Our Guides to annual financial statements – incorporating Illustrative disclosures and a companion Disclosure checklist – help you to prepare interim financial statements in accordance with IFRS Standards. They are compliance-focused and have two components:

• Illustrative disclosures that illustrate one possible format for financial statements prepared under IFRS, based on a fictitious multinational corporation; and

• a companion Disclosure checklist, which identifies the disclosures required for currently effective requirements.

Users and regulators have shown a growing interest in the possible impact of the new major standards that have been issued but are not yet effective – i.e. IFRS 9 Financial Instruments, IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases. Regulators expect preparers to progressively enhance the related disclosures, including quantitative information, as new accounting policies are defined, estimation uncertainty reduces and the effective date of a new standard approaches.

The 2016 annual Illustrative disclosures therefore include disclosures on the possible impact of standards issued but not yet effective.

In addition, the 2017 interim Illustrative disclosures show how an entity might describe in its interim financial statements updates to information relevant to assessing the possible impact that the application of the new standards will have on its financial statements in the period of initial application.

Investors continue to ask for a step-up in the quality of business reporting, so companies should be careful not to become buried in compliance to the exclusion of relevance. In preparing their financial statements, companies need to focus on improving their communication by reporting financial information in a meaningful way and innovating their financial statement presentation and disclosure in the broader context of better business reporting. For more information, see our Better business reporting website.

Annual illustrative disclosures

2016 edition | 2015 edition | 2014 edition

 

Supplements to annual illustrative disclosures

IFRS 15 (November 2015)

IFRS 12 (December 2014)

 

Annual disclosure checklists

2016 edition | 2015 edition | 2014 edition

 

Interim illustrative disclosures

2017 edition | 2016 edition | 2015 edition

 

Interim disclosure checklists

2017 edition | 2016 edition | 2015 edition