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The member firms within Grant Thornton International Ltd (GTIL) have extensive expertise in the application of IFRSs. Grant Thornton International Ltd, through its IFRS team, develops general guidance that supports its member firms’ commitment to high quality, consistent application of IFRSs and is therefore pleased to share these insights by publishing ‘Example Interim Consolidated Financial Statements 2015’ (the Publication).
This Publication reflects the collective experience of Grant Thornton International Ltd IFRS team and member firm IFRS experts, and is intended to illustrate the ‘look and feel’ of IFRS interim financial statements and to provide a realistic example of their presentation.
The Publication illustrates condensed interim financial statements for a six month accounting period beginning on 1 January 2015. It is based on the activities and results of Illustrative Corporation and its subsidiaries (together the Group) – a fictional consulting, service and retail entity that has been preparing IFRS financial statements for several years. The Group produces half-yearly interim financial reports in accordance with IAS 34 ‘Interim Financial Reporting’ (IAS 34) at 30 June 2015.
An entity complying with IAS 34 has a choice of preparing a condensed set of interim financial statements or a full set of IFRS financial statements. This Publication illustrates a condensed set of interim financial statements based on the requirements of IAS 34.8. Where a full set of financial statements is presented in the interim financial report, the form and content of those financial statements are required to conform to the requirements of IAS 1 for a complete set of financial statements (IAS 34.9).
The Publication has been reviewed and updated to reflect changes in IAS 34 and in other IFRSs that are effective for the year ending 31 December 2015.