DOCSLIB.ORG

Guide to Annual Financial Statements – Disclosure Checklist

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Guide to Annual Financial Statements – Disclosure Checklist Disclosure checklist Guide to annual financial statements IFRS® October 2016 kpmg.com/ifrs Contents About this guide 1 6 Voluntary early adoption of IFRSs 127 6.1 Disclosure Initiative (Amendments to IAS 7) 127 References and abbreviations 3 6.2 Recognition of Deferred Tax Assets for The checklist 4 Unrealised Losses (Amendments to IAS 12) 128 6.3 IFRS 15 Revenue from Contracts with 1 General presentation 4 Customers 128 1.1 Presentation of financial statements 4 6.4 IFRS 9 Financial Instruments (2014) 133 1.2 Changes in equity 17 6.5 IFRS 9 Financial Instruments (2013) 160 1.3 Statement of cash flows 18 6.6 IFRS 9 Financial Instruments (2010) 182 1.4 Basis of accounting 23 6.7 IFRS 9 Financial Instruments (2009) 201 1.5 Fair value measurement 29 6.8 IFRS 9 Financial Instruments (own credit 1.6 Consolidated and separate financial requirements) 219 statements 32 6.9 Classification and Measurement of 1.7 Business combinations 38 Share-based Payment Transactions 1.8 Foreign currency translation and (Amendments to IFRS 2) 221 hyperinflation 43 6.10 IFRS 16 Leases 222 1.9 Accounting policies, errors and estimates 44 1.10 Events after the reporting period 46 Appendix 226 2 Statement of financial position 48 New standards or amendments for 2016 and 2.1 Property, plant and equipment 48 forthcoming requirements 226 2.2 Intangible assets and goodwill 49 2.3 Investment property 51 Keeping in touch 228 2.4 Associates and joint arrangements 53 2.5 Financial instruments 56 2.6 Inventories 72 2.7 Biological assets 72 2.8 Impairment of non-financial assets 74 2.9 Equity 78 2.10 Provisions 79 2.11 Income taxes 80 2.12 Contingent assets and liabilities 82 3 Statement of profit or loss and OCI 84 3.1 Revenue 84 3.2 Government grants 84 3.3 Employee benefits 85 3.4 Share-based payments 90 3.5 Borrowing costs 93 4 Special topics 94 4.1 Leases 94 4.2 Service concession arrangements 96 4.3 Operating segments 97 4.4 Earnings per share 101 4.5 Non-current assets held for sale or held for distribution 103 4.6 Related party disclosures 104 4.7 Investment entities 111 4.8 Insurance contracts 113 4.9 Extractive activities 117 4.10 Common control transactions and Newco formations 118 5 First-time adoption of IFRS 119 5.1 First-time adoption of IFRS 119 5.2 Regulatory deferral accounts and first-time adoption of IFRS 121 About this guide This guide has been produced by the KPMG International Standards Group (part of KPMG IFRG Limited) and the views expressed herein are those of the KPMG International Standards Group. It is intended to help preparers in the preparation and presentation of financial statements in accordance with IFRS by identifying the potential disclosures required. In addition, it includes the minimum disclosures required in the financial statements of a first-time adopter of IFRS. Standards covered This guide is based on standards and interpretations that have been issued by the IASB as at 15 August 2016 and that are required to be applied by an entity with an annual reporting period beginning on 1 January 2016 (‘currently effective requirements’). Section 6 identifies disclosure requirements based on standards that are effective for annual reporting periods beginning after 1 January 2016 (‘forthcoming requirements’) and that are available for voluntary early adoption. This guide contains disclosures only. It does not specify the scope of individual standards referred to or their recognition and measurement requirements, or explain the terms that are used in IFRS and contained in this guide. Nor does it cover IAS 26 Accounting and Reporting by Retirement Benefit Plans or IAS 34 Interim Financial Reporting. The disclosures required by IAS 34 are set out in our Guide to condensed interim financial statements – Disclosure checklist. In addition, IFRS and its interpretation change over time. Accordingly, this guide should not be used as a substitute for referring to the standards and other relevant interpretative guidance. Preparers should also consider applicable local legal and regulatory requirements. This guide does not consider the requirements of any particular jurisdiction – e.g. IFRS does not require the presentation of separate financial statements for the parent entity. Consequently, this guide includes only consolidated financial statements. What’s new in 2016? The appendix to this guide provides a comprehensive list of new requirements, distinguishing between those that are effective for an entity with an annual reporting period beginning on 1 January 2016, and those with a later effective date. As a result of these new requirements, this guide includes updated disclosures in respect of acquisitions of interests in joint operations, presentation of financial statements, regulatory deferral accounts and bearer plants. Need for judgement This guide is part of our suite of publications – Guides to financial