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Guides to IFRS financial statements

Guides to IFRS financial statements

Example IFRS financial statements and checklists of disclosures that may be required.

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KPMG Guides to interim IFRS financial statements 2015 publication image: financial statement and disclosure word cloud

Together, these provide an essential guide to financial reporting.

Focusing on compliance in financial reporting

Our Guides to condensed interim financial statements – incorporating Illustrative disclosures and a companion Disclosure checklist – help you to prepare interim financial statements in accordance with IFRS Standards. They are compliance-focused and have two components:

  • Illustrative disclosures that illustrate one possible format for financial statements prepared under IFRS, based on a fictitious multinational corporation; and
  • a companion Disclosure checklist, which identifies the disclosures required for currently effective requirements.
They are available for annual and interim periods, and for specific sectors.

These guides should not be used as boiler plate templates. The preparation and presentation of financial statements requires you to exercise judgement, in terms of the choice of accounting policies, the ordering of notes to the financial statements, how the disclosures should be tailored to reflect the entity’s specific circumstances, and the relevance of disclosures considering the needs of the users.

Each guide reflects IFRSs that have been published by a specified date and are required to be applied by an entity with a specified annual period – e.g. standards in issue at 15 March 2016 that are required to be applied by an entity with an annual period beginning on 1 January 2016.

But compliance is just the beginning …

Compliance with the standards is a given for investors, but there is a bigger question that needs to be asked: are your financial statements simply a compliance exercise, or have you taken the opportunity to maximise their value to investors? After all, if the statements have to be prepared anyway, then it makes sense to get maximum mileage from your efforts.

As a starting point, ask yourself these simple questions.

  1. Does the most important information have prominence in my financial statements?
  2. Are my disclosures clear, including eliminating immaterial disclosures that obscure key messages?
  3. Is my messaging in the financial statements aligned with other published information, such as the management report and earnings releases?

We suspect that you will implicitly know the answers to these questions, so the only question left is how can you make your reporting better? To begin answering that question, visit our Better business reporting website.

Download our guides

Annual illustrative disclosures

2015 edition | 2014 edition | 2013 edition

 

Supplements to annual illustrative disclosures

IFRS 15 (November 2015)

IFRS 12 (December 2014)

 

Annual disclosure checklists

2015 edition | 2014 edition | 2013 edition

 

Condensed interim illustrative disclosures

2015 edition | 2014 edition

 

Condensed interim disclosure checklists

2016 edition | 2015 edition | 2014 edition

 
Annual illustrative disclosures for sectors
 

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