Your essential guides to financial statements

Our Guides to financial statements help you to prepare financial statements in accordance with IFRS Accounting Standards. They comprise:

  • Disclosure checklist, which identifies the disclosures that may be required based on currently effective standards;
  • Illustrative disclosures, which illustrate one possible format for financial statements, based on a fictitious multinational corporation; and
  • Supplements to illustrative disclosures, which illustrate additional disclosures that companies may need to provide on accounting issues.

These guides will help you to tell your story based on your specific circumstances and to ensure that your financial reporting provides the information that users need through clear, meaningful and specific disclosures.

Guides to financial statements

2023 edition (PDF 3 MB)
2022 edition (PDF 2.2 MB)
2023 edition (PDF 3 MB)
2022 edition (PDF 3 MB)
2023 edition (PDF 1.9 MB)
2023 edition (PDF 1.9 MB)
2022 edition (PDF 1.8 MB)

What’s new in 2023?

The 2023 Illustrative disclosures reflect requirements relating to the newly effective standards and amendments issued by the International Accounting Standards Board (IASB) – i.e. those that are effective for companies with an annual period beginning on 1 January 2023.

In particular, they illustrate the application of the following amendments.

  • Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12): The amendments narrow the scope of the initial recognition exemption to exclude transactions that give rise to equal and offsetting temporary differences – e.g. leases and decommissioning obligations. See our web article to find out more.
  • International Tax Reform—Pillar Two Model Rules (Amendments to IAS 12): The amendments provide relief from deferred tax accounting for Pillar Two top-up taxes and introduce new disclosures about exposure to these taxes. For further information on these amendments, see our web article and read our talkbook. In addition, for an overview of Pillar Two legislative developments in jurisdictions around the world, see BEPS 2.0: state of play.
  • Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2): These amendments require companies to disclose their ‘material’ accounting policies, rather than their ‘significant’ accounting policies. Read our web article and talkbook to find out more.

Other financial reporting considerations

Financial reporting in uncertain times

Many companies are likely to be facing challenges in these uncertain times. External events such as COVID-19, natural disasters, inflation and geopolitical events like the Ukraine–Russia conflict are just a few of the major global issues driving global economic uncertainty today.

Preparers should carefully evaluate and consider the impact of external events on their 2023 financial reporting and provide relevant company-specific disclosures.

Our Financial reporting in uncertain times resource centre includes articles, blogs and podcasts to help you better understand the accounting and disclosure implications for your company.

Climate change and financial reporting

All companies are facing climate-related risks and opportunities and are making strategic decisions in response – including around their transition to a low-carbon economy.

The 2023 Illustrative disclosures provide example disclosures of the climate-related impact related to the fictitious corporation’s biological assets, property, plant and equipment and emissions schemes.

Our Climate change financial reporting resource centre provides FAQs to help companies identify the potential financial statement impacts for their business, including a web article with guidance on disclosing the impacts of climate-related matters.

Also, in June 2023 the International Sustainability Standards Board (ISSB) published its first two IFRS Sustainability Disclosure Standards, including a climate standard with detailed guidance on how to report on climate-related risks and opportunities. For more on this and related developments, see our Sustainability reporting web page.

Check out IFRS Insights for the latest content and topical discussion.