Example IFRS financial statements and checklists of disclosures that may be required.
Our Guides to condensed interim financial statements – incorporating Illustrative disclosures and a companion Disclosure checklist – help you to prepare interim financial statements in accordance with IFRS Standards. They are compliance-focused and have two components:
These guides should not be used as boiler plate templates. The preparation and presentation of financial statements requires you to exercise judgement, in terms of the choice of accounting policies, the ordering of notes to the financial statements, how the disclosures should be tailored to reflect the entity’s specific circumstances, and the relevance of disclosures considering the needs of the users.
Each guide reflects IFRSs that have been published by a specified date and are required to be applied by an entity with a specified annual period – e.g. standards in issue at 15 March 2016 that are required to be applied by an entity with an annual period beginning on 1 January 2016.
Compliance with the standards is a given for investors, but there is a bigger question that needs to be asked: are your financial statements simply a compliance exercise, or have you taken the opportunity to maximise their value to investors? After all, if the statements have to be prepared anyway, then it makes sense to get maximum mileage from your efforts.
As a starting point, ask yourself these simple questions.
Annual illustrative disclosures
Supplements to annual illustrative disclosures
Annual disclosure checklists
Condensed interim disclosure checklists