Example IFRS financial statements and checklists of disclosures that may be required.
Our Guides to annual 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:
Users and regulators have shown a growing interest in the possible impact of the new major standards that have been issued but are not yet effective – i.e. IFRS 9 Financial Instruments, IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases. Regulators expect preparers to progressively enhance the related disclosures, including quantitative information, as new accounting policies are defined, estimation uncertainty reduces and the effective date of a new standard approaches.
The 2016 annual Illustrative disclosures therefore include disclosures on the possible impact of standards issued but not yet effective.
In addition, the 2017 interim Illustrative disclosures show how an entity might describe in its interim financial statements updates to information relevant to assessing the possible impact that the application of the new standards will have on its financial statements in the period of initial application.
Investors continue to ask for a step-up in the quality of business reporting, so companies should be careful not to become buried in compliance to the exclusion of relevance. In preparing their financial statements, companies need to focus on improving their communication by reporting financial information in a meaningful way and innovating their financial statement presentation and disclosure in the broader context of better business reporting. For more information, see our Better business reporting website.
Annual illustrative disclosures
Supplements to annual illustrative disclosures
Annual disclosure checklists
Interim illustrative disclosures
Interim disclosure checklists
© 2019 KPMG, a Mauritius partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.