IFRS Illustrative Consolidated Financial Statements 2015

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Transcript of IFRS Illustrative Consolidated Financial Statements 2015

  • IFRS ILLUSTRATIVE CONSOLIDATEDFINANCIAL STATEMENTSFor the year ended 31 December 2015

    THE POWER OF BEING UNDERSTOODAUDIT | TAX | CONSULTING

    Audit and assurance | IFRS

  • IFRS Illustrative Consolidated Financial Statements RSM International Limited has prepared a model set of consolidated financial statements for a fictitious company called IFRS Statements Limited which, for the purpose of the exercise, is described as a company listed in Big City Stock Exchange and incorporated and domiciled in a fictitious country, Newland. No such company or jurisdiction exists and any preparers of financial statements will need to ensure that their financial statements comply with local laws as well as all relevant International Financial Reporting Standards (IFRS). The consolidated financial statements assume that IFRS Statements Limited is an existing IFRS preparer and is trading internationally as well as in its own country of incorporation and actively expanding. Accordingly, it is not a first-time adopter of IFRS. First-time adopters should instead refer to IFRS 1 First-time Adoption of International Financial Reporting Standards. The illustrative financial statements do not include separate financial statements for the parent, which may be required by local laws or regulations, or may be prepared voluntarily. Where an entity presents separate financial statements that comply with IFRS, the requirements of IAS 27 Separate Financial Statements will then apply to those separate financial statements. The IFRS consolidated financial statements have been prepared according to all relevant standards and interpretations in force as at 31 December 2015. Suggested disclosures are cross-referenced to the underlying requirements in the texts of the relevant standards and interpretations. References are generally to the version of the relevant standard or interpretation mandatorily effective for the 2015 financial statements. Whilst the illustrative financial statements illustrate many presentation and disclosure requirements for the consolidated financial statements of the fictitious group of companies that report under International Financial Reporting Standards, the financial statements do not purport to be all inclusive. No single set of example financial statements can illustrate all possible presentations or required disclosures. Common additional and alternative disclosures are illustrated in the appendices. In practice, many entities will have followed special transitional rules that depended on when individual new standards were adopted or IFRS were applied for the first time. The model financial statements represent one form of presentation. Alternative presentations of IFRS may be appropriate and acceptable. The preparation of financial statements complying with IFRS is the responsibility of the management of the relevant entity. Accordingly, the model financial statements provided cannot be taken as a definitive reference; they do not replace the need for professional judgement having regard to relevant standards and other requirements and all the relevant circumstances relating to the issue under review. For the avoidance of doubt, the model financial statements are not based on any actual legal framework in any one or more jurisdictions. Although the illustrative consolidated financial statements have been prepared by RSM International Limited, the views expressed are the consolidated views of a group of professionals known as RSM IFRS Advisory Committee and not those of any Member Firm of RSM International Limited itself. The copyright in this published work belongs to and vests in RSM International Association and all rights are reserved. No part of this publication may be reproduced, stored in any system or transmitted in any form or by any means whether electronic, mechanical, photocopying, recording or otherwise without the prior permission in writing of RSM International Association.

  • CONTENTS

    CONSOLIDATED FINANCIAL STATEMENTS Page

    Consolidated Statement of Profit or Loss 1

    Consolidated Statement of Comprehensive Income 2

    Consolidated Statement of Financial Position 3

    Consolidated Statement of Changes in Equity 4

    Consolidated Statement of Cash Flows 5

    Notes 6

    APPENDICES

    APPENDIX 1 Consolidated Statement of Profit or Loss by nature of expense 60

    APPENDIX 2 Consolidated Statement of Profit or Loss using a columnar approach to discontinued operations 62

    APPENDIX 3 Consolidated Statement of Financial Position in order of liquidity 63

    APPENDIX 4 Investment Properties 65

    APPENDIX 5 Construction Contracts 67

    KEY TO DISCLOSURE REFERENCES

    IASXpY Paragraph Y of International Accounting Standard X

    IFRSXpY Paragraph Y of International Financial Reporting Standard X

    IFRICX International Financial Reporting Interpretations Committee number X

    SIC-X Standing Interpretations Committee number X

    These consolidated financial statements are presented in CU.

    Unless otherwise stated, all amounts are expressed in thousands of CU.

    Decimal symbol is dot (.) and digit-grouping symbol is comma (,)

  • IAS1p51(a) IFRS STATEMENTS LIMITED IAS1p49;51(b),(c) CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015

    Page 1

    ILLUSTRATIVE IFRS CONSOLIDATED FINANCIAL STATEMENTS

    IAS1p10(b);10A CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31 DECEMBER 2015

    This illustrates the presentation of comprehensive income in two statements, by function of expense.

