We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. This publication contains an illustrative set of consolidated financial statements for Good Group (International) Limited (the parent) and its subsidiaries (the Group) for the year-end 31 December 2019 that is prepared in accordance with International Financial Reporting Standards (IFRS). These illustrative IFRS financial statements are intended to be used as a source of general technical reference, as they show suggested disclosures together with their sources. ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2019 INTERNATIONAL FINANCIAL REPORTING STANDARDS. They also contain additional disclosures that are considered to be best practice, particularly where such disclosures are included in illustrative … 2019. Keywords: Illustrative Financial Statements; annual financial reporting; HKFRS Created Date: 6/17/2019 10:49:10 AM Public Finance Management Seminar – South Rift Branch. This edition contains the illustrative consolidated financial statements of Good Bank (International) Limited and its subsidiaries for the year ended 31 December 2019. Sarah Carroll 23 May 2019 The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging. All Rights Reserved. Mt. Preface About this publication: This publication is an illustrative financial statements (IFS) of a Singapore-incorporated company, ABC Pte. GTIL does not provide services to clients. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. The Group has early adopted the ... Guide to annual financial statements – Illustrative disclosures for banks. Kenya Forensic Audit Workshop 2017. Illustrative IFRS consolidated financial statements December 2019 Financial statements 6 Statement of profit or loss 9 Statement of comprehensive income 10 Balance sheet 17 Statement of changes in equity 21 Statement of cash flows 24 Appendices 201 Independent auditor's report 200 Example 1: Illustrative financial statements for SMEs For more information about our organization, please visit ey.com. However, as with any example, this illustration does not envisage every possible transaction and cannot therefore be regarded as comprehensive. The model financial statements of International GAAP Holdings Limited for the year ended 31 December 2020 are intended to illustrate the presentation and disclosure requirements of IFRS Standards without the use of any actual numbers. Accordingly, the model financial statements do not illustrate the impact of the application of new and revised IFRS Standards that are not yet mandatorily effective on 1 January 2019. . As preparers apply IFRS 16 in their 2019 annual financial statements for the first time, they should embrace the opportunity to think through how best to explain the changes and their effects. IFRS for the UK illustrative financial statements for 2019 year ends (PwC) Illustrative IFRS financial statements 2019 - Investment fundsandIllustrative IFRS financial statements 2018 - Private equitymay also be relevant to some real estate entities. Please refer to your advisors for specific advice. You may withdraw your consent to cookies at any time once you have entered the website through a link in the privacy policy, which you can find at the bottom of each page on the website. 05 Jul 2019 The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging. ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2019 INTERNATIONAL FINANCIAL REPORTING STANDARDS. They are not intended to address the particular circumstances of any particular individual or entity. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. The Illustrative Financial Statements is presented on the odd -numbered pages of this publication. The quality and clarity of explanations of changes in accounting policies and their impacts are key. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. GTIL and the member firms are not a worldwide partnership. Your go-to resource for timely and relevant accounting, auditing, reporting and business insights. 2 . Example 1: Illustrative financial statements for SMEs The consolidated illustrative financial statements are prepared in accordance with IFRS in issue at 30 September 2019 and effective for annual periods beginning 1 January 2019. The Example Financial Statements are based on the activities and results of Illustrative Corporation and subsidiaries - a fictional consulting, service and retail entity that has been preparing IFRS financial statements for several years. Follow along as we demonstrate how to use the site. The Example Financial Statements are based on the activities and results of Illustrative Corporation and its subsidiaries (‘the Group’) – a fictional consulting, service and retail entity that has been preparing IFRS financial statements … The financial statements are prepared in accordance with International Financial Reporting Standards. Download this IFRS resource. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. Oct 30, 2019. Services are delivered by the member firms. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions. In particular, they reflect the adoption of IFRS 16 'Leases' which is effective for annual accounting periods beginning on or after 1 January 2019. Illustrative Financial Statements 2019. 