis for completeness purposes. Entities should consider their own individual circumstances and only include policies that arerelevant to their financial statements.The structure of financial reports should reflect the particular circumstances of the company and the likely priorities of itsreport readers. There is no “one size fits all” approach and companies should engage with their investors to determine whatwould be most relevant to them. The structure used in this publication is not meant to be used as a template, but to provideyou with possible ideas. It will not necessarily be suitable for all companies.Specialised companies and industry-specific requirementsVALUE IFRS Plc does not illustrate the disclosures specifically relevant to specialised industries. However, Appendix Cprovides an illustration and explanation of the disclosure requirements of IFRS 6 Exploration for and Evaluation ofMineral Resources and IAS 41 Agriculture. Further examples of industry-specific accounting policies and other relevantdisclosures can be found in the following PwC publications: Illustrative IFRS financial statements – Investment funds Illustrative IFRS consolidated financial statements – Investment property Illustrative IFRS financial statements – Private equity funds IFRS 9 for banks – Illustrative disclosures Illustrative IFRS consolidated financial statements– InsurancePwC4
PwC Manual of Accounting – IFRSFor further insights on the application of the IFRS refer to the PwC Manual of Accounting which can beaccessed through our Inform website (link will only work for registered users). Each chapter has a series offrequently asked questions which provide useful guidance on particular aspects of each accounting standard.PwC5
IAS1(49),(51)(a)VALUE IFRS PlcAnnual financial report – 31 December 2019 1-11IAS1(49)Financial statementsConsolidated statement of profit or loss9Consolidated statement of comprehensive income10Consolidated balance sheet17Consolidated statement of changes in equity21Consolidated statement of cash flows24Notes to the financial statements27IAS1(51)(b),(d)These financial statements are consolidated financial statements for the group consisting of VALUEIFRS Plc and its subsidiaries. A list of major subsidiaries is included in note 16.The financial statements are presented in the Oneland currency (CU).IAS1(138)(a)VALUE IFRS Plc is a company limited by shares, incorporated and domiciled in Oneland. Itsregistered office and principal place of business is:VALUE IFRS Plc350 Harbour Street1234 Nice TownIAS10(17)The financial statements were authorised for issue by the directors on 23 February 2020. Thedirectors have the power to amend and reissue the financial statements.All press releases, financial reports and other information are available at our Shareholders’ Centreon our website: www.valueifrsplc.comPwC6
Financial statementsAccounting standard for financial statements presentation and disclosuresIAS1(10)According to IAS 1 Presentation of Financial Statements, a ‘complete set of financialstatements’ comprises:(a) a statement of financial position as at the end of the period(b) a statement of profit or loss and other comprehensive income for the period(c) a statement of changes in equity for the period(d) a statement of cash flows for the period(e) notes, comprising a summary of significant accounting policies and other explanatorynotes, and(f) if the entity has applied an accounting policy retrospectively, made a retrospectiverestatement of items or has reclassified items in its financial statements: a statement offinancial position as at the beginning of the earliest comparative period.IAS1(10)The titles of the individual statements are not mandatory and an entity can, for examplecontinue to refer to the statement of financial position as ‘balance sheet’ and to the statementof profit or loss as ‘income statement’.Comparative informationIAS1(38)Except where an IFRS permits or requires otherwise, comparative information shall bedisclosed in respect of the preceding period for all amounts reported in the financialstatements. Comparative information shall be included for narrative and descriptive informationwhere it is relevant to an understanding of the current period’s financial statements.IAS1(38B)In some cases, narrative information provided in the financial statements for the previousperiod(s) continues to be relevant in the current period. For example, details of a legal dispute,the outcome of which was uncertain at the end of the immediately preceding reporting periodand that is yet to be resolved, are disclosed in the current period. Users benefit frominformation that the uncertainty existed at the end of the immediately preceding reportingperiod, and about the steps that have been taken during the period to resolve the uncertainty.Three balance sheets required in certain circumstancesIAS1(40A),(40B)If an entity has(a) applied