Example: stock market

Good Group (International) Limited - www.IFRS.com

good Group ( international ) Limited international GAAP Illustrative Financial Statements Based on international Financial Reporting Standards in issue at 31 August 2007 CONTENTS iCONTENTS Abbreviations and Key .. iii Introduction ..1 General Information ..8 Independent auditors report to the shareholders of good Group ( international ) Limited ..9 Consolidated income statement ..10 Consolidated balance Consolidated statement of changes in equity ..13 Consolidated cash flow statement ..15 Notes to the consolidated financial statements ..17 1. Corporate information ..17 Basis of Changes in accounting policy and disclosures ..18 Significant accounting judgments, estimates and assumptions ..19 Summary of significant accounting policies.

INTRODUCTION GOOD GROUP (INTERNATIONAL) LIMITED INTERNATIONAL GAAP® ILLUSTRATIVE FINANCIAL STATEMENTS 2 IFRS as at 31 August 2007 The standards applied in these financial statements are the versions that were in issue as at 31 August 2007.

Tags:

  International, Limited, Good, Group, Ifrs, Good group

Information

Domain:

Source:

Link to this page:

Please notify us if you found a problem with this document:

Other abuse

Transcription of Good Group (International) Limited - www.IFRS.com

1 good Group ( international ) Limited international GAAP Illustrative Financial Statements Based on international Financial Reporting Standards in issue at 31 August 2007 CONTENTS iCONTENTS Abbreviations and Key .. iii Introduction ..1 General Information ..8 Independent auditors report to the shareholders of good Group ( international ) Limited ..9 Consolidated income statement ..10 Consolidated balance Consolidated statement of changes in equity ..13 Consolidated cash flow statement ..15 Notes to the consolidated financial statements ..17 1. Corporate information ..17 Basis of Changes in accounting policy and disclosures ..18 Significant accounting judgments, estimates and assumptions ..19 Summary of significant accounting policies.

2 20 Future changes in accounting policies ..33 3. Business combinations and acquisition of minority 4. Interest in a joint 5. Segment information ..36 6. Other revenues and expenses ..39 7. Income tax ..41 8. Discontinued operation ..43 9. Earnings per share ..45 10. Dividends paid and proposed ..45 11. Property, plant and equipment ..46 12. Investment properties ..47 13. Intangible assets ..48 14. Investment in an 15. Impairment testing of goodwill and intangibles with indefinite lives ..49 16. Available-for-sale 17. Other financial assets (non-current) ..51 18. Share-based payment plans ..51 19. Pensions and other post-employment benefit plans ..53 20. 21. Trade and other receivables (current).

3 56 22. Cash and short-term deposits ..57 CONTENTS good Group ( international ) Limited international GAAP ILLUSTRATIVE FINANCIAL STATEMENTS ii 23. Issued capital and reserves ..58 24. Interest-bearing loans and borrowings ..60 25. Provisions ..61 26. Government grants ..62 27. Trade and other payables (current)..62 28. Other financial liabilities ..62 29. Commitments and 30. Related party 31. Financial risk management objectives and policies ..66 32. Financial instruments ..69 33. Events after the balance sheet Appendix 1 Consolidated Income statement (example of expenses disclosed by nature) ..71 Appendix 2 Consolidated Cash flow statement Direct method ..72 Appendix 3 Segment Reporting under IAS 14 Segment Appendix 4 Illustrative disclosures for an entity that applied ifrs 1 when it first adopted ifrs .

4 78 Appendix 5 Illustrative disclosures for a first-time adopter of ifrs ..79 Appendix 6 XBRL: The Exchange Of Interactive Financial Reporting Data ..84 Index ..87 ABBREVIATIONS AND KEY iiiABBREVIATIONS AND KEY The following styles of abbreviation are used in the international GAAP Illustrative Financial Statements: IAS international Accounting Standard No. 33, paragraph 41 IAS international Accounting Standard No. 1, Basis for Conclusions, paragraph 13 ifrs international Financial Reporting Standard No. 2, paragraph 44 SIC Standing Interpretations Committee Interpretation No. 29, paragraph 6 IFRIC international Financial Reporting Interpretations Committee Interpretation No. 4, paragraph 6 IAS IAS 39 Financial Instruments: Recognition and Measurement Guidance on Implementing IAS 39 Section G: Other, paragraph IAS IAS 39 Financial Instruments: Recognition and Measurement Appendix A Application Guidance, paragraph AG71 ISA international Standard on Auditing No.

