2019 Interim Example Financial Statements
IFRSAssuranceIFRS Example InterimConsolidated FinancialStatements 2019with guidance notesGlobal
ContentsIntroduction 18Revenue 19IFRS Example Interim Consolidated Financial Statements 201939Segment reporting 2110 Seasonal fluctuations 23Contents of Interim Financial Statements 411 Goodwill 2312 Other intangible assets 2413 Property, plant and equipment 2514 Leasing 2715 Disposal groups classified as held for sale and discontinued operations2816 Earnings per share 2817 Share capital 2818 Dividends 2919 Other components of equity 2920 Provisions 30Condensed consolidated statement of financial position 5Condensed consolidated statement of profit or loss 7Condensed consolidated statement of other comprehensive income 8Condensed consolidated statement of changes in equity 9Condensed consolidated statement of cash flows 11Notes to the Condensed Consolidated Financial Statements12113Nature of operations 2 General information, basis of preparation and statement of compliance with IFRS133New Standards adopted as at 1 January 2019 1421 Contingent liabilities 314Significant accounting policies 1522 Financial assets and financial liabilities 315Estimates 1723 Fair value measurement of financial instruments 326Significant events and transactions 1724 Events after the reporting date 367Business combinations 18Important Disclaimer:This document has been developed as an information resource. It is intended as a guide only and the application of its contents to specific situations will depend on the particular circumstancesinvolved. While every care is taken in its presentation, personnel who use this document to assist in evaluating compliance with International Financial Reporting Standards should have sufficienttraining and experience to do so. No person should act specifically on the basis of the material contained herein without considering and taking professional advice.‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as thecontext requires. Grant Thornton International Ltd (GTIL) and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by themember firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions. NeitherGTIL nor any of its personnel nor any of its member firms or their partners or employees, accept any responsibility for any errors this document might contain, whether caused by negligence orotherwise, or any loss, howsoever caused, incurred by any person as a result of utilising or otherwise placing any reliance upon it.
IntroductionIFRS Example Interim Consolidated Financial Statements 2019The preparation of financial statements in accordancewith International Financial Reporting Standards (IFRS) ischallenging. Each year, new Standards and amendmentsare published by the International Accounting StandardsBoard (IASB) with the potential to significantly impact thepresentation of a complete set of financial statements.The member firms of Grant Thornton International Ltd (‘GTIL’)have extensive expertise in the application of IFRS. GTIL,through its IFRS Team, develops general guidance that supportsits member firms’ commitment to high quality, consistentapplication of IFRS and is therefore pleased to share theseinsights by publishing ‘IFRS Example Interim ConsolidatedFinancial Statements 2019’ (‘Interim Financial Statements’).The Interim Financial Statements illustrate a six monthaccounting period beginning on 1 January 2019. They arebased on the activities and results of Illustrative CorporationLtd and its subsidiaries (‘the Group’) – a fictional consulting,service and retail entity that has been preparing IFRS financialstatements for several years. The Group produces half-yearlyinterim financial reports in accordance with IAS 34 ‘InterimFinancial Reporting’ at 30 June 2019.Condensed set of Interim Financial StatementsAn entity complying with IAS 34 has a choice of preparing acondensed set of Interim Financial Statements or a full set ofIFRS financial statements. These Interim Financial Statementsillustrate a condensed set of Interim Financial Statementsbased on the requirements of IAS 34.8. Where a full set offinancial statements is presented in the interim financial report,the form and content of those financial statements are requiredto conform to the requirements of IAS 1 for a complete set offinancial statements (IAS 34.9).Local reporting requirementsThe requirements for interim reports vary significantly betweenjurisdictions. Entities that apply IAS 34 may also be subjectto requirements imposed by law or by a stock exchange.Such local requirements usually impose interim reportingdeadlines and may require disclosure of specified information.This may be presented either in the financial statements orin an accompanying narrative report, eg financial and otherhighlights, chairman’s statement, operating and financialreview and specific qualitative and quantitative disclosures(collectively referred to as ‘management commentary’).The IASB’s Practice Statement ‘Management Commentary– A framework for presentation’ provides a broad frameworkof principles, qualitative characteristics and recommendedcontents for high quality management commentary. Althoughthe Practice Statement is not mandatory, it may be usedby regulators and others to benchmark the quality of theinformation