The preparation of financial statements in accordance with International Financial Reporting Standards (‘IFRS’) is challenging. Each year, new Standards and amendments are published by the International Accounting Standards Board (‘IASB’) with the potential to significantly impact the presentation of a complete set of financial statements.
To help you, we’ve prepared these Example Financial Statements to illustrate one possible approach to financial reporting by an entity engaging in transactions that are typical across a range of non-specialist sectors. They are based on the activities and results of Illustrative Corporation and its subsidiaries (‘the Group’), a fictional consulting, service, and retail entity that has been preparing IFRS consolidated financial statements for several years. As with any publication of this type, however, these example financial statements cannot consider every possible transaction and therefore cannot be regarded as comprehensive. The form and content of IFRS financial statements will always depend on the activities and transactions of the reporting entity. Management, as defined by the IASB, is ultimately responsible for the fair presentation of financial statements and therefore, they may find other approaches more appropriate for its specific circumstances.
These Example Financial Statements have been updated to reflect changes in IFRS that are effective for the year ending December 31, 2022. No account has been taken of any new developments after August 31, 2022.
