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Illustrative financial statements - home.kpmg

IFRSI llustrative financial statements October 2012 1 2012 KPMG IFRG Limited, a UK company, limited by guarantee. All rights s new 2 About this publication 3 Independent auditors report on consolidated financial statements 5 Consolidated financial statements 7 Consolidated statement of financial position 9 Consolidated statement of comprehensive income single-statement approach 13 Consolidated statement of changes in equity 17 Consolidated statement of cash flows 21 Notes to the consolidated financial statements 25 AppendicesI New standards or amendments first effective for 2012 and forthcoming

on 1 January 2012 (‘currently effective’ requirements). IFRSs that are effective for annual periods beginning after 1 January 2012 (‘forthcoming’ requirements) have not been adopted early in preparing these illustrative financial statements. However, certain forthcoming requirements have been introduced in the explanatory notes in a

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Transcription of Illustrative financial statements - home.kpmg

1 IFRSI llustrative financial statements October 2012 1 2012 KPMG IFRG Limited, a UK company, limited by guarantee. All rights s new 2 About this publication 3 Independent auditors report on consolidated financial statements 5 Consolidated financial statements 7 Consolidated statement of financial position 9 Consolidated statement of comprehensive income single-statement approach 13 Consolidated statement of changes in equity 17 Consolidated statement of cash flows 21 Notes to the consolidated financial statements 25 AppendicesI New standards or amendments first effective for 2012 and forthcoming

2 Requirements 221 II Consolidated income statement and consolidated statement of comprehensive income two-statement approach 225 III Consolidated statement of cash flows direct method 229IV Example disclosures for entities that early adopt Presentation of Items of Other Comprehensive Income (Amendments to IAS 1 Presentation of financial statements ) 231V Example disclosures for entities that early adopt IFRS 9 financial Instruments (2010) 233VI Example disclosures for entities that early adopt IAS 19 Employee Benefits (2011)

3 255 VII Example disclosures for entities that early adopt IFRS 10 Consolidated financial statements , IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities 269 VIII Example disclosures for interests in unconsolidated structured entities 289IX Example disclosures for entities that early adopt IFRS 13 Fair Value Measurement 291X Example disclosures for entities that require going concern disclosures 299XI Example disclosures for distributions of non-cash assets to owners 301 XII Example disclosures for

4 Government-related entities under IAS 24 Related Party Disclosures 303 XIII Example disclosures for entities with a service concession arrangement 307 Technical guide 310 Other ways KPMG member firm professionals can help 3112 2012 KPMG IFRG Limited, a UK company, limited by guarantee. All rights s new?Major changes from the September 2011 edition of Illustrative financial statements are highlighted by a double-line border running down the left margin of the text within this publication.

5 The major changes include the following. Example disclosures for the adoption of Deferred Tax: Recovery of Underlying Assets (Amendments to IAS 12), which is effective for annual periods beginning on or after 1 January 2012. Three new appendices illustrating example disclosures for the early adoption of: IAS 19 Employee Benefits (2011); IFRS 10 Consolidated financial statements , IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities (2011), including the related amendments arising from Consolidated financial statements , Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance (Amendments to IFRS 10, 11 and 12) (2012).

6 And IFRS 13 Fair Value Measurement (2011). An appendix illustrating example disclosures for the early adoption of IFRS 9 financial Instruments, taking into account the amendments arising from IFRS 9 financial Instruments (2010) and Mandatory Effective Date and Transition Disclosures (Amendments to IFRS 9 and IFRS 7) (2011). In addition, the IASB has issued several other amendments to its standards during the past year. To help identify requirements that are effective for the first time for annual periods beginning on 1 January 2012, and those that are available for early adoption in the period, a new appendix has been introduced to list these new requirements, with cross-references to the related example disclosures when appropriate.

7 3 2012 KPMG IFRG Limited, a UK company, limited by guarantee. All rights this publicationThese Illustrative financial statements have been produced by the KPMG International Standards Group (part of KPMG IFRG Limited) and the views expressed herein are those of the KPMG International Standards publication helps you prepare financial statements in accordance with IFRS. It illustrates one possible format for financial statements based on a fictitious multinational corporation; the corporation is not a first-time adopter of IFRS (see Technical guide ).

8 This publication reflects IFRS in issue at 1 October 2012 that are required to be applied by an entity with an annual period beginning on 1 January 2012 ( currently effective requirements). IFRSs that are effective for annual periods beginning after 1 January 2012 ( forthcoming requirements) have not been adopted early in preparing these Illustrative financial statements . However, certain forthcoming requirements have been introduced in the explanatory notes in a highlighted box. Appendix I provides a list of standards or amendments that are effective for the first time for annual periods beginning on 1 January 2012 and forthcoming requirements.

9 Example disclosures for the adoption of certain new standards and amendments are included in the appendices to these Illustrative financial preparing financial statements in accordance with IFRS, an entity should have regard to applicable legal and regulatory requirements. This publication does not consider any requirements of a particular jurisdiction. For example, IFRS does not require the presentation of separate financial statements for the parent entity, and this publication includes only consolidated financial statements .

10 However, in some jurisdictions parent entity financial information may also be publication does not illustrate the requirements of IFRS 4 Insurance Contracts, IFRS 6 Exploration for and Evaluation of Mineral Resources, IAS 26 Accounting and Reporting by Retirement Benefit Plans or IAS 34 Interim financial Reporting. IAS 34 requirements are illustrated in our publication Illustrative condensed interim financial publication illustrates only the financial statements component of a financial report and the independent auditors report on the financial statements .


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