The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging. Doane Grant Thornton has extensive expertise in the application of IFRS. Grant Thornton International Ltd (GTIL), through its IFRS Team, develops general guidance that supports member firms’ commitment to high quality, consistent application of IFRS and is therefore pleased to share these insights.
The Interim Financial Statements have been reviewed and updated to reflect changes in IAS 34 and other IFRS Accounting Standards that are effective for the year ending December 31, 2025 that have been issued prior to March 31, 2025.
The Interim Financial Statements illustrate a six month accounting period beginning on January 1, 2025. 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 June 30, 2025.
We hope you find the information helpful in giving you some detail into preparing IFRS Example Interim Consolidated Financial Statements. [ 2896 kb ] If you would like to discuss any of the points raised, please speak to your usual Doane Grant Thornton contact or reach out to your local office.
In April 2024, the International Accounting Standards Board (IASB) issued IFRS 18 ‘Presentation and Disclosure in Financial Statements’, replacing IAS 1 ‘Presentation of Financial Statements’ for annual reporting periods beginning on or after January 1, 2027”.
In 2024, the International Accounting Standards Board (IASB), issued a new Standard, IFRS 18 ‘Presentation and Disclosures in Financial Statements’. IFRS 18 replaces IAS 1 ‘Presentation of Financial Statements’ for annual reporting periods beginning on or after January 1, 2027.
This provides a high-level overview of recent changes to International Financial Reporting Standards