    IAS1p10(ea)

    2015 2014

    IAS1p113;51(d),(e)

    Notes CU'000 CU'000

    IAS1p82(a) Revenue 3 22,803 15,160

    IAS1p99;103 Cost of sales 4 (18,697) (11,720)

    IAS1p85 GROSS PROFIT 4,106 3,440

    IAS1p99;103 Distribution costs 4 (889) (747)

    IAS1p99;103 Administrative expenses 4 (1,222) (1,015)

    IAS1p99;103 Other operating expenses 4 (42) (130)

    IAS1p82(b) Finance costs 5 (110) (111)

    IAS1p85 Finance income 5 19 16

    IAS1p82(c) Share of the profit (loss) of associates 13 140 300

    IAS1p85;94 Gain (loss) on disposal of available-for-sale financial assets 6 63 18

    IFRS3p42 Gain (loss) on revaluation of an associate becoming a subsidiary 17 490 -

    IAS1p85 PROFIT BEFORE TAX 2,555 1,771

    IAS1p82(d) Income tax expense 7 (682) (562)

    IAS1p85 PROFIT FOR THE YEAR FROM CONTINUING OPERATIONS 1,873 1,209

    IAS1p82(ea) LOSS FOR THE YEAR FROM DISCONTINUED OPERATIONS 21 (110) (226)

    IAS1p81A(a) PROFIT FOR THE YEAR 1,763 983

    PROFIT FOR THE YEAR ATTRIBUTABLE TO:

    IAS1p81B(a)(ii) Owners of the parent company 1,658 931

    IAS1p81B(a)(i) Non-controlling interests 105 52

    1,763 983

    EARNINGS PER SHARE Cents Cents

    BASIC 8

    IAS33p66;67;67A Continuing operations 4.34 3.53

    IAS33p68;68A;69 Discontinued operations (0.27) (0.69)

    IAS33p66;67;67A Total basic earnings per share 4.07 2.84

    DILUTED 8

    IAS33p66;67;67A Continuing operations 4.25 3.30

    IAS33p68;68A;69 Discontinued operations (0.26) (0.65)

    IAS33p66;67;67A Total diluted earnings per share 3.99 2.65

  • IAS1p51(a) IFRS STATEMENTS LIMITED IAS1p49;51(b),(c) CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015

    Page 2

    ILLUSTRATIVE IFRS CONSOLIDATED FINANCIAL STATEMENTS

    IAS1p10(b);10A CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2015

    IAS1p10(ea)

    2015 2014

    IAS1p113;51(d),(e)

    Notes CU'000 CU'000

    IAS1p10A;81A(a) PROFIT FOR THE YEAR 1,763 983

    OTHER COMPREHENSIVE INCOME

    IAS1p82A(a) ITEMS THAT WILL NOT BE RECLASSIFIED SUBSEQUENTLY TO PROFIT OR LOSS

    IAS19p120(c) Remeasurement of the net defined benefit liability / asset 26 (100) (36)

    (100) (36)

    IAS1p82A(b) ITEMS THAT WILL BE RECLASSIFIED SUBSEQUENTLY TO PROFIT OR LOSS WHEN SPECIFIC CONDITIONS ARE MET

    IAS1p82A Exchange translation difference 32 72 54

    IAS1p82A Gains on available-for-sale financial assets 6 10 12

    IAS1p92;94 Reclassification adjustments on disposal of available-for-sale financial assets2 6 (63) (18)

    IAS1p82A Cash flow hedges 23 85 51

    IAS1p82A Net investment hedge 23 87 61

    IAS1p90;91(b) Income tax relating to items that may be reclassified1 7 (28) (17)

    163 143

    IAS1p81A(b) OTHER COMPREHENSIVE INCOME FOR THE YEAR - NET OF TAX 63 107

    IAS1p81A(c) TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,826 1,090

    TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO:

    IAS1p81B(b)(ii) Owners of the parent company 1,731 1,047

    IAS1p81B(b)(i) Non-controlling interests 95 43

    1,826 1,090

    IAS1p90

    1Alternatively each component of other comprehensive income can be presented net of tax effect, with income tax relating to each component disclosed in the notes.

    IAS1p94 2Alternatively reclassification adjustments may be presented in the notes.

  • IAS1p51(a) IFRS STATEMENTS LIMITED IAS1p49;51(b),(c) CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015

    Page 3

    ILLUSTRATIVE IFRS CONSOLIDATED FINANCIAL STATEMENTS

    IAS1p10(a) CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2015

    IAS1p10(ea)

    2015 2014

    IAS1p113;51(d),(e)

    Notes CU'000 CU'000

    ASSETS

    IAS1p60 NON-CURRENT ASSETS

    IAS1p54(a) Property, plant and equipment 10 5