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IFRSAssuranceIFRS ExampleConsolidated FinancialStatements 2021with guidance notesGlobal

ContentsIntroduction 119 Cash and cash equivalents 71IFRS Example Consolidated Financial Statements420 Disposal groups classified as held for sale and discontinued operations72Consolidated statement of profit or loss 521 Equity 73Consolidated statement of comprehensive income 722 Employee remuneration 75Consolidated statement of financial position 823 Provisions 82Consolidated statement of changes in equity 1024 Trade and other payables 83Consolidated statement of cash flows 1125 Contract and other liabilities 83Notes to the IFRS Example Consolidated Financial Statements1226 Reconciliation of liabilities arising from financing activities8411327 Finance costs and finance income 852 General information, statement of compliance with IFRS and going concern assumption1328 Other financial items 8529 Tax expense 863New or revised Standards or Interpretations 1430 Earnings per share and dividends 874Significant accounting policies 16Acquisitions and disposals 3731 Non-cash adjustments and changes in working capital8856Interests in subsidiaries 4132 Related party transactions 897Investments accounted for using the equity method4433 Contingent liabilities 9034 Financial instruments risk 908Revenue 4635 Fair value measurement 989Segment reporting 48Nature of operations 10 Goodwill 5111 Other intangible assets 5312 Property, plant and equipment 5513 Leases 5714 Investment property 6015 Financial assets and liabilities 6116 Deferred tax assets and liabilities 6817 Inventories 7018 Trade and other receivables 7036 Capital management policies and procedures 10337 Events after the reporting date 10438 Authorisation of financial statements 104Appendices to the IFRS Example Consolidated Financial Statements105Appendix A: Organising the statement of profit or loss by function of expenses106Appendix B: Statement of comprehensive income presented in a single statement108Appendix C: Effective dates of new IFRS Standards 110Important 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 Consolidated Financial Statements 2021The 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 guidancethat supports its member firms’ commitment to high quality,consistent application of IFRS and is therefore pleased toshare our insights by publishing ‘IFRS Example ConsolidatedFinancial Statements 2021’ (‘Example Financial Statements’).These Example Financial Statements are based on the activitiesand results of Illustrative Corporation and its subsidiaries (‘theGroup’) – a fictional consulting, service and retail entity thathas been preparing IFRS consolidated financial statements forseveral years. The form and content of IFRS financial statementswill always depend on the activities and transactions of thereporting entity. Our objective in preparing these ExampleFinancial Statements is to illustrate one possible approach tofinancial reporting by an entity engaging in transactions thatare typical across a range of non-specialist sectors. However,as with any publication of this type, these example financialstatements cannot envisage every possible transaction andtherefore cannot be regarded as comprehensive. Managementas defined by the IASB, is ultimately responsible for the fairpresentation of financial statements and therefore theymay find other approaches more appropriate for its specificcircumstances.These Example Financial Statements have been updated toreflect changes in IFRS that are effective for the year ending31 December 2021. No account has been taken of any newdevelopments after 31 October 2021.Telling the COVID StoryReporting the impact of COVID-19 global pandemic in thefinancial statements will, for many reporting entities, stillbe a challenge. Preparers of financial statements will needto think about how, where and in what form they shouldreport COVID-19 in their financial statements in light ofIFRS as they currently exist. We believe it is important tonot only comply with the guidance set out in IFRS, butalso ensure the financial statements are an effective partof any wider communication the entity intends to sharewith its stakeholders. COVID-19 was the main focus ofthe financial statements for reporting entities in 2020,be it positive or negative, and has continued to remainprominent this year, so financial statements with anannual reporting date in 2021 should be prepared withthis in mind.About usWe’re a network of independent assurance, tax andadvisory firms, made up of 56,000 people in 140countries. For more than 100 years, we have helpeddynamic organisations realise their strategic ambitions.Whether you’re looking to finance growth, managerisk and regulation, optimise your operations or realisestakeholder value, we can help you.We’ve got scale, combined with local market understanding.That means we’re everywhere you are, as well as whereyou want to be.Illustrative Corporation Group: IFRS Example Consolidated Financial Statements 1