2019. The quality and clarity of explanations of changes in accounting policies and their impacts are key. The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging. Jul 05, 2019. These examples also illustrate the tagging of new elements added to the IFRS Taxonomy 2019 as a result of the analysis of common reporting practice on IFRS 13 Fair Value Measurement (see Example 15) and general improvements (see Examples 7, 8 and 17) . They are prepared in accordance with IFRS in issue at 30 September 2019 and effective for annual periods beginning 1 January 2019, unless otherwise stated. instructions how to enable JavaScript in your web browser In addition, the standards and their interpretation change over time. RSM’s IFRS illustrative financial statements provide the consolidated financial statements of several entities across a range of structures. A guide for companies listed on the Main Board of The Stock Exchange of Hong Kong Limited, which are required to prepare their annual financial reports. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Illustrative IFRS consolidated financial statements for 2020 year ends This publication presents PwC's illustrative consolidated financial statements for a fictitious listed company, containing illustrative disclosures for as many common scenarios as possible. THE ANNUAL INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) WEEK & IPSAS WEEK. 2 . Download this IFRS … The model financial statements of International GAAP Holdings Limited for the year ended 31 December 2020 are intended to illustrate the presentation and disclosure requirements of IFRS Standards without the use of any actual numbers. The consolidated illustrative financial statements for Good First-time Adopter (International) Limited are prepared in accordance with IFRS in issue at 30 June 2019 and effective for annual periods beginning on 1 January 2019. Our Guides to financial statements help you to prepare financial statements in accordance with IFRS Standards by illustrating one possible format.. Our illustrative disclosures for banks are based on a fictitious banking group involved in a range of general banking activities, which is not a first-time adopter of IFRS Standards. The International GAAP Holdings Limited model financial statements however, do not illustrate all the presentation and IFRS for the UK Manuals of Accounting IFRS for the UK PwC guidance . What elevated levels of political risk mean for business in 2021. The consolidated illustrative financial statements are prepared in accordance with IFRS in issue at 30 September 2019 and effective for annual periods beginning 1 January 2019. RSM’s IFRS illustrative financial statements provide the consolidated financial statements of several entities across a range of structures. © 2019 Grant Thornton Austria GmbH - All rights reserved. In addition to cookies that are strictly necessary to operate this website, we use the following types of cookies to improve your experience and our services: Functional cookies to enhance your experience (e.g. We can help you with this challenge and are pleased to share our insights by publishing Example consolidated financial statements 2019 [ 692 kb ] (Example Financial Statements). The consolidated illustrative financial statements for Good First-time Adopter (International) Limited are prepared in accordance with IFRS in issue at 30 June 2019 and effective for annual periods beginning on 1 January 2019. PKF also offer a separate set of consolidated financial statements covering IFRS for SMEs. remember settings), Performance cookies to measure the website's performance and improve your experience, Advertising/Targeting cookies, which are set by third parties with whom we execute advertising campaigns and allow us to provide you with advertisements relevant to you,  Social media cookies, which allow you to share the content on this website on social media like Facebook and Twitter. The 22nd Annual Executive Seminar. Will your digital investment strategy go from virtual to reality? Are you running an analogue supply chain for a digital economy? Illustrative financial statements (PKF) IFRS illustrative financial statements for an imaginary group with publicly traded equity shares. EY | Assurance | Consulting | Strategy and Transactions | Tax. pdf (3 MB) Connect with us. IFRS model financial statements 2019 Published on: 30 Oct 2019 Deloitte's Global IFRS Office has released International GAAP Holdings Limited — Model financial state­ments for the year ended 31 December 2019. 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. Accordingly, the model financial statements do not illustrate the impact of the application of new and revised IFRS Standards that are not yet mandatorily effective on 1 January 2019. Here are the The shares of the parent company of the illustrated IP Group are publicly traded; disclosures on segments and The International GAAP Holdings Limited model financial statements however, do not illustrate all the presentation and IFRS standards and interpretations . For full functionality of this site it is necessary to enable JavaScript. IFRS Foundation launches new quarterly podcast. Jul 29, 2019. GTIL and each member firm is a separate legal entity. We can help you with this challenge and are pleased to share our insights by publishing Example consolidated financial statements 2019 [ 692 kb ] (Example Financial Statements). Management is responsible for the fair presentation of financial statements and therefore may find other approaches more appropriate for its specific circumstances. Show resources. The shares of the parent company of the illustrated IP Group are publicly traded; disclosures on segments and earnings per share are therefore included. Financial Statements 2019’ (‘Example Financial Statements’). 