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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 2018 and 30 June 2019. 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 2018-19

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 a 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.

From implementation to disclosure

Financial reporting is rapidly changing as we begin to apply a new wave of financial reporting standards with AASB 15 Revenue from Contracts with Customers and AASB 9 Financial Instruments effective 1 January 2018, and AASB 16 Leases, effective from 1 January 2019. Our financial statements will look different in many areas to what we have seen in the past.

Given the wide ranging impacts of these new standards we expect considerable focus from users of financial statements and ASIC in understanding these accounting changes and also assessing whether entities have included all the required disclosures.

Example Public Company Limited has been updated with comprehensive illustrative examples of transition disclosures for the new revenue and financial instruments standards. It also includes examples of the additional ongoing disclosures, in particular those for the disaggregation of revenue, information about nature and timing of the satisfaction of performance obligations under AASB 15; as well as enhanced disclosures for impairment and hedge accounting under AASB 9.

The financial statements have also been updated with illustrative disclosures to highlight a more detailed assessment of the possible impacts of AASB 16 Leases in the period of initial application.

In addition, although not included in Example Public 2018-19 the IFRS 16 supplement guide illustrates the effects of early adopting AASB 16.

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