Guides
Navigating the changes to International Financial Reporting Standards: a briefing for Chief Financial Officers (December 2011)
This publication is designed to give Chief Financial Officers a high-level awareness of recent changes to International Financial Reporting Standards that will affect companies' future financial reporting. It covers both new Standards and Interpretations that have been issued and amendments made to existing ones. What's new in the 2011 edition The December 2011 edition of the publication has been updated for changes to International Financial Reporting Standards that have been published between 1 December 2010 and 30 November 2011. The publication now covers 31 March 2011, 30 June 2011, 30 September 2011, 31 December 2011 and 31 March 2012 financial year ends.
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Example Consolidated Financial Statements 2011
Example Consolidated Financial Statements 2011 is based on the activities and results of Illustrative Corporation and subsidiaries (the Group) - a fictional manufacturing and retailing entity that has been preparing IFRS financial statements for several years. The form and content of IFRS financial statements depend of course on the activities and transactions of each reporting entity. Our objective in preparing Example Consolidated Financial Statements 2011 was to illustrate one possible approach to financial reporting by an entity engaging in transactions that are typical across a range of non-specialist sectors. However, as with any example, this illustration does not envisage every possible transaction and cannot therefore be regarded as comprehensive.
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IFRS Top 20 Tracker (February 2011)
The IFRS Top 20 Tracker takes management through twenty important disclosure and accounting issues identified by Grant Thornton International as frequently causing problems in practice. The selection of issues is based on the experience of member firms within Grant Thornton International in assisting companies apply IFRS.
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Navigating the changes to International Financial Reporting Standards: a briefing for Chief Financial Officers (December 2010)
This publication provides a summary of recent changes to IFRS that will affect companies' future financial reporting. It is designed to give Chief Financial Officers a high-level awareness of the requirements of changes that were finalised by 30 November 2010, giving brief descriptions of each.
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IAS 12 Guide: Deferred tax - A CFO's guide
The IAS 12 guide illustrates IAS 12's approach to the calculation of deferred tax balances but is not intended to explain every aspect of the standard in detail. Rather, it summarises the approach to calculating the deferred tax provision in order to help CFOs prioritise and identify key issues. To assist CFOs with these application issues, the guide also includes interpretational guidance in certain problematic areas of the deferred tax calculation
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Example Interim Consolidated Financial Statements 2010
This publication illustrates the interim consolidated financial statements of a company that has been preparing IFRS financial statements for several years and produces half-yearly interim reports in accordance with IAS 34 Interim Financial Reporting at 30 June 2010. The common approach of presenting condensed interim financial statements is adopted in this publication.
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IFRS Top 20 Tracker
The IFRS Top 20 Tracker takes management through twenty important disclosure and accounting issues identified as frequently causing problems in practice.
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Operating Segments - Applying IFRS 8 in Practice
IFRS 8 Operating Segments requires entities within its scope to publish information reported internally to the chief operating decision maker that is intended to assist management in assessing perfomance and allocating resources. This is a radically different approach from its predecessor, IAS 14 Segment Reporting and has the potential to highlight sensitive information to competitors as well as other users of financial statements. This guide explains IFRS 8's key implementation issues and includes interpretational guidance in the more problematic areas. The guide also includes several examples illustrating the standard's requirements.
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Capitalisation of borrowing costs - from theory to practice
'Borrowing costs - from theory to practice' is intended to assist companies and auditors in applying IAS 23 (revised), which was issued by the IASB in March 2007. The previous benchmark treatment of recognising borrowing costs as an expense has been removed. Instead, borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset will form part of the cost of that asset under the new standard.
Although the concept of capitalising borrowing costs is simple and familiar to many, putting that concept into practice frequently leads to questions. Many of these questions are considered in this guide, which also includes several examples illustrating the capitalisation of borrowing costs.
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IFRS Example Financial Statements 2008
Example Consolidated Financial Statements 2008 have been prepared to illustrate a set of consolidated financial statements of a fictional entity (Granthor Corporation and subsidiaries) on the basis of compliance with International Financial Reporting Standards (IFRS) as promulgated by the International Accounting Standards Board (IASB). The publication can be accessed by clicking below:
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Example Interim Consolidated Financial Statements 2009
The publication illustrates interim consolidated financial statements for a Group that produces half-yearly interim reports in accordance with IAS 34 at 30 June 2009.
The common approach of presenting condensed interim financial statements is adopted in the Publication. The Publication can be downloaded by clicking below:
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Financial Instruments on Display - A Guide to IFRS 7 Financial Instruments: Disclosures
This publication, Financial Instruments on Display - A Guide to IFRS 7 Financial Instruments: Disclosures , has been prepared to assist in complying both with IFRS 7 and with other financial instruments-related disclosure requirements. It is organised into three parts:
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The first section discusses certain key implementation issues that may arise when implementing IFRS 7. |
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The second section includes selected illustrative disclosures, along with IFRS references and additional discussion of certain requirements (based on a fictional entity, Granthor Inc.). |
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The third section is a disclosure checklist extracted from IFRS 7 to assist in assessing completeness of an entity's disclosures. |
Intangible Assets in a Business Combination - Indentifying and Valuing Intangibles under IFRS 3
The Intangible Assets Guide is intended to assist companies and auditors in applying IFRS 3.
It includes practical guidance on the detection of intangible assets in a business combination and also discusses the most common methods used in practice to estimate their fair value. It provides examples of intangible assets commonly found in business combinations and explains how they might be valued. An overview of IFRS 3 summarises the main aspects of accounting for business combinations and draws out a number of practical points to consider.
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Non-current Assets Held For Sale and Discontinued Operations - Challenges in Applying IFRS 5
The IFRS 5 Guide is intended to assist companies and auditors in applying this Standard. It explains IFRS 5's key implementation issues, common approaches to practical application and also includes several examples illustrating the Standard's disclosure and presentation requirements. The publication can be downloaded here.
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IFRS Top 20 Tracker
The IFRS Top 20 Tracker takes management through twenty important disclosure and accounting issues identified as frequently causing problems in practice.
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