statements – and specifically focuses on compliance with IFRS. The preparation and presentation of financial statements require the preparer 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 reporting entity’s specific circumstances, and the relevance of disclosures considering the needs of users. Materiality Specific guidance on materiality and its application to the financial statements is included in paragraphs 29–31 of IAS 1 Presentation of Financial Statements. Materiality is relevant to the presentation and disclosure of the items in the financial statements. Preparers need to consider whether the financial statements include all of the information that is relevant to understanding an entity’s financial position on the reporting date and its financial performance during the reporting period. Copyright © IFRS Foundation. All rights reserved. Reproduced by KPMG IFRG Limited with the permission of the IFRS Foundation®. Reproduction and use rights are strictly limited. No permission granted to third parties to reproduce or distribute. 2 | Guide to annual financial statements – Disclosure checklist Preparers also need to take care not to reduce the understandability of an entity’s financial statements by obscuring material information with immaterial information or by aggregating material information that is different by nature or function. Individual disclosures that are not material to the financial statements do not have to be presented – even if they are a minimum requirement of a standard. Preparers need to consider the appropriate level of disclosure based on materiality for the reporting period. Organisation of the This guide is arranged by topic. It is designed to provide all of the IFRS disclosures that may be required for a set of annual financial statements when completed in its text entirety. Disclosures that relate to more than one topic may not always be repeated under each relevant topic. For example, the requirement to disclose accounting policies adopted for the recognition of revenue is included in Chapter 1.4 ‘Basis of accounting’, but not repeated in Chapter 3.1 ‘Revenue’. Copyright © IFRS Foundation. All rights reserved. Reproduced by KPMG IFRG Limited with the permission of the IFRS Foundation®. Reproduction and use rights are strictly limited. No permission granted to third parties to reproduce or distribute. References and abbreviations | 3 References and abbreviations References are included in the left-hand margin of this guide to identify any relevant paragraphs of the standards or our publication Insights into IFRS. IAS 1.51 Paragraph 51 of IAS 1. Insights 4.1.190.10 Paragraph 4.1.190.10 of the 13th edition 2016/17 of our publication Insights into IFRS. Major change since the 2015 edition of this guide. The following abbreviations are used often in this guide. NCI Non-controlling interests OCI Other comprehensive income Copyright © IFRS Foundation. All rights reserved. Reproduced by KPMG IFRG Limited with the permission of the IFRS Foundation®. Reproduction and use rights are strictly limited. No permission granted to third parties to reproduce or distribute. 4 | Guide to annual financial statements – Disclosure checklist The checklist 1 General presentation 1.1 Presentation of financial statements Transitional requirement for Disclosure Initiative (Amendments to IAS 1) IAS 1.139P When the amendments are first applied, the entity need not disclose the information required by IAS 8.28–30 in relation to the amendments. Fair presentation IAS 1.15 Present fairly the financial position, financial performance and cash flows of the entity in the financial statements. Fair presentation requires the faithful representation of the effects of transactions, other events and conditions in accordance with the definitions and recognition criteria for assets, liabilities, income and expenses set out in the Conceptual Framework for Financial Reporting (Framework). The application of IFRS, with additional disclosure when necessary, is presumed to result in financial statements that achieve a fair presentation. Financial statements not prepared on a going concern basis IAS 1.25 When the financial statements are not prepared on a going concern basis, disclose: a. the fact that the financial statements are not prepared on a going concern basis; b. the basis on which the financial statements are prepared; and c. the reason why the entity is not regarded as a going concern. Insights 1.2.75.10 An entity discloses material uncertainties related to events or conditions that may cast significant doubt on its ability to continue as a going concern. In addition to the disclosure of material uncertainties, disclosures are required when management concludes that there are no material uncertainties but reaching that conclusion involved significant judgement (a ‘close call’ scenario). Insights 1.2.70.20 In our view, there is no general dispensation from the measurement, recognition and disclosure requirements of IFRS even if an entity is not expected to continue as a going concern.
