IFRS Model Financial Statements for 2011 |
IFRS Model Financial Statements for 2011 (without early application)
These model financial statements illustrate the application of the presentation and disclosure requirements of International Financial Reporting Standards (IFRSs) for the year ended 31 December 2011 by an entity that is not a first-time adopter of IFRSs. They also contain additional disclosures that are considered to be best practice, particularly where such disclosures are included in illustrative examples provided with a specific Standard.
The model financial statements illustrate the impact of a number of new and revised Standards and Interpretations that are mandatorily effective on 1 January 2011. However, they do not illustrate the impact of early adoption of new and revised Standards and Interpretations that are not yet mandatorily effective on 1 January 2011 (e.g. IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities).
Contents
Consolidated statement of comprehensive income
Alt 1 – Single statement presentation, with expenses analyzed by function
Alt 2 – Presentation as two statements, with expenses analyzed by nature
Consolidated statement of financial position
Consolidated statement of changes in equity
Consolidated statement of cash flows
Alt 1 – Direct method of reporting cash flows from operating activities
Alt 2 – Indirect method of reporting cash flows from operating activities
Notes to the consolidated financial statements
Auditor's report
IFRS Model Financial Statements for 2011 including early adoption
These model financial statements illustrate the application of the presentation and disclosure requirements of International Financial Reporting Standards (IFRSs) for the year ended 31 December 2011 by an entity that is not a first-time adopter of IFRSs.
The model financial statements illustrate the impact of a number of new and revised Standards and Interpretations that are mandatorily effective on 1 January 2011 and the impact of the early application of new and revised Standards that are not yet mandatorily effective on 1 January 2011 (e.g. IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities and amendments to IAS 1, IAS 12, and IAS 19). They also contain additional disclosures that are considered to be best practice, particularly where such disclosures are included in illustrative examples provided with a specific Standard.
Contents
Section 1 – Overview of new and revised International Financial Reporting Standards (IFRSs)
Section 2 – Model financial statements of International GAAP Holdings Limited for the year 14 ended 31 December 2011 (no early adoption of any new and revised IFRSs)
Section 3 – Examples of early application of a number of new and revised Standards
Appendix 1 – IFRS 9 Financial Instruments (as revised in 2010)
Appendix 2 – A package of five new and revised standards on consolidation, joint arrangements, associates and disclosures 196(issued in May 2011)
Appendix 3 – Amendments to IAS 1 titled Presentation of Items of Other Comprehensive Income
Appendix 4 – Amendments to IAS 12 titled Deferred Tax – Recovery of Underlying Assets
Appendix 5 – IAS 19 Employee Benefits (as revised in 2011)
IFRS Model Financial Statements for 2011 (without early application)
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