Using the Example Financial StatementsThe Appendices illustrate an alternative presentation of thestatement of profit or loss and the statement of comprehensiveincome and contain an overview of effective dates ofnew Standards.For guidance on the Standards and Interpretations applied,reference is made to IFRS sources throughout the ExampleFinancial Statements on the left-hand side of each page.The Example Financial Statements do not address anyjurisdictional or regulatory requirements in areas such asmanagement commentary, remuneration reporting or auditreporting. They also do not take into account any specificeconomic situations around the world. They do however providecommentary around COVID-19 given this has been a globalpandemic impacting virtually every reporting entity that exists.Most importantly, these Example Financial Statementsshould not be used as a disclosure checklist as facts andcircumstances vary between entities and each entity shouldassess individually what information needs to be disclosed inits financial statements.IFRS TaxonomyThe IFRS taxonomy reflects the presentation and disclosurerequirements of the IFRS Standards issued by the IASB. Itimproves communication between prepares and users of IFRSfinancial statements by enabling preparers to tag requireddisclosures making them easily accessible when viewingfinancial statements electronically. The IASB usually publishesthe annual IFRS taxonomy in the first quarter of each year.Climate-related matters and financial reportingThere is an increasing interest in the impact of climate changeon an entity’s financial position, financial performance andcashflows as well as their business strategies for this. InNovember 2020, the IASB released educational material onthe effects of climate related matters on financial statementsprepared applying IFRS Standards. It does not changeexisting IFRS requirements, it simply highlights how existingrequirements require entities to consider climate-relatedmatters when the impact to the financial statements is material.Grant Thornton International LtdNovember 20212 Illustrative Corporation Group: IFRS Example Consolidated Financial Statements‘ Most importantly, theseExample Financial Statementsshould not be used as adisclosure checklist asfacts and circumstancesvary between entities andeach entity should assessindividually what informationneeds to be disclosed in itsfinancial statements.’

Telling the COVID StoryDisclosures outside financial statementsThe financial statements are just one part of a reportingentity’s communication with stakeholders. Depending onjurisdictional requirements, an annual report typicallyincludes the financial statements, a managementcommentary and information about governance, strategyand business developments (often including corporate andsocial responsibility). It is important the annual report isconsidered holistically to ensure it delivers a consistent andcoherent message about COVID-19 to investors and otherstakeholders (‘users’).IAS 1 ‘Presentation of Financial Statements’ acknowledgesan entity may present, outside the financial statements,a financial review that describes and explains the mainfeatures of the organisation’s financial performance(including cashflows) and financial position, both locally andinternationally. Reports and statements presented outsidefinancial statements are outside the scope of IFRS.Even though reports and statements outside financialstatements are excluded from the scope of IFRS, they arenot outside of scope of domestic regulation. If users are toldwhat they need to know in a well-constructed and logicalmanner, it is highly likely the reporting entity will havedone a great deal to comply and satisfy local regulatoryrequirements. In certain jurisdictions there may be certainreconciliations required between alternative performancemeasures (APMs) and IFRS.Remember it is always important to make sure certainrequired information is placed either in the primaryfinancial statements or in the notes to the financialstatements. Particular attention should be given tomaking sure any disclosures placed outside the financialstatements are not required by IFRS to be included withinthe financial statements.When reporting on the economic consequences of thepandemic on the reporting entity a key factor is consideringwhether the message is communicated in a consistent andcoherent way. It should always align with any narrativecontained elsewhere in the annual report.Our view when drafting content for the annual report andthe financial statements, is that preparers should question: what is important to the business and what are its mainobjectives? are these objectives consistent throughout the annualreport? is the right level of emphasis being placed on disclosuresrelating to COVID-19? are the messages about the impact of COVID-19consistent? is the disclosure sufficient for the reader to be able tounderstand the impact of COVID-19 on the entity andassist them in making economic decisions? are the financial statements using the same terminologybetween the financial statements, managementcommentary and any APMs that are being referredto? For example, if the statement of financial positionis referred to as the balance sheet, is reference to thebalance sheet made consistently throughout the report –rather than switching between the two titles for the sameprimary financial statement? where the annual report includes alternative performancemeasures (APMs), have they all been properly reconciledto IFRS-based amounts included in the financialstatements? if any changes have been made to assumptions in lightof the pandemic since the entity last reported or if anynew assumptions have been made, has a full explanationof these changes and their impact on the financialstatements been disclosed?For more information, please refer to our article onCOVID 19: Alternative performance measures.Illustrative Corporation Group: IFRS Example Consolidated Financial Statements 3