an accounting policy retrospectively, restated items retrospectively, or reclassifieditems in its financial statements, and(b) the retrospective application, restatement or reclassification has a material effect on theinformation presented in the balance sheet at the beginning of the preceding period,it must present a third balance sheet (statement of financial position) as at the beginning of thepreceding period (eg 1 January 2018 for 31 December 2019 reporters).IAS1(40D)The date of the third balance sheet must be the beginning of the preceding period, regardlessof whether the entity presents additional comparative information for earlier periods.IAS1(40C)IAS8IAS1(41)Where the entity is required to include a third balance sheet, it must provide appropriateexplanations about the changes in accounting policies, other restatements or reclassifications,as required under paragraph 41 of IAS 1 and IAS 8 Accounting Policies, Changes inAccounting Estimates and Errors. However, the entity does not need to include the additionalcomparatives in the related notes. This contrasts with the position where an entity chooses topresent additional comparative information as permitted by paragraphs 38C and 38D of IAS 1.ConsistencyIAS1(45)PwCThe presentation and classification of items in the financial statements must be retained fromone period to the next unless:(a) it is apparent that another presentation or classification would be more appropriate basedon the criteria for the selection and application of accounting policies in IAS 8 (eg followinga significant change in the nature of the entity’s operations or a review of its financialstatements), or(b) IFRS requires a change in presentation.VALUE IFRS Plc31 December 20197
Financial statementsFinancial statementsMaterialityIAS1(7),(29)-(31),(BC30F)IFRS PS2Whether individual items or groups of items need to be disclosed separately in the primaryfinancial statements or in the notes depends on their materiality. Materiality is judged byreference to the size and nature of the item. The deciding factor is whether the omission ormisstatement could, individually or collectively, influence the economic decisions that usersmake on the basis of the financial statements. In particular circumstances, either the nature orthe amount of an item or an aggregate of items could be the determining factor. Preparersgenerally tend to err on the side of caution and disclose rather too much than too little.However, the IASB has emphasised that too much immaterial information could obscure usefulinformation and hence should be avoided. Further guidance on assessing materiality isprovided in the non-mandatory IFRS Practice Statement 2 Making Materiality Judgements.Primary financial statements should be read in conjunction with accompanying notesVALUE IFRS Plc reminds readers by way of a footnote that the primary financial statementsshould be read in conjunction with the accompanying notes. However, this is not mandatoryand we note that there is mixed practice in this regard.Disclosures not illustrated: not applicable to VALUE IFRS PlcThe following requirements are not illustrated in this publication as they are not applicable toVALUE IFRS Plc:ItemNature of disclosureIAS1(38C),(38D)Additional comparative information (egthird statement of profit or loss andother comprehensive income)Include the additional comparativeinformation also in the relevant notes.IAS27(17)Separate financial statementsDisclose why they are prepared, a list ofsignificant investments and the policiesapplied in accounting for these investments.IAS27(16)(a)Exemption from preparing consolidatedfinancial statementsDisclose the fact that the exemption hasbeen used and details about the entity thatproduces consolidated financial statementswhich include the reporting entity in question.IAS21(51),(53)-(57)Foreign currency translationDisclose if the presentation currency isdifferent from the functional currency, if therehave been changes in the functional currencyand clearly identify supplementaryinformation that is presented in a currencyother than the parent entity’s functional orpresentation currency.IAS1(36)Reporting period is shorter or longerthan one yearDisclose the period covered, the reason fordifferent periods, and the fact that theamounts are not entirely comparable.PwCVALUE IFRS Plc31 December 20198
