Raymond Chabot Grant Thornton has published the 2020 French version of IFRS Example Consolidated Financial Statements 2020, a publication by Grant Thornton International IFRS team entitled États financiers consolidés types conformes aux IFRS – 2020 (hereinafter the “Example consolidated financial statements”).
The IFRS Example consolidated financial statements 2020 have been updated to reflect changes in IFRS that are effective for the year ending December 31, 2020. No account has been taken of any new developments published after September 30, 2020.
In addition, given that the global COVID-19 pandemic has impacted virtually every reporting entity that exists, the 2020 version comments on information that might be relevant to disclose around the COVID-19 in the financial statements.
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 – which have 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 consider every possible transaction and, therefore, cannot be regarded as comprehensive.
Management, as defined by the International Accounting Standards Board (IASB), is ultimately responsible for the fair presentation of financial statements and, therefore, may find other more appropriate approaches for its specific circumstances.