Your essential guide to preparing IFRS financial statements for banks.
Our Guides to financial statements help you to prepare financial statements in accordance with IFRS. They are compliance focused and illustrate one possible format for financial statements prepared under IFRS.
This edition has been updated to reflect early applications of IFRS 9 Financial Instruments. It is based on a fictitious banking group involved in a range of general banking activities, which is not a first-time adopter of IFRS.
However, this guide should not be used as a boiler plate template. The preparation of your own financial statements requires judgement, in terms of the choice of accounting policies, how the disclosures should be tailored to reflect your specific circumstances, and the materiality of disclosures in the context of your organisation.
This guide reflects IFRSs in issue at 31 December 2015 that are required to be applied by an entity with an annual period beginning on 1 January 2015.
Apart from IFRS 9 and consequential amendments to other standards, the early adoption of IFRSs that are effective for annual periods beginning after 1 January 2015 has not been illustrated in this guide.
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.
We suspect that you will implicitly know the answers to these questions, so the only question left is how you can make your reporting better? To begin answering that question, visit our Better business reporting website.
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