IAS1(10)(b),(10A)Consolidated statement of profit or loss s2019CU’0002018Restated ,00526,1642,31835,63128,482CentsCentsContinuing operationsRevenue from contracts with customersCost of sales of goodsCost of providing servicesIAS1(82)(a)IAS1(99), IAS2(36)(d)3Gross profitDistribution costsAdministrative expensesNet impairment losses on financial and contract assets 1-2Other incomeOther gains/(losses) – netOperating profit 11IAS1(99)IAS1(99)IAS1(82)(ba)Finance income 3Finance costsFinance costs – netIAS1(82)(b)Share of net profit of associates and joint ventures accounted forusing the equity method 13,14IAS1(82)(c)12(c)5(a)5(b)5(d)5(d)16(e)Profit before income taxIncome tax expenseIAS1(82)(d)IAS12(77)6Profit from continuing operationsProfit from discontinued operation (attributable to equity holdersof the company) 15Profit for the periodIFRS5(33)(a)IAS1(82)(ea)IAS1(81A)(a)Profit is attributable to:Owners of VALUE IFRS PlcNon-controlling interestsIAS1(81B)(a)IAS33(66)IAS33(66)*Not mandatoryPwC15Earnings per share for profit from continuing operationsattributable to the ordinary equity holders of thecompany: 16,17Basic earnings per share2257.147.6Diluted earnings per share2256.047.3Earnings per share for profit attributable to the ordinaryequity holders of the company:Basic earnings per share2258.448.3Diluted earnings per share2257.348.0See note 11(b) for details regarding the restatement as a result of an error and note 26 for details about restatements forchanges in accounting policies.The above consolidated statement of profit or loss should be read in conjunction with theaccompanying notes.VALUE IFRS Plc31 December 20199
IAS1(10)(b),(10A)Consolidated statement of comprehensive income2019CU’0002018Restated *CU’00035,63128,4829(c)126(228)Share of other comprehensive income of associates and jointventures accounted for using the equity method 199(c)2015IAS1(82A),(7)(c)IAS21(32)Exchange differences on translation of foreign operations9(c)(617)185IFRS5(38)Exchange differences on translation of discontinuedoperation 2115170583261,423IAS1(113)NotesProfit for the periodIAS1(81A)(a)18-20,26-27Other comprehensive incomeItems that may be reclassified to profit or lossChanges in the fair value of debt instruments at fair valuethrough other comprehensive S1(82A),(7)(e)Gains on cash flow hedges12(a)IAS1(82A),(7)(g),(h)Costs of hedging12(a)(88)73IAS1(82A),(7)(e)Hedging gains reclassified to profit or ins on net investment hedge9(c)190-IAS1(91)Income tax relating to these items9(c)(68)(326)Items that will not be reclassified to profit or lossIAS1(82A)(a)(i)IAS1(82A),(7)(a)Revaluation of land and buildings9(c)7,2435,840IAS1(82A),(7)(d)Changes in the fair value of equity investments at fair valuethrough other comprehensive income9(c)632(1,230)Share of other comprehensive income of associates and jointventures accounted for using the equity method ments of post-employment benefit obligations9(c)119(910)IAS1(91)Income tax relating to these 43429,571IAS1(82A)IAS1(81A)(b)Other comprehensive income for the period, net of taxIAS1(81A)(c)Total comprehensive income for the periodIAS1(81B)(b)Total comprehensive income for the period is attributable to:Owners of VALUE IFRS PlcNon-controlling interestsTotal comprehensive income for the period attributable to ownersof VALUE IFRS Plc arises from:Continuing operationsDiscontinued operationsIFRS5(33)(d)105*Not mandatoryPwCSee note 11(b) for details regarding the restatement as a result of an error and note 26 for details about restatements forchanges in accounting policies.The above consolidated statement of comprehensive income should be read in conjunction with theaccompanying notes.VALUE IFRS Plc31 December 201910
Statement of profit or loss and statement of comprehensive incomeDisclosure of specified separate line items in the financial 82)(ca)IAS1(82)(cb)IFRS15(Appendix A)IAS1(29),(30),(30A)IFRS PS2(40)-(55)Consequential amendments made to IAS 1 Presentation of Financial Statements following therelease of IFRS 9 Financial Instruments now require the separate presentation of the followingline items in the statement of profit or loss:(a) interest revenue calculated using the effective interest rate method, separately from otherrevenue *(b) gains and losses from the derecognition of financial assets measured at amortised cost *(c) impairment losses determined in accordance with section 5.5 of IFRS 9, includingreversals of impairment losses or impairment gains(d) gains and losses recognised as a result of a reclassification of financial assets frommeasurement at amortised cost to fair value through profit or loss *(e) gains and losses reclassified from other comprehensive income (OCI) as a result of areclassification of financial assets from the fair value through OCI measurement categoryto fair value through profit or loss *.