The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging. 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.
The Interim Financial Statements illustrate a six month accounting period beginning on 1 January 2020. They are based on the activities and results of Illustrative Corporation Ltd and its subsidiaries (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’ at 30 June 2020.
The Interim Financial Statements have been reviewed and updated to reflect changes in IAS 34 and in other IFRS that are effective for the year ending 31 December 2020.
If you would like to discuss any areas raised in this article, please contact our IFRS expert Christoph Zimmel