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Annual financial statements in accordance with IFRS

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For most companies whose securities are traded on the Tel Aviv Stock Exchange, the annual financial statements as of December 31, 2008 will be the first to be presented in accordance with IFRS. The reports prepared under these standards are most definitely complex and extremely detailed, as reflected in particular by the disclosure requirements.

As part of our mission to deliver genuine added value to our clients and to provide you with useful tools to ease your financial statement preparation process, we have invested much time and thought in order to produce Illustrative Financial Statements which you can use as a resource to facilitate those proceses, each company according to its specific needs.

Following are several points to note:

  • Use of Illustrative Financial statements - The illustrative statements were designed with the intention of maximizing their utility with respect to the multiple possibilities of statements, accounting policies, footnotes, etc. for the most common industries. Accordingly, when using the illustrative Financial Statements as a tool, it is critical to make the necessary adjustments and to "tailor" them as appropriate for each specific company and situation. 
  • Disclosures - IFRS include disclosure requirements that far surpass what you have been accustomed to providing. This will require advance preparation. The Illustrative Financial Statements contemplate most of the common disclosures.             
  • New Professional Pronouncements - The Illustrative Financial Statements are based on the standards, interpretations, and amendments published as of October 13, 2008 by the IASB.
  • Israel Securities Regulations -  The Illustrative Financial Statements also include the presentation and disclosure requirements under the Israel Securities Regulations (Annual Financial Statement Preparation), 1993, applicable to IFRS reporters.
  • Pro Formas - In accordance withe a June 2008 amendment to the Securities Regulations (Periodic and immediate Reports) 1970, the Illustrative Financial Statements include Illustrative Pro Forma Statements. It should be emphasized that the Pro Formas are presented as a separate report, accompanied by a separate auditors' report, and are not to be included in the financial statements.

As mentioned above, the Illustrative Financial Statements reflect IFRS as of October 13, 2008. We will make an effort to update the Illustrative Statements to reflect any new professional pronouncements subsequently issued by the IASB that will be applicable to the 2008 annual financial statements.

You can download the Hebrew IFRS statement repoert examle bellow.

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