Adviser alert–February 2018

The Grant Thornton International IFRS team has published the 2017 version of IFRSs Example Consolidated Financial Statements 2017 (hereinafter the “Example consolidated financial statements”).

The Example consolidated financial statements have been updated to reflect changes in IFRS that are effective for the year ending December 31, 2017. Further, they reflect an illustrative corporation’s decision to early adopt IFRS 15 Revenue from Contracts with Customers and Clarifications to IFRS 15. No account has been taken of any new developments after October 31, 2017.

Example consolidated financial statements – summary

The example consolidated financial statements are based on the activities and results of the illustrative corporation and its subsidiaries – a fictional consulting, service and retail entity – that has been preparing IFRS financial statements for several years.

The form and content of IFRS financial statements depend on the activities and transactions of each reporting entity. The Grant Thornton International IFRS team’s objective in preparing the example consolidated financial statements is to illustrate one possible approach to financial reporting by an entity engaging in transactions that are typical across a range of non-specialist sectors. However, as with any example, this illustration does not envisage every possible transaction and, therefore, cannot be regarded as comprehensive.

Management is responsible for the fair presentation of financial statements and, therefore, may find other approaches more appropriate for its specific circumstances.