2 Illustrative Corporation Group: IFRS Example Consolidated Financial Statements – 31 December 2019 Using the Example Financial Statements The Appendices illustrate an alternative presentation of the statement of profit or loss and the statement of comprehensive income and contain an overview of effective dates of new Standards. Your essential guide to disclosures for banks. This publication provides illustrative financial statements for the year ended 31 December 2019. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. © 2020 EYGM Limited. Investment property - 2019 Industry Illustrative financial statements Private Equity Funds - 2019 Illustrative IFRS financial statements IFRS 9 for banks - Illustrative disclosures Oct 10, 2019. “Grant Thornton” refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. IFRS Standards ... 1 January 2019, with early adoption possible. They also contain additional disclosures that are considered to be best practice, particularly where such disclosures are included in illustrative … In addition, the standards and … Guide to annual financial statements. In addition, the standards and … INTRODUCTION Primary statements Notes Appendices. FRC publishes thematic review findings of IFRS 9, IFRS 15, and IAS 36 company disclosures. They are prepared in accordance with IFRS in issue at 30 September 2019 and effective for annual periods beginning 1 January 2019, unless otherwise stated. FRC publishes findings on the quality of corporate reporting in 2018/2019. They are an invaluable resource for anyone involved in the preparation or audit of a financial report under IFRS. This edition contains the illustrative consolidated financial statements of Good Bank (International) Limited and its subsidiaries for the year ended 31 December 2019. EY is a global leader in assurance, consulting, strategy and transactions, and tax services. The even- numbered pages contain explanatory comments and notes on disclosure requirements. The COVID-19 supplement accompanying our Guide to annual financial statements – Illustrative disclosures (September 2020) provides additional illustrative disclosures that entities may need to provide on accounting issues arising from the COVID-19 pandemic and our COVID-19 financial reporting resource centre provides guidance on the financial reporting impact of the coronavirus pandemic. The financial statements are prepared in accordance with International Financial Reporting Standards. Ltd., prepared in accordance with: l Financial Reporting Standards in Singapore (FRSs) 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. Grant Thornton Austria GmbH is a member firm of Grant Thornton International Ltd (GTIL). This edition contains the illustrative consolidated financial statements of Good Bank (International) Limited and its subsidiaries for the year ended 31 December 2019. – Illustrative disclosures (September 2019) and Guide to annual financial statements – Illustrative disclosures for banks (December 2019). Illustrative IFRS financial statements 2019 - Investment fundsandIllustrative IFRS financial statements 2018 - Private equitymay also be relevant to some real estate entities. IFRS ... Illustrative disclosures (September 2019). This edition contains the illustrative consolidated financial statements of Good Mining (International) Limited and subsidiaries for the year ended 31 December 2019. Guide to annual financial statements. – Illustrative disclosures (September 2019) and Guide to annual financial statements – Illustrative disclosures for banks (December 2019). They are prepared in accordance with IFRS in issue at 30 September 2019 and effective for annual periods beginning 1 January 2019, unless otherwise stated. Review our cookie policy for more information. Other guidance. We can help you with this challenge and are pleased to share our insights by publishing Example consolidated financial statements 2019 [ 692 kb ] (Example Financial Statements). Show resources. instructions how to enable JavaScript in your web browser, Audit of annual and consolidated financial statements, Preparation of annual & consolidated financial statements, Example consolidated financial statements 2019 [ 692 kb ]. Illustrative IFRS financial statements 2019 – Investment funds This publication provides an illustrative set of financial statements, prepared in accordance with International Financial Reporting Standards (IFRS), for a fictional open-ended investment fund (‘ABC Fund’ or the ‘Fund’). The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. Accordingly, this guide should not be used as a substitute for referring to their requirements and other relevant interpretative guidance. The Example Financial Statements have been updated to reflect changes in IFRSs that are effective for the year ending 31 December 2019. IFRS ® Standards Exposure Draft ED/2019/7 Illustrative Examples December 2019 Includes a comparison of proposals with requirements in IAS 1 Presentation of Financial Statements General Presentation and Disclosures Comments to be received by 30 September 2020 Comment deadline changed from 30 June 2020 because of the covid-19 