IFRS Example ConsolidatedFinancial StatementsIllustrative Corporation Group31 December 2021

Consolidated statement ofprofit or lossFor the year ended 31 December 2021(expressed in thousands of Euroland currency units, except per share amounts)Telling the COVID StoryAn entity should present additional line items when it isrelevant to an understanding of the entity’s financial position,financial performance or its cash flows. While an entity isallowed to add lines into its primary financial statementsin respect of COVID-19, it is important to ensure COVID19 related matters are not given undue prominence andtherefore we would discourage this approach. In our view, itwould not be appropriate to add columns that exclude theimpact of COVID-19 in the financial statements.In respect of the above view, IAS 1 requirements would notallow such a presentation. It states that total comprehensiveincome comprises all of ‘profit or loss’ and of ‘othercomprehensive income’. These are defined as: ‘the total of income less expenses, excluding thecomponents of other comprehensive income’ for profitor loss, and ‘items of income and expense (including reclassificationadjustments) that are not recognised in profit orloss as required or permitted by other IFRS’ for othercomprehensive income.In other words, due to the above IAS 1 requirements, it wouldnot be appropriate to present some selected items of revenueand expenses as non-recurring or unusual, and they shouldnever be described as extraordinary. When preparingfinancial statements bear in mind that an unusual or newtype of transaction is more likely to be material than aroutine or regularly occurring transaction of the same size.IAS 1.98 provides some examples of items considered‘unusual’ that could warrant disclosure that may otherwisefall below materiality thresholds, and some these could berelevant when reporting on the consequences of COVID-19: write-downs of inventories to net realisable value or ofproperty, plant and equipment to recoverable amount,as well as reversals of such write-downs restructurings of the activities of an entity and reversalsof any provisions for the costs of these restructurings disposals of items of property, plant and equipment disposals of investments discontinued operations litigation settlements, and other reversals of provisions.Illustrative Corporation Group: IFRS Example Consolidated Financial Statements – 31 December 2021 5

