Example Public Company Limited is designed to assist with the preparation of annual financial statements in accordance with Australian Accounting Standards. Based on current disclosure and presentation requirements for financial years ending 31 December 2023 and 30 June 2024, Example Public illustrates one possible financial report format for a fictitious for-profit multinational corporation involved in general business which is not a first-time adopter of Australian Accounting Standards (AASBs).
Explore our comprehensive financial statement example guide for relevant recent disclosure and presentation requirements for your company’s financial statements when reporting in accordance with Australian Accounting Standards and other required Australian financial statement regulations.
Your entity's connected financial statement story
Communicating effectively through connected financial statement reporting has never been so important.
Entities continue to face rapidly changing and uncertain economic and market conditions driven by various factors including the lasting impacts of the pandemic, rising interest rates and inflation, increased market volatility, heightened geopolitical risk and notably, the effects of climate change. Stakeholders are placing greater emphasis on how entities are adapting to these conditions and managing new and emerging risks and opportunities arising from these changes and uncertain market conditions.
Within company financial reports, it remains critical for companies to clearly explain key judgements made and estimates used in measuring assets and liabilities. Uncertain market and economic conditions may result in a wider range of reasonable assumptions informing estimates of asset and liability values. Disclosing significant judgements, sources of estimation uncertainty, key assumptions, and sensitivities relating to assets and liabilities recognised within the financial report will be vital for stakeholders to understand the connectivity between the front part of the annual report and the financial statements.
In the Operating and Financial Review (OFR), stakeholders expect companies to provide a holistic view of their business. Unsurprisingly, ASIC continues to reiterate that the OFR should complement a company’s financial report and provide explanations for underlying drivers of results and financial position, as well as material business risks, and their impact on strategies and future prospects.
The release of the first two IFRS® Sustainability Disclosure Standards in June 2023 by the International Sustainability Standards Board and the release of the Exposure Draft for Australian-specific climate-related financial disclosure standards by the AASB represent significant milestones in the evolution of sustainability reporting. Consistently, ASIC has highlighted its current focus on sustainability-related disclosures and emphasised the importance of sustainability-related disclosures in maintaining confident and informed markets.
When using Example Public Company Limited to assist with the preparation of your year-end financial statements, refer to our sustainability reporting resource centre for further support.
Our model financial statements and other resources provide guidance to help you identify the potential impact of climate change and other sustainability matters on your business.
Example Public Company Limited: illustrative disclosures 2023-24
Sample financial statements to assist with your annual financial report preparation.
FIRST TIME USERS OF EXAMPLE PUBLIC Given Australia’s close alignment to IFRS® Accounting Standards, a substantial portion of Example Public Company Limited has been based on the illustrative disclosures publication prepared by our international colleagues based on ‘pure’ IFRS Accounting Standards. However, to illustrate additional financial reporting requirements in Australia, including specific disclosure and alternative presentation methods that are commonly used in Australia, a separate section has been included just before the main financial statements. A clear cross-reference to the Australian section is included on affected international pages. |
RECURRING USERS OF EXAMPLE PUBLIC KPMG's guide includes a 'what’s new' page, which contains a summary of all new or revised accounting standards and regulatory changes that have been reflected in Example Public Company Limited since the previous edition of this guide and references to other resources in the guide that you might find useful to your preparation of financial statements for the current period.
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