Load more

Recommended publications
  • A Practical Guide to IFRS 7 for Investment
    Asset Management A practical guide to IFRS 7 For investment managers and investment, private equity and real estate funds April 2010 PricewaterhouseCoopers’ IFRS and corporate governance publications and tools 2010 IFRS technical publications IFRS disclosure checklist 2009 IFRS manual of accounting 2010 Outlines the disclosures required by all IFRSs PwC’s global IFRS manual provides published up to October 2009. comprehensive practical guidance on how to prepare financial statements in accordance with IFRS. Includes hundreds of worked examples, extracts from company reports and model financial statements. IFRS pocket guide 2009 Provides a summary of the IFRS recognition and measurement requirements. Including currencies, A practical guide to IFRS 8 for real estate entities assets, liabilities, equity, income, expenses, business Guidance in question-and-answer format addressing combinations and interim financial statements. the issues arising for real estate entities when applying IFRS 8, ‘Operating segments’. Illustrative IFRS financial statements 2009 – investment funds Updated financial statements of a fictional investment fund illustrating the disclosure and A practical guide for investment funds presentation required by IFRSs applicable to to IAS 32 amendments financial years beginning on or after 1 January 2009. 12-page guide addressing the questions that are The company is an existing preparer of IFRS arising in applying the amendment IAS 32 and IAS 1, financial statements; IFRS 1 is not applicable. ‘Puttable financial instruments and obligations arising in liquidation’, with a focus on puttable instruments. Illustrative IFRS financial statements 2009 – private equity A practical guide to new IFRSs for 2010 Financial statements of a fictional private equity 48-page guidance providing high-level outline of hte limited partnership illustrating the disclosure and key requirements of IFRSs effective in 2010, in presentation required by IFRSs applicable to question and answer format.
    [Show full text]
  • IFRS in Your Pocket 2019.Pdf
    IFRS in your pocket 2019 Contents Abbreviations 1 Foreword 2 Our IAS Plus website 3 IFRS Standards around the world 5 The IFRS Foundation and the IASB 7 Standards and Interpretations 15 Standards and Interpretations 24 Summaries of Standards and Interpretations in effect at 1 January 2019 29 Requirements that are not yet mandatory 100 IASB projects 104 Deloitte IFRS resources 111 Contacts 113 IFRS in your pocket |2019 Abbreviations ARC Accounting Regulatory Commission ASAF Accounting Standards Advisory Forum DP Discussion Paper EC European Commission ED Exposure Draft EFRAG European Financial Reporting Advisory Group GAAP Generally Accepted Accounting Principles IAS International Accounting Standard IASB International Accounting Standards Board IASC International Accounting Standards Committee (predecessor to the IASB) IFRIC Interpretation issued by the IFRS Interpretations Committee IFRS International Financial Reporting Standard IFRS Standards All Standards and Interpretations issued by the IASB (i.e. the set comprising every IFRS, IAS, IFRIC and SIC) PIR Post-implementation Review SEC US Securities and Exchange Commission SIC Interpretation issued by the Standing Interpretations Committee of the IASC SMEs Small and Medium-sized Entities XBRL Extensible Business Reporting Language XML Extensible Markup Language 1 IFRS in your pocket |2019 Foreword Welcome to the 2019 edition of IFRS in Your Pocket. It is a concise guide of the IASB’s standard-setting activities that has made this publication an annual, and indispensable, worldwide favourite. At its core is a comprehensive summary of the current Standards and Interpretations along with details of the projects on the IASB work plan. Backing this up is information about the IASB and an analysis of the use of IFRS Standards around the world.
