Example financial statements for public companies | KPMG | AU

Example financial statements for public companies

Example financial statements for public companies

Example Public Company Limited is designed to help you in preparing annual financial reports in accordance with Australian Accounting Standards (AASBs) based on current disclosure and presentation requirements for financial years ending 31 December 2017 and 30 June 2018. It illustrates one possible format for financial statements based on a fictitious multinational corporation involved in general business which is not a first-time adopter of AASBs.

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Example Public Company Limited: illustrative disclosures 2017-18

The purpose of this publication is to help you in preparing annual financial reports in accordance with Australian Accounting Standards (AASBs), which are International Financial Reporting Standards (IFRS) developed by the International Accounting Standards Board (IASB) as adopted by the AASB for for-profit entities.

If you are using our guide for the first time:

Given Australia’s close alignment to International Financial Reporting Standards (IFRS), a substantial portion of Example Public Company Limited has been based on the illustrative disclosures publication prepared by our international colleagues based on ‘pure’ IFRS.

However to illustrate additional Australian specific disclosure and alternative presentation methods that are commonly used in Australia, a separate section, has been included, just before the main financial statements. A clear cross-reference to the Australian section is included on affected international pages.

If you are recurring user of our guide:

Our guide includes a what’s new page, which contains a summary of all new or revised accounting standards and regulatory changes that have been reflected in Example Public Company Limited since the previous edition of this guide and references to other resources in the guide that you might find useful to your financials statement preparation for the current period.

Introduction of new accounting standards

Financial reporting is evolving rapidly and at the forefront is the introduction of three major new accounting standards which are expected to have the greatest impact on financial reporting since the introduction of IFRS in 2005. AASB 9 Financial Instruments and AASB 15 Revenue from Contracts with Customers become effective for annual accounting periods commencing 1 January 2018 closely followed by AASB 16 Leases, which is effective from 1 January 2019.

Given the close proximity of the effective date of the Financial Instruments and Revenue standards there is a growing expectation that entities provide more specific quantitative and qualitative information about the possible impacts of application in their financial statements.

This year Example Public Company Limited has been updated, with comprehensive illustrative disclosure to describe the entity's current assessment of the possible impacts that the adoption of AASB 9, 15 and 16 will have on the financial statements in the period of initial application.

For entities that decide to early adopt, the following Illustrative disclosures are available:

  • Appendix IV of the guide illustrates the effects of early adopting AASB 9
  • IFRS 15 supplement an addendum to the guide illustrates the effects of early adopting AASB 15.

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