* not illustrated, as not material or not applicable to VALUE IFRS Plc. While VALUE IFRS Plcrecognises interest under the effective interest rate method, it does not consider this to be‘revenue’ as the earning of interest is not part of the entity’s ordinary activities but rather anincidental benefit.Depending on materiality, it may not always be necessary to present these items separately inthe primary financial statements. However, items that are of a dissimilar nature or function canonly be aggregated if they are immaterial. Further guidance on assessing materiality isprovided in the non-mandatory IFRS Practice Statement 2 Making Materiality Judgements.Finance income and finance costIAS1(82)(b)IAS 1 requires an entity to present finance costs on the face of the statement of profit or loss,but it does not require the separate presentation of finance income. The classification offinance income will depend on an entity’s accounting policy for such items. Refer to thecommentary to note 5 for details.Additional line itemsIAS1(85)Additional line items, headings and subtotals shall be presented in the statement ofcomprehensive income and the statement of profit or loss (where applicable) where suchpresentation is relevant to an understanding of the entity’s financial performance. For example,a subtotal of gross profit (revenue from sales less cost of sales) could be included whereexpenses have been classified by function.Framework(QC4),(QC12)Having said that, additional sub-headings should be used with care. The ConceptualFramework for Financial Reporting states that to be useful, information must be relevant andfaithfully represent what it purports to represent; that is, it must be complete, neutral and freefrom error. The apparent flexibility in IAS 1 can, therefore, only be used to enhance users’understanding of the company’s financial performance. It cannot be used to detract from theamounts that must be disclosed under IFRS (statutory measures).IAS1(85A)IAS 1 specifically provides that additional subtotals must:(a) be comprised of items that are recognised and measured in accordance with IFRS(b) be presented and labelled such that they are clear and understandable(c) be consistent from period to period(d) not be displayed with more prominence than the mandatory subtotals and totals.PwCVALUE IFRS Plc31 December 201911
Statement of profit or loss and statement of comprehensive incomeStatement of profit or loss and statement of comprehensive incomeEarnings before interest and tax (EBIT) may be an appropriate sub-heading to show in thestatement of profit or loss, as it usually distinguishes between the pre-tax profits arising fromoperating and from financing activities. In contrast, a subtotal for earnings before interest, tax,depreciation and amortisation (EBITDA) can only be included where the entity presents itsexpenses by nature and the subtotal does not detract from the GAAP numbers, either byimplying that EBITDA is the ‘real’ profit or by overcrowding the statement of profit or loss sothat the reader cannot determine easily the entity’s GAAP performance.Where an entity presents its expenses by function, it will not be possible to show depreciationand amortisation as separate line items in arriving at operating profit, because depreciation andamortisation are types of expense, not functions of the business. In this case, EBITDA can onlybe disclosed by way of supplemental information in a box, in a footnote, in the notes or in thereview of operations.Where an entity discloses alternative performance measures, these should not be givengreater prominence than the IFRS measure of performance. This might be achieved byincluding the alternative performance measure in the notes to the financial statements or as afootnote to the primary financial statement. Where an entity presents such a measure on theface of the primary statement, it should be clearly identified. Management should determine theoverall adequacy of the disclosures and whether a specific presentation is misleading in thecontext of the financial statements as a whole. This judgement might be disclosed as asignificant judgement in accordance with paragraph 122 of IAS 1.Preparers of financial reports should also consider the view of their local regulator regardingthe use of subtotals and disclosure of non-GAAP measures in the financial report whereapplicable. Appendix A provides guidance on the use of non-GAAP measures in themanagement commentary.Operating profitIAS1(BC56)An entity may elect to include a subtotal for its results from operating activities. While this ispermitted, care must be taken that the amount disclosed is representative of activities thatwould normally be considered to be ‘operating’. Items that are clearly of an operating nature,for example inventory write-downs, restructuring or relocation expenses, must not be excludedsimply because they occur infrequently or are unusual in amount. Similarly, expenses cannotbe excluded on the grounds that they do not involve cash flows (eg depreciation or
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
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Dosen Jurusan Pendidikan Akuntansi Fakultas Ekonomi Universitas Negeri Yogyakarta CP: 08 222 180 1695 Email : adengpustikaningsih@uny.ac.id. 23-2. 23-3 PREVIEW OF CHAPTER Intermediate Accounting IFRS 2nd Edition Kieso, Weygandt, and Warfield 23. 23-4 6. Identify sources of information for a statement of cash flows. 7. Contrast the direct and indirect methods of calculating net cash flow from .
