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.
The member firms of Grant Thornton International Ltd (‘GTIL’) have extensive expertise in the application of IFRS. GTIL, through its IFRS Team, develops general guidance that supports its member firms’ commitment to high quality, consistent application of IFRS and is therefore pleased to share these insights by publishing ‘IFRS Example Interim Condensed Consolidated Financial Statements 2022’ (‘Interim Financial Statements’).
The Interim Financial Statements illustrate a six month accounting period beginning on 1 January 2022. They are based on the activities and results of Illustrative Corporation Ltd and its subsidiaries (‘the Group’) – a fictional consulting, service and retail entity that has been preparing IFRS financial statements for several years. The Group produces half-yearly interim financial statements in accordance with IAS 34 ‘Interim Financial Reporting’ at 30 June 2022.
The Interim Financial Statements have been reviewed and updated to reflect changes in IAS 34 and in other IFRS that are effective for the year ending 31 December 2022 that have been issued prior to 30 April 2022.