    [Show full text]
  • International Financial Reporting Standards Presentation and Disclosure Checklist 2006
    Audit International Financial Reporting Standards Presentation and disclosure checklist 2006 An IAS Plus guide Audit.Tax.Consulting.CorporateFinancial Advisory Finance.. Contacts Global IFRS leadership team IFRS global office Global IFRS leader Ken Wild [email protected] IFRS centres of excellence Americas D.J. Gannon [email protected] Asia Pacific Hong Kong Melbourne Stephen Taylor Bruce Porter [email protected] [email protected] Europe-Africa Johannesburg London Graeme Berry Veronica Poole [email protected] [email protected] Copenhagen Paris Jan Peter Larsen Laurence Rivat [email protected] [email protected] Deloitte’s www.iasplus.com website provides comprehensive information about international financial reporting in general and IASB activities in particular. Unique features include: • daily news about financial reporting globally. • summaries of all Standards, Interpretations and proposals. • many IFRS-related publications available for download. • model IFRS financial statements and disclosure checklists. • an electronic library of several hundred IFRS resources. • all Deloitte Touche Tohmatsu comment letters to the IASB. • links to nearly 200 IFRS-related websites. • e-learning modules for each IAS and IFRS – at no charge. • complete history of adoption of IFRSs in Europe and information about adoptions of IFRSs elsewhere around the world. • updates on developments in national accounting standards. IFRS presentation and disclosure checklist 2006 International Financial Reporting Standards Presentation and disclosure checklist 2006 This checklist is intended to aid the user in determining if the presentation and disclosure requirements of International Financial Reporting Standards (IFRSs) have been met. It does not address the requirements of IFRSs as regards recognition and measurement. The checklist covers the presentation and disclosure requirements of IFRSs and Interpretations in issue at 30 June 2006, which are listed on the next page.
    [Show full text]
  • The Disclosure Initiative
    Issue 187/ February 2021 IFRS Developments The Disclosure Initiative – IASB amends the accounting policy requirements What you need to know Highlights In February 2021, the International Accounting Standards Board (IASB or • On 12 February 2021, the IASB issued amendments to IAS 1 the Board) issued amendments to IAS 1 Presentation of Financial Statements and the PS to provide guidance in which it provides guidance and examples to help entities apply materiality on the application judgements to accounting policy disclosures. The Board also issued amendments of materiality judgements to to IFRS Practice Statement 2 Making Materiality Judgements (the PS) to support accounting policy disclosures. the amendments in IAS 1 by explaining and demonstrating the application of the ‘four-step materiality process’ to accounting policy disclosures. • The amendments to IAS 1 replace the requirement to In particular, the amendments aim to help entities provide accounting policy disclose ‘significant’ accounting disclosures that are more useful by: policies with a requirement to disclose ‘material’ accounting • Replacing the requirement for entities to disclose their ‘significant’ accounting policies. policies with a requirement to disclose their ‘material’ accounting policies; and Adding guidance on how entities apply the concept of materiality in making • Guidance and illustrative • examples are added in the PS to decisions about accounting policy disclosures. assist in the application of the materiality concept when Background making judgements about In an attempt to enhance communication in financial reporting, the IASB has made accounting policy disclosures. ‘Better Communication in Financial Reporting’ a central theme of its standard- setting activities in recent years. The Disclosure Initiative is part of the IASB’s • The amendments to IAS 1 will be effective for annual periods Better Communication theme and aims to address how the effectiveness of starting on or after 1 January disclosures in IFRS financial statements can be improved.