Consolidated statement ofprofit or lossFor the year ended 31 December 2021(expressed in thousands of Euroland currency units, except per share amounts)IAS 1.51(c)IAS 1.51(d-e)IAS 1.82(a)RevenueIAS 1.85Other incomeIAS 1.85Changes in inventoriesIAS 1.85Costs of materialIAS 1.85Employee benefits expenseIAS 1.85Change in fair value of investment propertyIAS 1.85Depreciation, amortisation and impairmentof non-financial assetsIAS 1.82(ba) Impairment losses of financial assetsIAS 1.85Notes202120208, 93)34.2Other expensesOperating profitIAS 1.82(c)Share of profit from equity accountedinvestmentsIAS 1.82(b)Finance costsIAS 1.85Finance income27964885IAS 1.85Other financial items28,9431,18221,66116,524Profit before taxIAS 1.82(d)Tax expense29Profit for the year from continuingoperationsIAS 1.82(ea) Loss for the year from discontinued operationsIAS ,31120Profit for the yearProfit for the year attributable to:12111614,73711,19514,85811,31120212020IAS 1.81B(a)(i) Non-controlling interestIAS 1.81B(a)(ii) Owners of the parentNotesEarnings per shareIAS 33.67A30Basic earnings (loss) per shareIAS 33.66– From continuing operationsIAS 33.68A– From discontinued operationsIAS 33.66TotalIAS 33.67ADiluted earnings (loss) per shareIAS 33.66– From continuing operationsIAS 33.68A– From discontinued operationsIAS 0)(0.03)1.190.906 Illustrative Corporation Group: IFRS Example Consolidated Financial Statements – 31 December 2021Guidance noteIAS 1 permits an entity to present a statement of profitor loss and comprehensive income as: a single statement with profit or loss and othercomprehensive income presented in two sections, or two statements: a separate statement of profitor loss and a separate statement of othercomprehensive income. If so, the separatestatement of profit or loss shall immediatelyprecede the statement presenting othercomprehensive income, which shall begin with profitor loss (IAS 1.10A).These Example Financial Statements illustrate astatement of profit or loss and other comprehensiveincome in two statements. A single statementpresentation is shown in Appendix B.This statement of profit or loss illustrates an exampleof the ‘nature of expense’ method. See Appendix A fora format illustrating the ‘function of expense’ or ‘costof sales’ method.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 statements 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.This statement of profit or loss presents an operatingprofit subtotal, which is commonly seen but is notrequired or defined in IFRS. Where this subtotal isprovided, the figure disclosed should include itemsthat would normally be considered to be operating.It is inappropriate to exclude items clearly relatedto operations (eg inventory write-downs andrestructuring and relocation expenses) on the basisthey do not occur regularly or are unusual in amount(IAS 1.BC56).This statement of profit or loss includes an amountrepresenting the entity’s share of profit from equityaccounted investments (after tax and, if applicable,non-controlling interest).

Consolidated statementof comprehensive incomeFor the year ended 31 December 2021(expressed in thousands of Euroland currency units, except per share amounts)NotesIAS 1.51(c)IAS 1.51(d-e)IAS 1.81A(a)Profit for the year2021202014,85811,311Other comprehensive income:IAS 1.82A(a)(i) Items that will not be reclassified subsequently to profit or lossIAS 16.77(f)Revaluation of landIAS 19.120(c) Remeasurement of net defined benefit liabilityIAS 1.90IAS 1.91(b)Income tax relating to items not IAS 1.82A(a)(ii) Items that will be reclassified subsequently to profit or lossCash flow hedgingIFRS 7.24C(b)– current year gains (losses)(i)IAS 1.92IFRS 7.24C(b) – reclassification to profit or loss(iv)IAS 21.52(b) Exchange differences on translating foreignoperationsIAS 1.82A(b) Share of other comprehensive income of equityaccounted 3)–176957IAS 1.92– reclassification to profit or lossIAS 1.90IAS 1.91(b)Income tax relating to items that will bereclassifiedIAS 1.81A(b)Other comprehensive income for the year,net of tax2,657(2,897)IAS 1.81A(c)Total comprehensive income for the year17,5158,41421.3Total comprehensive income for the year attributable to:IAS 1.81B(b)(i) Non-controlling interestIAS 1.81B(b)(ii) Owners of the parent12111617,3948,29817,5158,414Guidance noteIAS 1 requires the entity to disclose reclassificationadjustments (amounts previously recognised in othercomprehensive income that are reclassified toprofit or loss) and related tax effects (IAS 1.90–1.92).These Example Financial Statements presentreclassification adjustments and current year gainsand losses relating to other comprehensive incomein the statement of comprehensive income. An entitymay instead present reclassification adjustmentsin the notes, in which case the components of othercomprehensive income are presented after any relatedreclassification adjustments (IAS 1.94).IAS 1.82A requires an entity to present line items ofother comprehensive income for the period, classifiedby nature and grouped into those that (in accordancewith other IFRS): will not be reclassified subsequently to profit or loss,and will be reclassified subsequently to profit or losswhen specific conditions are met.IAS 1.82A requires the share of the other comprehensiveincome of associates and joint ventures accountedfor using the equity method to be classified andpresented in the same way.IAS 1.90 permits a choice for disclosure of the amountof income tax relating to each component of othercomprehensive income. In this example the entitypresents components of other comprehensive incomebefore tax with one amount shown for the aggregateamount of income tax relating to all componentsof other comprehensive income (IAS 1.91(b)). Whenan entity selects this alternative, it must allocatethe tax between the items that might be reclassifiedsubsequently to the profit or loss section and thosethat will not be reclassified subsequently to the profitor loss section.Alternatively, an entity may present each componentof other comprehensive income net of related taxeffects (IAS 1.91(a)).If the tax effect of each component of othercomprehensive income is not presented in thestatement of profit or loss and other comprehensiveincome, it is presented in the notes (IAS 1.90 – seeNote 21.3).Illustrative Corporation Group: IFRS Example Consolidated Financial Statements – 31 December 2021 7

