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Example financial statements for public companies

Example financial statements for public companies

Example Public Company Limited is designed to help you in preparing annual financial reports in accordance with Australian Accounting Standards (AASBs) based on current disclosure and presentation requirements for financial years ending 31 December 2019 and 30 June 2020. It illustrates one possible format for financial statements based on a fictitious multinational corporation involved in general business which is not a first-time adopter of AASBs.

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Example Public Company Limited: illustrative disclosures 2019-20

The purpose of this publication is to help you in preparing annual financial reports in accordance with Australian Accounting Standards (AASBs), which are International Financial Reporting Standards (IFRS) developed by the International Accounting Standards Board (IASB) as adopted by the AASB for for-profit entities.

If you are using our guide for the first time:

Given Australia’s close alignment to International Financial Reporting Standards (IFRS), 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.

However to illustrate additional Australian 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.

If you are a recurring user of our guide:

Our 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 financials statement preparation for the current period.

Telling your story

With the effective date of the new leases standard now passed, the most significant changes to financial reporting standards since the adoption of IFRS in Australia have now been implemented.

Communicating your story to investors and other stakeholders is paramount. Entities should keep front-of-mind that users are focused on the impact of the new accounting standards and ASIC surveillance activities that have resulted in enquiries into application of the revenue and financial instruments standards. We expect leases will be next on the agenda.

Example Public Company Limited has been updated with comprehensive illustrative examples of transition disclosures for the new leases standard and additional ongoing disclosures.

Example Public 2019-20 presents disclosures based on transition to AASB 16 using a modified retrospective approach. Refer to the IFRS 16 supplement guide (PDF 1.8MB) for retrospective transition example disclosures.

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