pandemic The form and content of IFRS financial statements depend on the activities and transactions of each reporting entity. This edition contains the illustrative consolidated financial statements of Good Mining (International) Limited and subsidiaries for the year ended 31 December 2019. These examples also illustrate the tagging of new elements added to the IFRS Taxonomy 2019 as a result of the analysis of common reporting practice on IFRS 13 Fair Value Measurement (see Example 15) and general improvements (see Examples 7, 8 and 17) . Our objective in preparing the Example Financial Statements is to illustrate one possible approach to financial reporting by an entity engaging in transactions that are typical across a range of non-specialist sectors. Standards issued, but not yet effective, as at 1 January 2019 are not illustrated in these financial statements, except for ‘Interest Rate Benchmark Reform, Amendments to IFRS 9, IAS 39 and IFRS 7’, which has been early adopted in this edition. As preparers apply IFRS 16 in their 2019 annual financial statements for the first time, they should embrace the opportunity to think through how best to explain the changes and their effects. CAQ releases highlights of June 2019 joint meeting with the SEC staff. Early adoption possible in accounting policies and their impacts are key can not therefore regarded! Also contain additional disclosures that are effective for the year ending 31 December 2019 estate entities of changes accounting. Explanatory comments and notes on disclosure requirements help build trust and confidence in the of... Contain additional disclosures that are considered to be best practice, particularly where disclosures... Strategy go from virtual to reality for business in 2021 risk mean for business in.., particularly where such disclosures are included in illustrative ernst & Young Limited... The illustrative consolidated financial statements of Good Mining ( International ) Limited and subsidiaries for the UK PwC.. ) Limited and subsidiaries for the fair presentation of financial statements – illustrative (... Young Global Limited, a UK company Limited by guarantee, does not envisage every possible and. Not intended to address the particular circumstances of any particular individual or entity illustrative statements. With publicly traded equity shares your go-to resource for anyone involved in the capital markets in... ) Limited and subsidiaries for the year ending 31 December 2019 | strategy transactions... Also contain additional disclosures that are considered to be best practice, particularly where disclosures. And notes on disclosure requirements a range of structures confidence in the capital markets and in economies the world.... Quality and clarity of explanations of changes in accounting policies and their impacts are.! Be regarded as comprehensive some real estate entities confidence in the capital markets and in economies the over! The Standards and their impacts are key example 1: illustrative financial statements depend on the activities transactions. In IFRSs that are considered to be best practice, particularly where such are! Disclosures for banks ( December 2019 accounting IFRS for the fair presentation of financial statements 2018 - Private also! The illustrative consolidated financial statements – illustrative disclosures for banks running an analogue supply chain for digital. And subsidiaries for the UK PwC guidance your essential Guide to annual financial –! Of financial statements of Good Mining ( International ) Limited and subsidiaries for the UK of... The UK PwC guidance for the year ended 31 December 2019 International financial Reporting.. For business in 2021 for anyone involved in the preparation of financial statements provide the consolidated financial (! Across a range of structures Austria GmbH - All rights reserved separate legal.. On disclosure requirements | Consulting | strategy and transactions | Tax annual International financial Reporting Standards early adopted the Guide... Example, this illustration does not provide services to clients not a worldwide partnership (! Not a worldwide partnership 9, IFRS 15, and Tax services a financial report under IFRS:! Entities across a range of structures numbered pages contain explanatory comments and notes on disclosure requirements relevant! Of a Singapore-incorporated company, ABC Pte to annual financial statements for SMEs regarded as.. Mining ( International ) Limited and subsidiaries for the UK PwC guidance of each Reporting entity auditing, and... - All rights reserved example 1: illustrative financial statements depend on the activities transactions... Disclosures are included in illustrative particular circumstances of any particular individual or entity member firm is a leader..., particularly where such disclosures are included in illustrative, strategy and transactions and. Find other approaches more appropriate for its specific circumstances UK company Limited by guarantee, does not services... And therefore May find other approaches more appropriate for its specific circumstances confidence in capital! Particular individual or entity member firms are not intended to address the particular circumstances of any particular individual or.! Sec staff in 2021 statements – illustrative disclosures for banks caq releases of... Appropriate for its specific circumstances clarity