Consolidated statementof financial positionas at 31 December 2021(expressed in thousands of Euroland currency units, except per share amounts)NotesIAS 1.51(c)IAS 1.51(d-e)31 Dec202131 Dec2020AssetsIAS 1.60IAS 1.66-67Non-currentIAS 1.55Goodwill105,0413,537IAS 1.54(c)Other intangible assets1117,42413,841IAS 1.54(a)Property, plant and equipment1218,60616,194Right-of-use assets1329,53432,20578604671412,66212,277IAS 1.54(e)Investments accounted for usingthe equity methodIAS 1.54(b)IFRS 16.48Investment propertyIAS 1.55Other long-term assetsIAS 1.54(d)Other long-term financial assetsIAS 1.54(o)IAS 1.56Deferred tax -current assetsIAS 1.60IAS 1.66IFRS 5.38IAS 1.54(j)CurrentAssets included in disposal groupclassified as held for sale201033,908IAS 1.54(g)Inventories1718,29817,226IAS 1.55Prepayments and othershort-term assets8406422IAS 1.54(h)Trade and other receivables1832,72024,824Derivative financial instruments15.415.1716442IAS 1.54(d)Other short-term financial assets15.1655649IAS 1.54(i)Cash and cash 1IAS 1.54(d)IAS 1.55Current assetsIAS 1.55Total assets8 Illustrative Corporation Group: IFRS Example Consolidated Financial Statements – 31 December 2021Guidance note:These Example Financial Statements use theterminology in IAS 1. However, an entity is permittedto use other titles (eg ‘balance sheet’ instead of‘statement of financial position’) for the statementsidentified in IAS 1 (IAS 1.10).IAS 1.38A requires an entity to present, at a minimum,two statements of financial position, two statementsof profit or loss and other comprehensive income, twostatements of cash flows, two statements of changesin equity, and related notes. These statements andrelated notes should be prepared for the currentperiod and prior period.In addition, IAS 1.10(f) and IAS 1.40A require an entityto present a third statement of financial position as atthe beginning of the preceding period if: it applies an accounting policy retrospectively,makes a retrospective restatement of items in itsfinancial statements or reclassifies items in thefinancial statements, and the retrospective application, retrospectiverestatement or the reclassification has a materialeffect on the information in the statement offinancial position at the beginning of thepreceding period.An entity can also elect to include additionalcomparative information (such as a third statementof financial position) as long as that information isprepared in accordance with IFRS (IAS 1.38C). Whenthe additional comparative information includes oneor more of the statements identified in IAS 1.10, anentity must also present related note information.In contrast, IAS 1.40C states an entity that is requiredto present a third statement of financial position at thebeginning of the preceding period does not need topresent the related notes for that statement.In the prior year, Illustrative Corporation Groupadopted IFRS 16 and elected to apply the modifiedretrospective approach for this Standard. Accordingly,the Group did not restate its comparatives for previousperiods and as a result presentation of a thirdstatement of financial position was not required.The consolidated statement of financial positionreflects the separate classification of current andnon-current assets and liabilities. When presentationbased on liquidity is reliable and more relevant, theentity instead presents assets and liabilities in orderof liquidity (IAS 1.60). Regardless of which method isused, the entity shall disclose the amount expected tobe recovered or settled after more than twelve monthsfor each asset and liability line item that combinesamounts expected to be recovered or settled withinand after more than twelve months (IAS 1.61).

