International GAAP Holdings Limited Model financial ...
International GAAP Holdings Limited Model financial statements for the year ended 31 December 2018
International GAAP Holdings Limited
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International GAAP Holdings Limited
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International GAAP Holdings Limited
The model financial statements of International GAAP Holdings Limited for the year ended 31 December 2018 are intended to illustrate the presentation and disclosure requirements of IFRS Standards. They also contain additional disclosures that are considered to be best practice, particularly where such disclosures are included in illustrative examples provided within a specific Standard. International GAAP Holdings Limited is assumed to have presented financial statements in accordance with IFRS Standards for a number of years. Therefore, it is not a firsttime adopter of IFRS Standards. Readers should refer to IFRS 1 Firsttime Adoption of International Financial Reporting Standards for specific requirements regarding an entity's first IFRS Standards financial statements. It is further assumed that International GAAP Holdings Limited does not qualify as an investment entity as defined in IFRS 10. The model financial statements illustrate the impact of the application of the amendments to IFRS Standards that were issued on or before 30 September 2018 and are mandatorily effective for the annual period beginning on 1 January 2018. Accordingly, the model financial statements do not illustrate the impact of the application of new and revised IFRS Standards that are not yet mandatorily effective on 1 January 2018. The model financial statements do not include separate financial statements for the parent, which may be required by local laws or regulations, or may be prepared voluntarily. Where an entity presents separate financial statements that comply with IFRS Standards, the requirements of IAS 27 Separate Financial Statements (as revised in 2011) will apply. Separate statements of profit or loss and other comprehensive income, financial position, changes in equity and cash flows for the parent will generally be required, together with supporting notes. In addition, the model financial statements have been presented without regard to local laws or regulations. Preparers of financial statements will need to ensure that the options selected under IFRS Standards do not conflict with such sources of regulation (e.g. the revaluation of assets is not permitted under certain reporting regimes ? but these financial statements illustrate the presentation and disclosures required when an entity adopts the revaluation model under IAS 16 Property, Plant and Equipment). In addition, local laws or securities regulations may specify disclosures in addition to those required by IFRS Standards (e.g. in relation to directors' remuneration). Preparers of financial statements will consequently need to adapt the model financial statements to comply with such additional local requirements. Suggested disclosures are crossreferenced to the underlying requirements in the texts of the relevant Standards and Interpretations. For the purposes of presenting the statements of profit or loss and other comprehensive income and cash flows, the alternatives allowed under IFRS Standards for those statements have been illustrated. Preparers should select the alternatives most appropriate to their circumstances and apply the chosen presentation method consistently. Note that in these model financial statements, we have frequently included line items that are not applicable to International GAAP Holdings Limited, so as to illustrate items that are commonly encountered in practice. This does not mean that we have illustrated all possible disclosures. Nor should it be taken to mean that entities are required to display such line items in practice, especially in light of the amendments to IAS 1 under the Disclosure Initiative which became effective in 2016.
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International GAAP Holdings Limited
Contents
Consolidated statement of profit or loss and other comprehensive income
03
Alt 1 ? Presentation as two statements, with expenses analysed by function
03
Alt 2 ? Single statement presentation, with expenses analysed by nature
08
Consolidated statement of financial position
11
Consolidated statement of changes in equity
17
Consolidated statement of cash flows
21
Alt 1 ? Indirect method of reporting cash flows from operating activities
21
Alt 2 ? Direct method of reporting cash flows from operating activities
24
Notes to the consolidated financial statements
26
Auditor's report
192
Appendix 1 ? Prior year adjustment
193
Appendix 2 ? Early application of IFRS 16 Leases [standalone document]
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