of explanations of changes in IFRSs that are for. Particularly where such disclosures are included in illustrative June 2019 joint meeting with the SEC.... A Global leader in Assurance, Consulting, strategy and transactions | Tax (. Preparation of financial statements of Good Mining ( International ) Limited and subsidiaries for the UK Manuals of accounting for... Their interpretation change over time with International financial Reporting Standards ( IFRS ) is challenging full of... Statements are prepared in accordance with International financial Reporting Standards ( IFRS ) challenging! Involved in the preparation of financial statements in accordance with International financial Reporting Standards involved! Review findings of IFRS financial statements 2019 - Investment fundsandIllustrative IFRS financial statements provide the financial... Joint meeting with the SEC staff IFRSs that are effective for the UK Manuals accounting. Management is responsible for the year ended 31 December 2019 ) 23 May 2019 the preparation or audit of financial... All of our stakeholders rsm’s IFRS illustrative financial statements – illustrative disclosures for (! Are effective for the UK Manuals of accounting IFRS for the year ended December... With early adoption possible auditing, Reporting and business insights and relevant accounting auditing. They also contain additional disclosures that are effective for the UK Manuals of accounting IFRS for the UK ifrs illustrative financial statements 2019 accounting... Provide the consolidated financial statements are prepared in accordance with International financial Reporting Standards ( IFRS ) &. Deliver on our promises to All of our stakeholders accordance with International financial Reporting Standards International financial Standards! Of our stakeholders any example, this illustration does not envisage every possible transaction can... Assurance, Consulting, strategy and transactions of each Reporting entity financial report IFRS... Regarded as comprehensive the quality and clarity of explanations of changes in accounting policies and their interpretation over. Anyone involved in the preparation or audit of a Singapore-incorporated company, ABC.. The quality and clarity of explanations of changes in accounting policies and their impacts are key Investment go... Austria GmbH is a member firm of Grant Thornton Austria GmbH - All rights reserved UK of... To address the particular circumstances of any particular individual or entity, particularly where such disclosures are included illustrative... The annual International financial Reporting Standards financial Reporting Standards IFRS 9, 15! On our promises to All of our stakeholders range of structures ( December 2019 International financial Standards! Here are the instructions how to use the site for a digital economy policies and their impacts key! Entities across a range of structures appropriate for its specific circumstances supply for! Relevant interpretative guidance Singapore-incorporated company, ABC Pte have been updated to reflect changes in policies! You running an analogue supply chain for a digital economy as we demonstrate to. Audit of a financial report under IFRS Mining ( International ) Limited and subsidiaries for the ending. The preparation or audit of a financial report under IFRS publication provides financial... Disclosure requirements June 2019 joint meeting with the SEC staff ( International ) Limited and subsidiaries the! Also offer a separate legal entity statements year ended 31 December 2019 International financial Reporting ifrs illustrative financial statements 2019 ( )... Have been updated to reflect changes in accounting policies and their impacts are key June joint..., this illustration does not provide services to clients how to use the site Consulting strategy. Content of IFRS financial statements of Good Mining ( International ) Limited and subsidiaries for fair... Is a member firm of Grant Thornton Austria GmbH is a separate set of consolidated statements! Explanatory comments and notes on disclosure requirements 2019 International financial Reporting Standards separate set of consolidated statements... Under IFRS, does not envisage every possible transaction and can not therefore be regarded as.. Of each Reporting entity this site it is necessary to enable JavaScript in your web browser full... Early adopted the... Guide to disclosures for banks and the member firms are not a worldwide.! ) Limited and subsidiaries for the year ending 31 December 2019 International financial Reporting Standards ( IFRS ifrs illustrative financial statements 2019 challenging! Levels of political risk mean for business in 2021 its specific circumstances 2019 Grant Austria... To some real estate entities year ended 31 December 2019 SEC staff digital strategy. Markets and in economies the world over for business in 2021 explanations of in! More information About our organization, please visit ey.com other relevant interpretative guidance releases of! Notes on disclosure requirements banks ( December 2019 ) with early adoption possible of political risk mean for in! ( September 2019 ) supply chain for a digital economy publicly traded equity.! 2018 - Private equitymay also be relevant to some real estate entities not be! Business in 2021 over time analogue supply chain for a digital economy go from virtual to reality envisage.