presented and so its guidance shouldbe considered.The Interim Financial Statements have been reviewed andupdated to reflect changes in IAS 34 and in other IFRS thatare effective for the year ending 31 December 2019.Management commentary and other regulatory requirementsare not included in these Interim Financial Statements.About usGrant Thornton is one of the world’s leading organisationsof independent assurance, tax and advisory firms. Thesefirms help dynamic organisations unlock their potential forgrowth by providing meaningful, forward-looking advice.Proactive teams, led by approachable partners in thesefirms, use insights, experience and instinct to understandcomplex issues for privately owned, publicly listed andpublic sector clients and help them to find solutions. Morethan 53,000 Grant Thornton people, across 135 countries,are focused on making a difference to clients, colleaguesand the communities in which we live and work.Illustrative Corporation Group: IFRS Example Interim Consolidated Financial Statements – 30 June 2019 1
Using this publicationThe form and content of Interim Financial Statements willof course depend on the activities and transactions of thereporting entity in concern. The objective in preparing theseInterim Financial Statements is to illustrate one possibleapproach to interim reporting by an entity engaging intransactions that are ‘typical’ across a range of non-specialistsectors. However, as with any example, this illustration doesnot envisage every possible transaction and therefore cannotbe regarded as comprehensive. For example, IAS 34 requiresthat the Interim Financial Statements should explain significantevents and transactions that have occurred in the interimperiod. The required disclosures will therefore depend onthese specific circumstances and entities will need to exercisejudgement in deciding how to meet the requirements ofIAS 34.15. The Interim Financial Statements should beamended, amplified or abbreviated according to theimportance of the area to the financial statements as awhole. Also, these Interim Financial Statements should not beused as a disclosure checklist to meet the requirements ofIAS 34. Facts and circumstances will vary between entitiesand each entity should assess individually which informationto disclose in their Interim Financial Statements.‘ These Interim FinancialStatements should notbe used as a disclosurechecklist to meet therequirements of IAS 34.Facts and circumstanceswill vary between entitiesand each entity shouldassess individually whichinformation to disclosein their Interim FinancialStatements.’Grant Thornton International LtdMarch 20192 Illustrative Corporation Group: IFRS Example Interim Consolidated Financial Statements – 30 June 2019
IFRS Example InterimConsolidated FinancialStatementsIllustrative Corporation Group30 June 2019
Contents of InterimFinancial StatementsParagraph 8 of IAS 34 requires thatcondensed Interim Financial Statementscontain at a minimum: a condensed statement of financialposition a condensed statement or condensedstatements of profit or loss and othercomprehensive income a condensed statement of changesin equity a condensed statement of cash flows selected explanatory notes. a statement of changes in equityshowing changes in equitycumulatively for the current financialyear to date, with a comparativestatement for the comparable yearto-date period of the immediatelypreceding financial year and a statement of cash flows for thecurrent financial year to date, witha comparative statement for thecomparable year-to-date period of theimmediately preceding financial year.According to IAS 34.20, the InterimFinancial Statements (condensed orcomplete) shall include: a statement of financial position as atthe end of the current interim periodand a comparative statement offinancial position as at the end of theimmediately preceding financial year either:–– two separate statements, being astatement of profit or loss and astatement of other comprehensiveincome for the current interimperiod and cumulatively for thecurrent financial year to date, withcomparatives for the comparableinterim periods (ie comparableinterim period and financial yearto date) or–– a single statement of profit orloss and other comprehensiveincome for the current interimperiod, and cumulatively for thecurrent financial year to date, withcomparatives for the comparableinterim periods (ie comparableinterim period and financial yearto date)Presentation of the interim statement ofprofit or loss and other comprehensiveincome either as a single statementor two separate statements shouldfollow the presentation in the annualfinancial statements (IAS 34.8A). TheGroup presents a separate profit or lossstatement and a separate statementof other comprehensive income in itsannual financial statements. In addition,the Group’s profit or loss statementillustrates the ‘nature of expense’ format.Accordingly, these Interim FinancialStatements follow the same approach.The alternative methods of presentinga single statement of profit or loss andother comprehensive income and ofpresenting a profit or loss statementillustrating the ‘function of expenseformat’ are included as appendicesto the ‘IFRS Example ConsolidatedFinancial Statements 2018’1.IAS 1 ‘Presentation of FinancialStatements’ requires an additionalstatement of financial position at thestart of the preceding period in certaincircumstances (IAS 1.40A). IAS 34 doesnot require, and therefore these InterimFinancial Statements do not include,such a statement of financial position.Entities wishing to follow best practicemay include a statement/statements ofprofit or loss and other comprehensiveincome, a statement of changes inequity and a statement of cash flowsfor the immediately preceding financialyear. These Interim Financial Statementsreflect this practice, with three periodsfor each of these statements andassociated notes.InterimperiodLastyear endComparativeinterim periodYesYesGood practiceYes (current andyear-to-date)GoodpracticeYes (current andyear-to-date)Statement of changes in equityYes (year-todate)GoodpracticeYes (year-todate)Statement of cash flowsYes (year-todate)GoodpracticeYes (year-todate)Statement of financial positionStatement of profit or loss and othercomprehensive income In October 2018, the Grant Thornton International Ltd IFRS Team published ‘IFRS ExampleConsolidated Financial Statements 2018’, providing an example of a full set of annual IFRSfinancial statements.14 Illustrative Corporation Group: IFRS Example Interim Consolidated Financial Statements – 30 June 2019
Condensed consolidatedstatement of financial positionas at 30 June 2019(expressed in thousands of Euroland currency units, except per share amounts)IAS 1.51(c)IAS 1.51(d-e)Notes30 Jun201930 Jun201831 Dec2018AssetsIAS 1.60IAS 1.66-67Non-currentIAS 1.55Goodwill117,3975,8805,041IAS 1.54(c)Other intangible assets1225,95019,97317,424IAS 1.54(a)Property, plant and equipment1356,58423,40022,199IAS 1.54(e)Investments accounted for usingthe equity method92577786012,73212,48712,66210480185IAS 1.54(b)Investment propertyIAS 1.55Other long-term assetsIAS 1.54(c)Other long-term financial assets822Non-current assetsIAS 1.60IAS 1.66CurrentIAS 1.54(g)InventoriesIAS 1.55Prepayments and othershort-term assetsIAS 1.54(h)Trade and other receivablesIAS 1.54(d)IAS 1.55Derivative financial instruments22IAS 1.54(d)Other short-term financial assets22IAS 1.54(i)Cash and cash equivalentsIFRS 5.38IAS 1.54(j)Assets included in disposal groupclassified as held for saleCurrent assetsIAS 1.55Total e note:IAS 34.10 requires the interim statement to include, ata minimum, each of the headings and subtotals thatwere included in the most recent annual financialstatements.IAS 1.54 provides a list of the minimum items to bepresented in the statement of financial position.Where relevant, references to IAS 1 and other IFRSrequirements are included on the left-hand side ofthe statement of financial position. There may besituations where additional line items, headingsand subtotals may also need to be included.IAS 1.55 requires an entity to present additional items(including the disaggregation of the line items listedin IAS 1.54) in the statement of financial position whensuch presentation is relevant to an understanding ofthe entity’s financial position.IAS 1.55A requires additional subtotals presented inaccordance with IAS 1.55 to be: comprised of line items made up of amountsrecognised and measured in accordance with IFRS presented and labelled in a manner that makes theline items that constitute the subtotal clearand understandable consistent from period to period no more prominent than the subtotals and totalsrequired in IFRS for the statement of financialposition.Illustrative Corporation Group: IFRS Example Interim Consolidated Financial Statements – 30 June 2019 5
Condensed consolidatedstatement of financial positionas at 30 June 2019(expressed in thousands of Euroland currency units, except per share amounts)Notes30 Jun201930 Jun201831 18,28560,27487,17212,33111,95610,386Equity and liabilitiesEquityEquity attributable to owners of the parent:IAS 1.54(r)Share capitalIAS 1.78(e)Share premiumIAS 1.78(e)Other components of equityIAS 1.54(r)Retained earnings1719Equity attributable to ownersof the parentIAS 1.54(q)Non-controlling interestIAS 1.55Total equityLiabilitiesIAS 1.60IAS 1.69Non-currentIAS 1.55Pension and other employeeobligationsIAS 1.54(m)Borrowings51,91825,93125,130IAS 1.54(k)Trade and other payables1,338––IAS 1.54(o)IAS 1.56Deferred tax liabilities1,3598801,903IAS 1.55Other liabilities22Non-current liabilitiesIAS 1.60IAS 1.69CurrentIAS 1.54(l)ProvisionsIAS 1.55Pension and other employeeobligationsIAS 1.54(m)BorrowingsIAS 1.54(k)Trade and other 8,497IAS 1.54(n)Current tax liabilities3,0138154,174IAS 1.55Contract and other liabilities3,2873,1602,75825,60031,62123,438IFRS 5.38IAS 1.54(p)Liabilities included in disposalgroup classified as held for sale–383–Current liabilities25,60032,00423,438IAS 1.55Total liabilities94,40072,82862,877IAS 1.55Total equity and liabilities212,685133,102150,049156 Illustrative Corporation Group: IFRS Example Interim Consolidated Financial Statements – 30 June 2019