    [Show full text]
  • In Depth IFRS 7 and IFRS 13 Disclosures
    www.pwc.ie In depth IFRS 7 and IFRS 13 disclosures A In depth to the disclosure requirements of IFRS 7 and IFRS 13 for investment funds, private equity funds, real estate funds and investment managers investing into financial instruments February 2014 Contents Introduction 3 1. Scope 4 2. Classes of financial instruments 6 3. Fair value measurement disclosures 8 a) Disclosure of fair value by class of financial instrument 8 b) Applying the fair value hierarchy 9 c) Level 3 disclosure requirements 16 d) New disclosure requirements of IFRS 13 18 4. Risk disclosures 25 a) General requirements 25 b) Credit risk – credit quality 30 c) Liquidity risk – maturity analysis 32 d) Market risk – sensitivity analysis 36 5. Reclassification of financial assets 44 6. Other disclosure requirements 45 a) Collateral 45 b) Offsetting financial assets and financial liabilities 45 c) Transfer of financial assets and financial liabilities 48 d) Other quantitative disclosures 49 Contacts 51 PwC Page 2 Introduction IFRS 7 is applicable to financial and non-financial The overall disclosure objective of IFRS 13 is for an entity institutions and therefore also applies to investment to disclose information that helps users of financial funds, private equity funds, real estate funds and statements assess: investment managers. The extent of disclosure required depends on the fund's use of financial instruments and its the valuation techniques and inputs used to exposure to risk. measurement assets and liabilities that are measured at fair value on a recurring or non-recurring basis in IFRS 7 is divided in two distinct sections. The first section the statement of financial position after initial covers quantitative disclosures about the numbers in the recognition; and balance sheet and the income statement.
    [Show full text]
  • VALUE IFRS Plc Illustrative IFRS Consolidated Financial Statements December 2019
    VALUE IFRS Plc Illustrative IFRS consolidated financial statements December 2019 This publication presents the sample annual financial reports of a fictional listed company, VALUE IFRS Plc. It illustrates the financial reporting requirements that would apply to such a company under International Financial Reporting Standards as issued at 31 May 2019. Supporting commentary is also provided. For the purposes of this publication, VALUE IFRS Plc is listed on a fictive Stock Exchange and is the parent entity in a consolidated entity. VALUE IFRS Plc 2019 is for illustrative purposes only and should be used in conjunction with the relevant financial reporting standards and any other reporting pronouncements and legislation applicable in specific jurisdictions. Global Accounting Consulting Services PricewaterhouseCoopers LLP This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. About PwC At PwC, our purpose is to build trust in society and solve important problems. We're a network of firms in 158 countries with more than 250,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com © 2019 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. VALUE IFRS Plc Illustrative IFRS consolidated financial statements December
    [Show full text]
  • In Brief a Look at Current Financial Reporting Issues
    In brief A look at current financial reporting issues inform.pwc.com December 2014 IASB issues narrow scope amendments to IAS 1: Presentation of financial statements Issue In December 2014 the IASB issued amendments to clarify guidance in IAS 1 on materiality and aggregation, the presentation of subtotals, the structure of financial statements and the disclosure of accounting policies. The amendments form a part of the IASB’s Disclosure Initiative, which explores how financial statement disclosures can be improved. The amendments are effective from 1 January 2016. Impact The following is a summary of the key changes. Materiality An entity should not aggregate or disaggregate information in a manner that obscures useful information, for example, by aggregating items that have different characteristics or disclosing a large amount of immaterial detail. When management determines an item is material, the amendments require assessment of which specific disclosures set out in the relevant standard should be presented, and whether additional information is necessary to understand the impact on the financial position or performance. Disaggregation and subtotals The amendments clarify that it may be necessary to disaggregate some of the line items specified in IAS 1 paragraphs 54 (statement of financial position) and 82 (profit or loss). That disaggregation is required where it is relevant to an understanding of the entity's financial position or performance. The amendments address additional subtotals in the statement of financial position or the statement of profit or loss and other comprehensive income. The amendments give guidance on what additional subtotals are acceptable and how they are presented. The revised guidance captures common subtotals that are not specifically This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.
