The member firms within Grant Thornton International Ltd (GTIL) have extensive expertise in the application of IFRS. GTIL, through its IFRS team, develops guidance that supports its member firms’ commitment to high quality, consistent application of IFRS and is pleased to share these insights by publishing ‘Example Interim Consolidated Financial Statements 2020'.
The Interim Financial Statements [ 291 kb ] illustrate a six month accounting period beginning on 1 January 2020. They are based on the activities and results of Illustrative Corporation Ltd and its subsidiaries (the Group) – a fictional consulting, service and retail entity that has been preparing IFRS financial statements for several years. The Group produces half-yearly interim financial reports in accordance with IAS 34 ‘Interim Financial Reporting’ at 30 June 2020.
The Interim Financial Statements have been reviewed and updated to reflect changes in IAS 34 and in other IFRS that are effective for the year ending 31 December 2020.
We hope you find this article helpful in giving you some insight into the new definition of a business. If you would like to discuss any of the points raised, contact our IFRS services specialists.