5 700, paragraph 25 Commentary The commentary explains how the requirements of ifrs have been implemented in arriving at the illustrative disclosure. GAAP Generally Accepted Accounting Practice IASB international Accounting Standards Board INTRODUCTION 1 INTRODUCTION This publication contains the consolidated financial statements of a fictitious company, good Group ( international ) Limited , a manufacturing company with subsidiaries ( the Group ), incorporated and listed in Euroland, with a reporting date of 31 December 2007. Euroland is a fictitious country within Europe, whose currency is euros. The functional currency of the parent and the presentation currency of the Group is euros. ifrs references are shown on the right hand side of each page of the financial statements indicating the specific ifrs paragraph that outlines the actual accounting treatment or disclosure adopted for that particular line item or block of narrative.

6 These illustrative financial statements are not intended to satisfy country or stock market regulations in any given jurisdiction and may have to be altered to meet such requirements. These financial statements are illustrative only, and do not attempt to show all possible accounting and disclosure requirements. In case of doubt as to the requirements, it is essential to refer to the relevant source and, where necessary, to seek appropriate professional advice. Please note that, although the illustrative financial statements are intended to illustrate common disclosures expected to be present in the financial statements of a large manufacturing company, they should not be regarded as including every possible disclosure. international Financial Reporting Standards ( ifrs ) The abbreviation ifrs is defined in paragraph 5 of the Preface to international Financial Reporting Standards to include standards and interpretations approved by the IASB, and international Accounting Standards (IASs) and SIC interpretations issued under previous Constitutions.

7 Thus, when financial statements are described as complying with ifrs , this means that they comply with the entire hierarchy of pronouncements sanctioned by the IASB including international Accounting Standards, international Financial Reporting Standards and Interpretations originated by the international Financial Reporting Interpretations Committee or the former Standing Interpretations Committee. The international Financial Reporting Interpretations Committee (IFRIC) The international Financial Reporting Interpretations Committee (IFRIC) is a committee appointed by the IASC Foundation Trustees that assists the IASB in establishing and improving standards of financial accounting and reporting for the benefit of users, preparers and auditors of financial statements. The IFRIC addresses issues of reasonably widespread importance, rather than issues of concern to only a small set of entities.

8 Its interpretations cover both: x newly identified financial reporting issues not specifically addressed in ifrs ; and x issues where unsatisfactory or conflicting interpretations have developed, or seem likely to develop in the absence of authoritative guidance, with a view to reaching a consensus on the appropriate treatment. INTRODUCTION good Group ( international ) Limited international GAAP ILLUSTRATIVE FINANCIAL STATEMENTS 2 ifrs as at 31 August 2007 The standards applied in these financial statements are the versions that were in issue as at 31 August 2007. It is important to note that these financial statements require continual updating, as standards are issued and/or revised by the IASB. Standards applied in these financial statements are: international Financial Reporting Standards ( ifrs ) ifrs 2 Share-based Payment ifrs 3 Business Combinations ifrs 5 Non-current Assets Held for Sale and Discontinued Operations ifrs 7 Financial Instruments.

9 Disclosures ifrs 8* Operating Segments international Accounting Standards (IAS) IAS 1 Presentation of Financial Statements IAS 2 Inventories IAS 7 Cash Flow Statements IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors IAS 10 Events after the Balance Sheet Date IAS 12 Income Taxes IAS 14 Segment Reporting (illustrated in Appendix 3) IAS 16 Property, Plant and Equipment IAS 17 Leases IAS 18 Revenue IAS 19 Employee Benefits IAS 20 Accounting for Government Grants and Disclosure of Government Assistance IAS 21 The Effects of Changes in Foreign Exchange Rates IAS 23 Borrowing Costs IAS 24 Related Party Disclosures IAS 27 Consolidated and Separate Financial Statements IAS 28 Investments in Associates IAS 31 Interests in Joint Ventures IAS 32 Financial Instruments: Presentation IAS 33 Earnings per Share IAS 36 Impairment of Assets IAS 37 Provisions, Contingent Liabilities and Contingent Assets IAS 38 Intangible Assets IAS 39 Financial Instruments.

10 Recognition and Measurement IAS 40 Investment Property INTRODUCTION 3 Interpretations IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities IFRIC 4 Determining whether an Arrangement contains a Lease IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds IFRIC 6 Liabilities arising from Participating in a Specific Market Waste Electrical and Electronic Equipment IFRIC 8 Scope of ifrs 2 IFRIC 9 Reassessment of Embedded Derivatives IFRIC 10 Interim Financial Reporting and Impairment IFRIC 11* ifrs 2 - Group and Treasury Share Transactions SIC 12 Consolidation Special Purpose Entities SIC 13 Jointly Controlled Entities Non-Monetary Contributions by Venturers SIC 15 Operating Leases Incentives SIC 21 Income Taxes Recovery of Revalued Non-Depreciable Assets SIC 27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease SIC 32 Intangible Assets Web Site Costs The following Standards and Interpretations have nnot been illustrated in these


Related search queries