    [Show full text]
  • IAS 7 STATEMENT of CASH FLOWS Contents 1
    IFRS IN PRACTICE 2019-2020: IAS 7 STATEMENT OF CASH FLOWS Contents 1. Introduction 4 2. Definition of cash and cash equivalents 5 2.1. Demand deposits 5 2.2. Short term maturity 6 2.3. Investments in equity instruments 6 2.4. Changes in liquidity and risk 6 2.5 Cryptocurrencies 6 2.6 Short-term credit lending and cash and cash equivalent classification 7 3. Restricted cash and cash equivalent balances – disclosure requirements 8 3.1. Interaction with IAS 1 8 4. Classification of cash flows as operating, investing or financing 9 4.1. Operating activities 9 4.2. Investing activities 9 4.3. Financing activities 9 4.3.1. Disclosure of changes in liabilities arising from financing activities 10 4.4. Classification of interest and dividends 10 4.5. Common classification errors in practice 11 5. Offsetting cash inflows and outflows in the statement of cash flows 13 5.1. Effect of bank overdrafts on the carrying amount of cash and cash equivalents 13 5.2. Refinancing of borrowings with a new lender 14 6. Presentation of operating cash flows using the direct or indirect method 15 7. Income taxes and sales taxes 16 8. Foreign exchange 17 8.1. Worked example – foreign currency translation 17 9. Group cash pooling arrangements in an entity’s separate financial statements 20 10. Securities and loans held for dealing or trading 22 11. Classification of cash flows arising from a derivative used in an economic hedge 23 12. Revenue from Contracts with Customers 24 13. Leases 25 13.1. Payments made on inception of a lease 25 13.2.
    [Show full text]
  • Ifrs-9-Presentation-Of-Interest-Revenue-For-Particular-Financial-Instruments-Mar-18.Pdf
    Presentation of interest revenue for particular financial instruments (IFRS 9 Financial Instruments and IAS 1 Presentation of Financial Statements)—March 2018 The Committee received a request about the effect of the consequential amendment that IFRS 9 made to paragraph 82(a) of IAS 1. That consequential amendment requires an entity to present separately, in the profit or loss section of the statement of comprehensive income or in the statement of profit or loss, interest revenue calculated using the effective interest method. The request asked whether that requirement affects the presentation of fair value gains and losses on derivative instruments that are not part of a designated and effective hedging relationship (applying the hedge accounting requirements in IFRS 9 or IAS 39 Financial Instruments: Recognition and Measurement). Appendix A to IFRS 9 defines the term ‘effective interest method’ and other related terms. Those interrelated terms pertain to the requirements in IFRS 9 for amortised cost measurement and the expected credit loss impairment model. In relation to financial assets, the Committee observed that the effective interest method is a measurement technique whose purpose is to calculate amortised cost and allocate interest revenue over the relevant time period. The Committee also observed that the expected credit loss impairment model in IFRS 9 is part of, and interlinked with, amortised cost accounting. The Committee noted that amortised cost accounting, including interest revenue calculated using the effective interest method and credit losses calculated using the expected credit loss impairment model, is applied only to financial assets that are subsequently measured at amortised cost or fair value through other comprehensive income.
