Advisory firm Grant Thornton has published a new guide covering the latest changes to International Financial Reporting Standards (IFRS).
New Standards, Interpretations and Amendments are introduced each year to enhance transparency and accountability in financial markets, and companies are faced with the challenge of updating their financial statements in accordance with these changes.
Grant Thornton, one of the world’s leading organisations of independent assurance, tax and advisory firms, has put together the guide, IFRS Example Consolidated Financial Statements 2017, which reflect changes in IFRS that are effective for the year ending 31 December 2017, to help organisations meet this challenge.
The guide provides example Statements of financial position, profit and loss, comprehensive income, changes in equity and cash flows, as well as extensive related note disclosures.
Grant Thornton’s objective in preparing the guide is to provide an illustrative approach to financial reporting. The example financial statements are based on a fictitious corporate business and its subsidiaries, engaging in consulting, service and retail activities.
Martin Kneale, a director of Grant Thornton in the Isle of Man, said: ‘ Financial reporting under IFRS is a legal requirement for many businesses, in addition to being a framework that is often applied voluntarily in other circumstances. The framework is complicated and is subject to regular updates and change, so our guide really is essential reading for all finance professionals involved in financial reporting.
‘Grant Thornton member firms have extensive expertise in the application of IFRS, and this guide has been published to share our expert knowledge and insight.
‘It is important to consider, however, as with any illustrative guide, that it does not foresee every possible transaction and should not be considered comprehensive, or relied on in the preparation of financial statements.
‘We hope that businesses in the Isle of Man find the document of assistance, and encourage anyone that may find it useful to take advantage of this guide, or to get in touch to discuss IFRS.’
To view the IFRS Example Consolidated Financial Statements 2017 in full, visit: https://www.grantthornton.global/en/insights/articles/example-financial-statements-2017/?utm_source=Grant+Thornton+global+internal+communications&utm_campaign=8dcd4c89bd-2017IFRSExampleConsolidatedFinancialStatements&utm_medium=email&utm_term=0_46c569bb62-8dcd4c89bd-82172029 or contact Grant Thornton Isle of Man.
Photo - Martin Kneale.