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.

Resources

IFRS Example Interim Consolidated Financial Statements 2019 below.

Please note that this publication has not been modified from its original version.

For more information about this publication, please contact your Raymond Chabot Grant Thornton adviser.

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Manufacturing enterprises are the pillars of the Quebec economy. Over the years, several tax measures have been announced to encourage investments in this sector.

The following is a summary of the principal tax measures that deal more specifically with manufacturing enterprises in 2019.

Read our On-line Tax Strategies bulletin below.

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This webinar was presented on March 26, 2019 and addresses the main questions regarding the first budget tabled by the Coalition avenir Québec (CAQ) government.

Organized by Raymond Chabot Grant Thornton in association with the Association des professionnels en développement économique du Québec, the webinar was hosted by Jean-Pierre Poulin, Tax Partner, and Jean-Philippe Brosseau, Economist and Senior Manager in Management Consulting from our firm.

Listen to this webinar (in French) that highlights a number of measures related to regional economic development in Quebec.

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The Grant Thornton International IFRS team has published Insights into IFRS 16 – Lease payments.

The bulletin Insights into IFRS 16 – Lease Payments provides guidance on how to determine which lease payments to include in the measurement of the lease liability when accounting for a lease under IFRS 16.

The issue

IFRS 16 requires a lessee to measure the lease liability at the present value of the lease payments that are not paid at that date. This liability includes both fixed lease payments (including in-substance fixed payments) and variable lease payments that depend on an index or rate, and it represents the starting point for the measurement of the related right-of-use asset.

Deciding which payments need to be recognized in the measurement of the liability and how changes in those payments are recognized often involves considerable judgment. The bulletin Insights into IFRS 16 – Lease payments aims to help you with this judgment.

Download the bulletin below.