Frank Palmer Partner - Ernst & Young Australia EY Oceania IFRS Leader June 2020 This publication is intended to help entities in preparing and presenting financial statements in accordance with Singapore Financial Reporting Standards (International) (SFRS(I)). This publication is an illustrative financial statements (IFS) of a Singapore-incorporated company, ABC Pte. The financial statements comply with International Financial Reporting Standards (IFRS) as issued at 31 May 2019 and that apply to financial years … 1 The Conceptual Framework is typically used by preparers when developing accounting policies where no IFRS Standards apply to a particular transaction. Prominent accounting and auditing firms have recently published the latest versions of their 2020 illustrative financial statements along with guidance on COVID-19 related disclosures and accounting implications.. Here’s a list of a few of these illustrative financial statements and COVID-19 related guidance from some of the best sources on the internet: Notice Updated arrangement for library facilities and counter services. These are illustrative IFRS financial statements of a listed company, prepared in accordance with International Financial Reporting Standards. KPMG recently released its Guide to annual financial statements – Illustrative disclosures for investment funds. IFRS Guide to annual financial statements – Illustrative disclosures for investment funds (KPMG IFRG Limited, 1 December, 2013 ) Guide to annual financial statements - Illustrative disclosures for banks A guide for companies listed on the Main Board of The Stock Exchange of Hong Kong Limited, which are required to prepare their annual financial reports. Read the KPMG summary of 2020 IFRS IC agenda decisions to understand the latest discussions. They are effective for annual periods beginning on or after 1 January 2020. International Financial Reporting Standards (IFRS) Illustrative Financial Statements and Disclosure Checklists. KPMG's ISG announces its Guide to annual financial statements – Illustrative disclosures for investment funds to help companies that report under IFRS prepare their financial statements. Given the number and significance of foreign private issuers using IFRS Standards in the US capital markets as well as the number of US companies investing abroad, an understanding of the differences between IFRS Standards and US GAAP is important to preparers and users of financial statements. Illustrative Financial Statements 2014. This publication presents PwC's illustrative consolidated financial statements for a fictitious listed company, containing illustrative disclosures for as many common scenarios as possible. From the IFRS Institute – May 29, 2020 IFRS Standards do not require companies to prepare interim financial statements, but many companies do so, either by choice or to comply with laws, regulations or contractual requirements. The accounts comply with IFRS as issued at 31 May 2020 and that apply to financial years commencing on or after 1 January 2020. Keywords Illustrative Financial Statements; annual financial reporting; HKFRS The Group has early adopted the amendments. These illustrative IFRS financial statements are intended to be used as a source of general technical reference, as they show suggested disclosures together with their sources. Preparers should carefully evaluate and consider the impact of the outbreak on their 2020 interim financial reporting and provide an update of relevant entity-specific disclosures since the last annual reporting date. (previously Illustrative financial statements: Investment funds) takes account of the impact of the following new or revised IFRSs, which are effective for the first time for an annual reporting period ending on 31 December 2013: • Disclosures – Offsetting Financial Assets and Financial Liabilities (Amendments to IFRS 7) (2011); • IFRS 12 Disclosure of Interests in Other Entities; and # New IFRS standards effective January 1, 2021 1 # New IFRS standards effective January 1, 2022 1 IFRS Institute Advisory Leader, KPMG LLP +1 212-872-5766 From the IFRS Institute – December 4, 2020 Insurers have just over a year to get ready to present their opening balance sheet (as of January 1, 2022) under IFRS 171, which introduces a completely new financial reporting basis. on the interim financial statements of the hypothetical entity. Ltd., prepared in accordance with: l Financial Reporting Standards in Singapore (FRSs) l Singapore Companies Act, Chapter 50 (CA) The IFS serve to provide an illustration of the annual financial statements of a company whose disclosures for banks. Illustrative Financial Statements 2016. The NZ IFRS standards applied in these illustrative financial statements are those that are effective for annual periods beginning on or before 1 January 2019. Investment funds - 2020 Illustrative IFRS financial statements Investment property - 2018 Illustrative IFRS consolidated financial