Condensed consolidatedstatement of profit or lossfor the period ended 30 June 2019(expressed in thousands of Euroland currency units, except per share amounts)IAS 1.51(c)IAS 1.51(d-e)Notes6 monthsto 30 Jun20196 monthsto 30 Jun2018Year to31 Dec20188, )IAS 1.82(a)RevenueIAS 1.85Other incomeIAS 1.85Changes in inventoriesIAS 1.85Costs of material(21,872)(16,808)(42,535)IAS 1.85Employee benefits 143)(7,932)(319)(275)(164)Other expenses(1,620)(5,798)(12,191)Operating AS 1.85IAS 1.85Change in fair value ofinvestment propertyDepreciation, amortisation andimpairment of non-financial assetsIAS 1.82(ba) Impairment of financial assetsIAS 1.85IAS 1.82(c)Share of profit from equityaccounted investmentsIAS 1.82(b)Finance costsIAS 1.85Finance incomeIAS 1.85Other financial itemsProfit before taxIAS 1.82(d)Tax expenseProfit for the period fromcontinuing operationsIAS 1.82(ea)Profit/(Loss) for the period fromdiscontinued operationsIAS 1.81A(a)Profit for the period15Profit for the period attributable to:IAS 1.81B(a)(i) Non-controlling interestIAS 1.81B(a)(ii) Owners of the parentEarnings per CUCUIAS 33.67ABasic earnings (loss) per shareIAS 33.66– From continuing operations1.120.601.27IAS 33.68A– From discontinued operations0.01––IAS 33.66Total1.130.601.27IAS 33.67ADiluted earnings (loss) per shareIAS 33.66– From continuing operations1.120.601.27IAS 33.68A– From discontinued operations0.01––IAS 33.66Total1.130.601.27Guidance noteIAS 34.10 requires interim statement to include, at aminimum, each of the headings and subtotals that wereincluded in the most recent annual financial statements.Consistent with the Group’s annual financialstatements, a separate statement of profit or loss anda separate statement of other comprehensive incomeare presented in these Interim Financial Statements.IAS 1.82(a)-(ea) provides a list of the minimum itemsto be presented in the profit or loss section (when anentity presents a single statement of comprehensiveincome) or in the statement of profit or loss (whenan entity presents separate statements of profit orloss and of other comprehensive income, as in theseInterim Financial Statements).There may be situations where additional line items,headings and subtotals need to be included. IAS 1.85requires an entity to present such additional items(including the disaggregation of the line items listedin IAS 1.82) in the statement of profit or loss and othercomprehensive income when such presentation isrelevant to an understanding of the entity’s financialperformance.IAS 1.85A requires any additional subtotals presentedto be: comprised of line items made up of amountsrecognised and measured in accordance with IFRS presented and labelled in a manner that makesthe line items that constitute the subtotal clear andunderstandable consistent from period to period no more prominent than the subtotals and totalsrequired in IFRS for the statement(s) presentingprofit or loss and other comprehensive income.IAS 1 allows an entity to use either the ‘nature ofexpense’ or the ‘function of expense’ format, whicheveris reliable and more relevant (IAS 1.99). These InterimFinancial Statements provide an example of the‘nature of expense’ format.IAS 34.11 requires the presentation of both basic anddiluted earnings per share in the statement thatpresents the components of profit or loss when theentity is within the scope of IAS 33 ‘Earnings perShare’. Where a
Condensed set of Interim Financial Statements 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. These Interim Financial Statements illustrate a condensed set of Interim Financial Statements based on the requirements of IAS 34.8. Where a full set of
interim financial statements report 04 consolidated interim financial statements 28 financial statements 31 notes to financial statements 37 certification of the condensed consolidated interim financial statements pursuant to art. 154 bis, fifht paragraph, of legislative decree 58/98 and of art. 81 - ter of consob regulation n. 11971/99
The accompanying notes are part of the interim condensed consolidated financial statements Interim condensed consolidated financial statements CMA CGM / 6 Three-month period ended March 31, 2021 Interim Condensed Consolidated Statement of Financial Position - Liabilities & Equity (in USD million) Note As at March 31, 2021 As at December 31, 2020
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.
These interim statements include the interim mana-gement report, the condensed consolidated inte-rim financial statements and, pursuant to art. 154a, paragraph 5 of Legislative Decree 58/1998 of the TUF (Consolidated Law on Finance). As provided for by article 154 of the TUF, the interim statements are
interim consolidated financial statements referred to above are not prepared fairly, in all material respects, in accordance with K-IFRS No.1034 Interim Financial Reporting. Other Matters The accompanying interim consolidated statements of profit or loss, comprehensive income, changes
The interim condensed consolidated financial statements are expressed in Saudi Arabian Riyals (SR) and amounts are rounded to the nearest thousand. 3. Consolidation These interim condensed consolidated financial statements include the financial position and results of Samba Financial Group and its subsidiary companies.
These condensed interim consolidated financial statements have been prepared on a historical cost basis except for the revaluation of certain financial instruments to fair value. In addition, these condensed interim consolidated financial statements have been prepared using the accrual basis of accounting except for cash flow information.
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