International GAAP Holdings Limited Model financial ...

1 International GAAP Holdings LimitedModel financial statements for the year ended 31 December 2021 Global ifrs and Corporate Reporting LeaderVeronica contactsIFRS Centres of ExcellenceAmericasArgentinaFernando StatesRobert PacificShinya Leng AfricaBelgiumThomas ren Ter AfricaNita Luis KingdomElizabeth Deloitte Accounting Research Tool (DART) is a comprehensive online library of accounting and financial disclosures literature. iGAAP on DART allows access to the full ifrs Standards, linking to and from: Deloitte s authoritative, up-to-date iGAAP manuals which provide guidance for reporting under ifrs Standards Model financial statements for entities reporting under ifrs StandardsTo apply for a subscription to DART, click here to start the application process and select the iGAAP package.

2 For more information about DART, including pricing of the subscription packages, click GAAP Holdings Limited Deloitte s IAS Plus ( ) is one of the most comprehensive sources of global financial reporting news on the web. It is a central repository for information about International financial Reporting Standards ( ifrs ) as well as the activities of the International Accounting Standards Board (Board). The site, which is also available in German, includes portals tailored to the United Kingdom and Canada (available in English and French), each with a focus on local GAAP and jurisdiction-specific corporate reporting Plus features.

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4 Deadlines and more A library of ifrs -related publications available for download and subscription including our popular ifrs in Focus newsletters and other publications ifrs Model financial Statements and Presentation and Disclosure Checklists, with many versions available tailored to specific jurisdictions An extensive electronic library of both global and jurisdiction-specific ifrs resources Expert analysis and commentary from Deloitte subject matter experts, including webcasts, podcasts and interviews E-learning modules for most ifrs Standards Enhanced search functionality, allowing easy access to topics of interest by tags, categories or free text searches, with search results intuitively presented by category with further filtering options Deloitte comment letters to the Board and numerous other bodies A mobile-friendly interface and updates through Twitter and RSS feedsiiInternational GAAP Holdings Limited The Model financial statements of International GAAP Holdings Limited for the year ended 31 December 2021 are intended to illustrate the presentation and disclosure requirements of ifrs Standards without the use of any actual numbers.

5 They also contain additional disclosures that are considered to be best practice, particularly where such disclosures are included in illustrative examples provided within a specific Standard. International GAAP Holdings Limited is assumed to have presented financial statements in accordance with ifrs Standards for a number of years. Therefore, it is not a first-time adopter of ifrs Standards. Readers should refer to ifrs 1 for specific requirements regarding an entity s first ifrs financial statements. It is further assumed that International GAAP Holdings Limited does not qualify as an investment entity as defined in ifrs 10.

6 The Model financial statements illustrate the impact of the application of the amendments to ifrs Standards that were issued on or before 30 September 2021 and are mandatorily effective for the annual period beginning on 1 January 2021. Accordingly, the Model financial statements do not illustrate the impact of the application of new and revised ifrs Standards that are not yet mandatorily effective on 1 January 2021. The Model financial statements do not include separate financial statements for the parent, which may be required by local laws or regulations, or may be prepared voluntarily. Where an entity presents separate financial statements that comply with ifrs Standards, the requirements of IAS 27 will apply.

7 Separate statements of profit or loss and other comprehensive income, financial position, changes in equity and cash flows for the parent will generally be required, together with supporting notes. Further, these Model financial statements assume that neither the parent company nor its subsidiaries are entities whose functional currency is the currency of a hyperinflationary addition, the Model financial statements have been presented without regard to local laws or regulations. Preparers of financial statements will need to ensure that the options selected under ifrs Standards do not conflict with such sources of regulation ( the revaluation of assets is not permitted under certain reporting regimes but these financial statements illustrate the presentation and disclosures required when an entity adopts the revaluation Model under IAS 16).

8 In addition, local laws or securities regulations may specify disclosures in addition to those required by ifrs Standards ( in relation to directors remuneration). Preparers of financial statements will consequently need to adapt the Model financial statements to comply with such additional local requirements. Suggested disclosures are cross-referenced to the underlying requirements in the texts of the relevant Standards and Interpretations. For the purposes of presenting the statements of profit or loss and other comprehensive income and cash flows, the alternatives allowed under ifrs Standards for those statements have been illustrated.

9 Preparers should select the alternatives most appropriate to their circumstances and apply the chosen presentation method consistently. Note that in these Model financial statements, we have frequently included line items that are not applicable to International GAAP Holdings Limited , so as to illustrate items that are commonly encountered in practice. This does not mean that we have illustrated all possible disclosures, nor should it be taken to mean that entities are required to display such line items in that could be affected by climate change or COVID-19 are marked with symbols in the margin. The symbol indicates that the Model financial statements could be impacted by the effects of the COVID-19 pandemic.

10 The symbol indicates that disclosures might need to be adapted to explain how the group affects or/and is affected by climate change. The tables in Appendix 1 give an overview of all areas affected by climate change and/or see in more detail how areas of the financial statements can be affected by COVID-19, please see our ifrs in Focus newsletter 'Accounting Considerations related to the Coronavirus 2019 Disease'.iiiInternational GAAP Holdings Limited ContentsContentsConsolidated statement of profit or loss and other comprehensive income 1 Consolidated statement of financial position 9 Consolidated statement of changes in equity 15 Consolidated statement of cash flows