    [Show full text]
  • A Roadmap to the Preparation of the Statement of Cash Flows
    A Roadmap to the Preparation of the Statement of Cash Flows May 2020 The FASB Accounting Standards Codification® material is copyrighted by the Financial Accounting Foundation, 401 Merritt 7, PO Box 5116, Norwalk, CT 06856-5116, and is reproduced with permission. This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication. The services described herein are illustrative in nature and are intended to demonstrate our experience and capabilities in these areas; however, due to independence restrictions that may apply to audit clients (including affiliates) of Deloitte & Touche LLP, we may be unable to provide certain services based on individual facts and circumstances. As used in this document, “Deloitte” means Deloitte & Touche LLP, Deloitte Consulting LLP, Deloitte Tax LLP, and Deloitte Financial Advisory Services LLP, which are separate subsidiaries of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of our legal structure. Copyright © 2020 Deloitte Development LLC. All rights reserved. Publications in Deloitte’s Roadmap Series Business Combinations Business Combinations — SEC Reporting Considerations Carve-Out Transactions Comparing IFRS Standards and U.S.
    [Show full text]
  • IFRS Example Consolidated Financial Statements 2019
    IFRS Assurance IFRS Example Global Consolidated Financial Statements 2019 with guidance notes Contents Introduction 1 19 Cash and cash equivalents 61 IFRS Example Consolidated Financial 3 20 Disposal groups classified as held for sale and 61 Statements discontinued operations Consolidated statement of financial position 4 21 Equity 63 Consolidated statement of profit or loss 6 22 Employee remuneration 65 Consolidated statement of comprehensive income 7 23 Provisions 71 Consolidated statement of changes in equity 8 24 Trade and other payables 72 Consolidated statement of cash flows 9 25 Contract and other liabilities 72 Notes to the IFRS Example Consolidated 10 26 Reconciliation of liabilities arising from 73 Financial Statements financing activities 1 Nature of operations 11 27 Finance costs and finance income 73 2 General information, statement of compliance 11 28 Other financial items 74 with IFRS and going concern assumption 29 Tax expense 74 3 New or revised Standards or Interpretations 12 30 Earnings per share and dividends 75 4 Significant accounting policies 15 31 Non-cash adjustments and changes in 76 5 Acquisitions and disposals 33 working capital 6 Interests in subsidiaries 37 32 Related party transactions 76 7 Investments accounted for using the 39 33 Contingent liabilities 78 equity method 34 Financial instruments risk 78 8 Revenue 41 35 Fair value measurement 85 9 Segment reporting 42 36 Capital management policies and procedures 89 10 Goodwill 46 37 Post-reporting date events 90 11 Other intangible assets 47 38 Authorisation
    [Show full text]
  • International Accounting Standard 1 Presentation of Financial Statements
    EC staff consolidated version as of 18 February 2011 FOR INFORMATION PURPOSES ONLY International Accounting Standard 1 Presentation of Financial Statements Objective 1 This Standard prescribes the basis for presentation of general purpose financial statements to ensure comparability both with the entity’s financial statements of previous periods and with the financial statements of other entities. It sets out overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content. Scope 2 An entity shall apply this Standard in preparing and presenting general purpose financial statements in accordance with International Financial Reporting Standards (IFRSs). 3 Other IFRSs set out the recognition, measurement and disclosure requirements for specific transactions and other events. 4 This Standard does not apply to the structure and content of condensed interim financial statements prepared in accordance with IAS 34 Interim Financial Reporting. However, paragraphs 15–35 apply to such financial statements. This Standard applies equally to all entities, including those that present consolidated financial statements and those that present separate financial statements as defined in IAS 27 Consolidated and Separate Financial Statements. 5 This Standard uses terminology that is suitable for profit-oriented entities, including public sector business entities. If entities with not-for-profit activities in the private sector or the public sector apply this Standard, they may need to amend the descriptions used for particular line items in the financial statements and for the financial statements themselves. 6 Similarly, entities that do not have equity as defined in IAS 32 Financial Instruments: Presentation (eg some mutual funds) and entities whose share capital is not equity (eg some co-operative entities) may need to adapt the financial statement presentation of members’ or unitholders’ interests.
    [Show full text]