30 Jun 2021 1 min read
The member firms of Grant Thornton International Ltd (‘GTIL’) have extensive expertise in the application of IFRS. GTIL, through its IFRS Team, develops general guidance that supports its member firms’ commitment to high quality, consistent application of IFRS and is therefore pleased to share these insights by publishing ‘IFRS Example Interim Consolidated Financial Statements 2021’ (‘Interim Financial Statements’).
The Interim Financial Statements illustrate a six month accounting period beginning on 1 January 2021. 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 statements in accordance with IAS 34 ‘Interim Financial Reporting’ at 30 June 2021.
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 2021 that have been issued prior to 30 April 2021
Learn how to determine the transaction price under Step 3 of IFRS 15's five-step revenue recognition model, including key considerations for customer contracts and financial reporting.
Share-based payments have become increasingly popular over the years, with many entities using equity instruments or cash and other assets based on the value of equity instruments as a form of payment to directors, senior management, employees, and other suppliers of goods and services.
Share-based payment transactions with non-employees involve compensating parties other than employees, such as suppliers of goods and services.
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