statements Private Equity Funds - 2019 Illustrative IFRS financial statements Acquisition accounting and practical issues for U.S. entities when being acquired by an IFRS reporting entity This 60-minute live IFRS Webcast will provide an overview in regards to financial statements and reporting requirements for U.S. entities in conjunction with being acquired by an IFRS reporting entity. The 2020 edition of PwC’s Illustrative Annual Report entitled “Navigating the new normal with trust and confidence” will serve as an excellent resource to assist you in the preparation of your company’s annual report, providing stakeholders with relevant and reliable … The following are illustrative financial statements from the respective public accounting firms, which are prepared based on IFRS, and the related disclosure checklists to be used in the preparation of financial statements in accordance with IFRS. Illustrative Financial Statements 2017. December 2019 model financial statements (for June 2020) These model financial statements (in conjunction with the Australian financial reporting guide) contain complete illustrative disclosures for companies preparing general purpose financial statements in full compliance with Australian Accounting Standards as at 30 June 2020. The Agenda Decision could be finalized in December 2020, and, if so, companies will need to consider their conclusions in the December 31, 2020 financial statements. IFRS 1 contains all of the transitional recognition, measurement, presentation and disclosure requirements applicable for a first- time adopter preparing its first annual and interim financial statements in accordance with IFRS. The accounts comply with IFRS as issued at 31 May 2020 and that apply to … December 2020. home.kpmg/ifrs In particular, the illustrative examples provide example disclosures which may assist preparers in making appropriate disclosures relating to the valuation and rent changes in the current environment. About Singapore Illustrative Financial Statements 2020 This publication is produced by KPMG in Singapore, and the views expressed herein are those of KPMG in Singapore. Our Guides to financial statements are compliance focused and have two components: Illustrative disclosures that illustrate one possible format for financial statements based on a fictitious multinational corporation, and a companion Disclosure checklist. Insurance - 2019 Illustrative IFRS consolidated financial statements Investment funds - 2020 Industry Illustrative financial statements Investment property - 2019 Industry Illustrative financial statements Important notices: This publication is intended as an illustrative guide rather than a definitive statement. The amendments provide targeted relief for financial instruments qualifying for hedge accounting under IAS 39 or IFRS 9. Guides to financial statements. Photo by Pixabay on Pexels.com. IFRS ® Standards. This publication presents illustrative consolidated financial statements for a fictitious listed company, VALUE IFRS Plc. Pub­lished on: Oct 14, 2020 The model fi­nan­cial state­ments of In­ter­na­tional GAAP Hold­ings Lim­ited for the year ended De­cem­ber 31, 2020 are in­tended to il­lus­trate the pre­sen­ta­tion and dis­clo­sure re­quire­ments of IFRS Stan­dards with­out the use of any ac­tual num­bers. Guide to annual financial statements – Illustrative disclosures for investment funds (December 2017) (KPMG IFRG Limited , 13 December, 2017 ) Guide to annual financial statements – IFRS 15 Revenue supplement (October 2017) Illustrative IFRS consolidated financial statements December 2020 by Editor July 06, 2020 This publication presents PwC's illustrative consolidated financial statements for a … I trust our The time has come publication together with the accompanying illustrative financial statements will prove useful for entities navigating Australia’s new financial reporting landscape. Illustrative Financial Statements 2015. financial statements (SPFS) or complied with the RDR framework. This publication presents PwC's illustrative consolidated financial statements for a fictitious listed company, containing illustrative disclosures for as many common scenarios as possible. This issue of IFRS Notes provides an overview of some of the significant clarifications/ guidance provided in the GN issued by … IFRS 1 – First- time adoption of IFRS. This publication presents illustrative interim financial statements for a fictitious listed company, VALUE IFRS Plc, for the six months to 30 June 2020. Guide to annual financial statements. In view of the resurgence of locally transmitted COVID-19 cases, the Hong Kong Institute of Certified Public Accountants announced, from Wednesday, 2 December 2020 onwards, to close the library facilities, whilst … KPMG have published a supplemental guide to financial statements that includes guidance specifically relevant to real estate companies/funds. 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