Consolidated statementof financial positionas at 31 December 2021(expressed in thousands of Euroland currency units, except per share amounts)IAS 1.51(c)IAS 1.51(d-e)Notes31 Dec202131 Dec20202113,77012,00019,6453,050Equity and liabilitiesEquityEquity attributable to owners of the parentIAS 1.54(r)Share capitalIAS 1.78(e)Share premiumIAS 1.78(e)Other components of equityIAS 1.54(r)IAS 1.54(q)Non-controlling interestIAS 1.55Total equity2,265(392)Retained earnings49,07637,041Equity attributable to owners of the AS 1.60IAS 1.69Non-currentIAS 1.55Pension and other employee obligations22.310,38613,642IAS 1.54(m)Borrowings15.521,07021,265IFRS 16.47(b) Lease liabilities1331,19433,003IAS 1.54(o)IAS 1.56Deferred tax liabilities161,903–IAS 1.55Other liabilities25Non-current liabilitiesIAS 1.60IAS 1.69IFRS 5.38IAS ties included in disposalgroup classified as held for sale20IAS 1.54(l)Provisions231,215IAS 1.55Pension and other employee obligations22.31,4671,496IAS 1.54(m)Borrowings15.54,8153,379IFRS 16.47(b) Lease liabilities132,5222,506248,4976,5504,174930IAS 1.54(k)Trade and other payablesIAS 1.54(n)Current tax liabilitiesIAS 1.54(m)Derivative financial instrumentsIAS 1.55Contract and other liabilities15.4–160252,6583,375Current liabilities25,34822,190IAS 1.55Total liabilities90,52190,100IAS 1.55Total equity and liabilities175,990142,391Illustrative Corporation Group: IFRS Example Consolidated Financial Statements – 31 December 2021 9

Consolidated statement ofchanges in equityFor the year ended 31 December 2021(expressed in thousands of Euroland currency units, except per share amounts)NotesIAS 1.51(c)IAS 1.51(d-e)ShareOtherpremium componentsof equityRetainedTotalNonearnings attributable controllingto owners ssue of share capital on exercise ofemployee share options22.22701,415––1,685–1,685Employee �–2,657–2,657–2,657Total comprehensive income forthe year––2,65714,73717,39412117,515Balance at 31 December 202113,77019,6452,26549,07684,75671385,469Balance at 1 January 466466–466IAS 1.106(d)(iii) Transactions with owners–––466466–466IAS 1.106(d)(i) Profit for the (2,897)–(2,897)Total comprehensive income forthe year––(2,897)11,1958,2981168,414Balance at 31 December 202012,0003,050(392)37,04151,69959252,291IAS 1.106(d)Balance at 1 January 2021SharecapitalDividendsIssue of share capital on privateplacementIAS 1.106(d)(iii) Transactions with ownersIAS 1.106(d)(i) Profit for the yearIAS 1.106(d)(ii)Other comprehensive incomeIAS 1.106AIAS 1.106(a)IAS 1.106(d)Employee share-basedcompensationIAS 1.106(d)(ii)Other comprehensive incomeIAS 1.106AIAS 1.106(a)21.322.221.3Guidance noteIAS 1.106 provides a list of items to be presented in the statement of changes in equity. An entity may present the required reconciliations for each component of other comprehensive income either in: the statement of changes in equity or the notes to the financial statements (IAS 1.106A).The Example Financial Statements present the reconciliations for each componen

Financial Statements 2021’ (‘Example Financial Statements’). These Example Financial Statements are based on the activities and results of Illustrative Corporation and its subsidiaries (‘the Group’) – a fictional consulting, service and retail entity that has been preparing IFRS consolidated

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