Good Real Estate Group (International) Limited
Good Real Estate Group (International) Limited
Illustrative consolidated financial statements for the year ended 31 December 2017
Contents
Abbreviations and key ................................................................................................................................................. 2 Introduction ................................................................................................................................................................ 3 General information ..................................................................................................................................................... 8 Consolidated statement of profit or loss ..................................................................................................................... 9 Consolidated statement of comprehensive income .................................................................................................... 11 Consolidated statement of financial position ............................................................................................................. 12 Consolidated statement of changes in equity ............................................................................................................. 14 Consolidated statement of cash flows ....................................................................................................................... 15 Notes to the consolidated financial statements ........................................................................................................ 17 Appendix 1 ? EPRA Performance Measurements........................................................................................................76 Appendix 2 ? Information in other illustrative financial statements available.............................................................79
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Good Real Estate Group (International) Limited
Abbreviations and key
The following styles of abbreviation are used in this set of International GAAP? Illustrative Financial Statements:
IAS 33.41
International Accounting Standard No. 33, paragraph 41
IAS 1.BC13
International Accounting Standard No. 1, Basis for Conclusions, paragraph 13
IFRS 2.44
International Financial Reporting Standard No. 2, paragraph 44
SIC 29.6
Standing Interpretations Committee Interpretation No. 29, paragraph 6
IFRIC 4.6
IFRS Interpretations Committee Interpretation No. 4, paragraph 6
IAS 39.IG.G.2
International Accounting Standard No. 39 -- Guidance on Implementing IAS 39 Section G: Other, paragraph G.2
IAS 39.AG71
International Accounting Standard No.39 -- Appendix A -- Application Guidance, paragraph AG71
Commentary
The commentary explains how the requirements of IFRS have been implemented in arriving at the illustrative disclosure.
GAAP
Generally Accepted Accounting Principles/Practice
IASB
International Accounting Standards Board
Interpretations Committee
IFRS Interpretations Committee (formerly International Financial Reporting Interpretations Committee (IFRIC))
SIC
Standing Interpretations Committee
Good Real Estate Group (International) Limited
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Introduction
This publication contains an illustrative set of consolidated financial statements for Good Real Estate Group (International) Limited (the parent) and its subsidiaries (the Group) that is prepared in accordance with International Financial Reporting Standards (IFRS). The Group is a fictitious group of real estate companies. The Group's activities include the development and leasing of investment property together with the development and sale of residential property. The parent is incorporated in a fictitious country - Estateland. The presentation currency of the Group is the euro ().
Objective
This set of illustrative financial statements is one of many prepared by EY to assist you in preparing your own financial statements. The illustration intends to reflect transactions, events and circumstances that we consider to be most common for companies in the real estate sector. Certain disclosures are included in these financial statements merely for illustrative purposes, even though they may be regarded as items or transactions that are not material for Good Real Estate Group.
How to use these illustrative financial statements to prepare entity-specific disclosures
Users of this publication are encouraged to prepare entity-specific disclosures. Transactions and arrangements other than those applicable to the Group may require additional disclosures. It should be noted that the illustrative financial statements of the Group are not designed to satisfy any stock market or country-specific regulatory requirements, nor is this publication intended to reflect disclosure requirements that apply mainly to regulated or specialised industries.
Notations shown on the right-hand margin of each page are references to IFRS paragraphs that describe the specific disclosure requirements. Commentaries are provided to explain the basis for the disclosure or to address alternative disclosures not included in the illustrative financial statements. For a more comprehensive list of disclosure requirements, please refer to EY's Online International GAAP? Disclosure Checklist. If questions arise as to the IFRS requirements, it is essential to refer to the relevant source material and, where necessary, to seek appropriate professional advice.
Improving disclosure effectiveness
Terms such as 'disclosure overload', `cutting the clutter' and, more precisely, `disclosure effectiveness' describe a problem in financial reporting that has become a priority issue for the International Accounting Standards Board (IASB or Board), local standard setters, and regulatory bodies. The growth and complexity of financial disclosure is also drawing significant attention from financial statement preparers, and most importantly, the users of financial statements.
Considering the purpose of the Good Real Estate Group (International) Limited ? Illustrative consolidated financial statements for the year ended 31 December 2017, the ordering of the notes, to a great extent, follows the structure suggested in paragraph 114 of IAS 1 Presentation of Financial Statements. An alternative structure that some may find more effective in permitting the users to identify the relevant information more easily, involves reorganising the notes according to their nature and perceived importance. The structure of Good Group (International) Limited ? Alternative Format - Illustrative consolidated financial statements for the year ended 31 December 2017, which is based on seven different notes sections, is summarised in the table below:
Sections
For example, comprising:
Corporate and Group information
? Corporate and Group information
Basis of preparation and other significant accounting policies
Group business, operations, and management
? Basis of preparation ? Other significant accounting policies not covered in other
sections (below) ? Changes in accounting policies and disclosures ? Fair value measurement and related fair value disclosures ? Impact of standards issued but not yet effective
? Financial instruments risk management objectives and policies ? Hedging activities and derivatives ? Capital management ? Distributions made and proposed ? Segment information ? Basis of consolidation and information on material partly-
owned subsidiaries ? Interest in joint ventures and investment in associates
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Good Real Estate Group (International) Limited
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