IFRS illustrative consolidated financial statements · PDF fileIFRS illustrative consolidated...

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Transcript of IFRS illustrative consolidated financial statements · PDF fileIFRS illustrative consolidated...

  • IFRS illustrative consolidatedfinancial statements

    2017

  • This publication has been prepared for illustrative purposes only and does not constitute accounting or other professional advice, nor is it a substitute for reference to the source standards, interpretations and legislative requirements.

    PKF International Limited accepts no responsibility for losses occasioned by any party acting or not acting as a result of this material.It is produced for use by PKF International Limited network member firms only and should not be circulated outside the network.

  • Table of Contents

    Introduction ................................................................................................................................................................................... 6Consolidated statement of profit or loss and other comprehensive income for the year ended 31 December 20XX ................ 8 Illustrating the presentation in one statement (by function) .................................................................................................... 8 Illustrating the presentation in two statements (by function) ................................................................................................ 10Consolidated statement of financial position at 31 December 20XX ......................................................................................... 12 Net asset presentation .......................................................................................................................................................... 12 Alternative presentation ........................................................................................................................................................ 14Consolidated statement of changes in equity for the year ended 31 December 20XX ............................................................. 17Consolidated statement of cash flows for the year ended 31 December 20XX ........................................................................ 20 Direct method ........................................................................................................................................................................ 20 Indirect method ..................................................................................................................................................................... 21Notes to the financial statements ............................................................................................................................................... 23 1. Basis of preparation ...................................................................................................................................................... 23 2. Accounting policies ....................................................................................................................................................... 26 3. Accounting estimates and judgements ........................................................................................................................ 37 4. Segmental reporting ..................................................................................................................................................... 42 5. Revenue ........................................................................................................................................................................ 47 6. Disclosure of expenses ................................................................................................................................................. 48 7. Gains and losses in respect of financial instruments ................................................................................................... 49 8. Staff costs ..................................................................................................................................................................... 49 9. Investment income........................................................................................................................................................ 49 10. Finance costs ................................................................................................................................................................ 49 11. Income tax expense ...................................................................................................................................................... 50 12. Discontinued operations ............................................................................................................................................... 51 13. Earnings per share ........................................................................................................................................................ 53 14. Dividends ...................................................................................................................................................................... 54 15. Property, plant and equipment ..................................................................................................................................... 55 16. Investment property ...................................................................................................................................................... 57 17. Goodwill ........................................................................................................................................................................ 58 18. Other intangible assets ................................................................................................................................................. 62 19. Investment in subsidiaries ............................................................................................................................................ 63 20. Investments accounted for using the equity method ................................................................................................... 65 21. Deferred tax .................................................................................................................................................................. 68 22. Inventories ..................................................................................................................................................................... 70 23. Trade receivables .......................................................................................................................................................... 70 24. Notes to the statement of cash flows ........................................................................................................................... 71 25. Business combinations ................................................................................................................................................. 72 26. Share capital and reserves ........................................................................................................................................... 75 27. Finance lease liabilities ................................................................................................................................................. 76 28. Provisions ...................................................................................................................................................................... 76 29. Borrowings .................................................................................................................................................................... 77 30. Retirement benefit obligations ...................................................................................................................................... 78 31. Trade and other payables ............................................................................................................................................. 82

  • 32. Contingent liabilities ...................................................................................................................................................... 82 33. Operating lease commitments ...................................................................................................................................... 82 34. Commitments and contingencies ................................................................................................................................. 83 35. Events after the statement of financial position date ................................................................................................... 84 36. Related parties .............................................................................................................................................................. 85 37. Share based payments ................................................................................................................................................. 86 38. Financial instruments and financial risk management.................................................................................................. 88 39. Capital management ................................................................................................................................................... 101Appendix 1 - Consolidated statement of profit or loss and other comprehensive income ..................................................... 102 Extract of the profit or loss statement by nature................................................................................................................. 103Appendix 2 - Change in accounting policy ...............................................................................................................