The Grant Thornton International IFRS team has published the 2019 version of the IFRS Example Interim Consolidated Financial Statements, which has been revised and updated to reflect changes in IAS 34 Interim Financial Reporting (IAS 34) and other IFRS that are effective for the year ending December 31, 2019. In particular, they reflect the adoption of IFRS 16 Leases, which is effective for annual accounting periods beginning on or after January 1, 2019.
IFRS Example Interim Consolidated Financial Statements – Summary
The Interim Financial Statements illustrate a six-month accounting period beginning on January 1, 2019. They are based on the activities and results of Illustrative Corporation Ltd. and its subsidiaries (the “Group”) – a fictional consulting, service and retail entity that has been preparing IFRS financial statements for several years. The Group produces half-yearly interim financial reports in accordance with IAS 34 on June 30, 2019.
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 financial statements is presented in the interim financial report, the form and content of those financial statements are required to conform to the requirements of IAS 1 Presentation of Financial Statements for a complete set of financial statements (IAS 34.9).
It is important to remember that the objective of preparing example interim financial statements is to illustrate one possible approach to interim reporting by an entity engaging in transactions that are considered typical across a range of non-specialist sectors. The attached financial statements are an illustrative example only and should not be considered comprehensive.
IFRS Example Interim Consolidated Financial Statements 2019 below.
Please note that this publication has not been modified from its original version.