Guide to annual financial statements – Disclosure checklist
Disclosure checklist
Guide to annual financial statements IFRS?
October 2016 ifrs
Contents
About this guide
1
References and abbreviations
3
The checklist
4
1 General presentation
4
1.1 Presentation of financial statements
4
1.2 Changes in equity
17
1.3 Statement of cash flows
18
1.4 Basis of accounting
23
1.5 Fair value measurement
29
1.6 Consolidated and separate financial
statements
32
1.7 Business combinations
38
1.8 Foreign currency translation and
hyperinflation
43
1.9 Accounting policies, errors and estimates
44
1.10 Events after the reporting period
46
2 Statement of financial position
48
2.1 Property, plant and equipment
48
2.2 Intangible assets and goodwill
49
2.3 Investment property
51
2.4 Associates and joint arrangements
53
2.5 Financial instruments
56
2.6 Inventories
72
2.7 Biological assets
72
2.8 Impairment of non-financial assets
74
2.9 Equity
78
2.10 Provisions
79
2.11 Income taxes
80
2.12 Contingent assets and liabilities
82
3 Statement of profit or loss and OCI
84
3.1 Revenue
84
3.2 Government grants
84
3.3 Employee benefits
85
3.4 Share-based payments
90
3.5 Borrowing costs
93
4 Special topics
94
4.1 Leases
94
4.2 Service concession arrangements
96
4.3 Operating segments
97
4.4 Earnings per share
101
4.5 Non-current assets held for sale or held for
distribution
103
4.6 Related party disclosures
104
4.7 Investment entities
111
4.8 Insurance contracts
113
4.9 Extractive activities
117
4.10 Common control transactions and Newco
formations
118
5 First-time adoption of IFRS
119
5.1 First-time adoption of IFRS
119
5.2 Regulatory deferral accounts and first-time
adoption of IFRS
121
6 Voluntary early adoption of IFRSs
127
6.1 Disclosure Initiative (Amendments to IAS 7) 127
6.2 Recognition of Deferred Tax Assets for
Unrealised Losses (Amendments to IAS 12) 128
6.3 IFRS 15 Revenue from Contracts with
Customers
128
6.4 IFRS 9 Financial Instruments (2014)
133
6.5 IFRS 9 Financial Instruments (2013)
160
6.6 IFRS 9 Financial Instruments (2010)
182
6.7 IFRS 9 Financial Instruments (2009)
201
6.8 IFRS 9 Financial Instruments (own credit
requirements)
219
6.9 Classification and Measurement of
Share-based Payment Transactions
(Amendments to IFRS 2)
221
6.10 IFRS 16 Leases
222
Appendix
226
New standards or amendments for 2016 and
forthcoming requirements
226
Keeping in touch
228
About this guide
This guide has been produced by the KPMG International Standards Group (part of KPMG IFRG Limited) and the views expressed herein are those of the KPMG International Standards Group.
It is intended to help preparers in the preparation and presentation of financial statements in accordance with IFRS by identifying the potential disclosures required. In addition, it includes the minimum disclosures required in the financial statements of a first-time adopter of IFRS.
Standards covered
This guide is based on standards and interpretations that have been issued by the IASB as at 15 August 2016 and that are required to be applied by an entity with an annual reporting period beginning on 1 January 2016 (`currently effective requirements'). Section 6 identifies disclosure requirements based on standards that are effective for annual reporting periods beginning after 1 January 2016 (`forthcoming requirements') and that are available for voluntary early adoption.
This guide contains disclosures only. It does not specify the scope of individual standards referred to or their recognition and measurement requirements, or explain the terms that are used in IFRS and contained in this guide. Nor does it cover IAS 26 Accounting and Reporting by Retirement Benefit Plans or IAS 34 Interim Financial Reporting. The disclosures required by IAS 34 are set out in our Guide to condensed interim financial statements ? Disclosure checklist.
In addition, IFRS and its interpretation change over time. Accordingly, this guide should not be used as a substitute for referring to the standards and other relevant interpretative guidance.
Preparers should also consider applicable local legal and regulatory requirements. This guide does not consider the requirements of any particular jurisdiction ? e.g. IFRS does not require the presentation of separate financial statements for the parent entity. Consequently, this guide includes only consolidated financial statements.
What's new in 2016?
The appendix to this guide provides a comprehensive list of new requirements, distinguishing between those that are effective for an entity with an annual reporting period beginning on 1 January 2016, and those with a later effective date. As a result of these new requirements, this guide includes updated disclosures in respect of acquisitions of interests in joint operations, presentation of financial statements, regulatory deferral accounts and bearer plants.
Need for judgement
This guide is part of our suite of publications ? Guides to financial statements ? and specifically focuses on compliance with IFRS. The preparation and presentation of financial statements require the preparer to exercise judgement, in terms of the choice of accounting policies, the ordering of notes to the financial statements, how the disclosures should be tailored to reflect the reporting entity's specific circumstances, and the relevance of disclosures considering the needs of users.
Materiality
Specific guidance on materiality and its application to the financial statements is included in paragraphs 29?31 of IAS 1 Presentation of Financial Statements.
Materiality is relevant to the presentation and disclosure of the items in the financial statements. Preparers need to consider whether the financial statements include all of the information that is relevant to understanding an entity's financial position on the reporting date and its financial performance during the reporting period.
Copyright ? IFRS Foundation. All rights reserved. Reproduced by KPMG IFRG Limited with the permission of the IFRS Foundation?. Reproduction and use rights are strictly limited. No permission granted to third parties to reproduce or distribute.
2 | Guide to annual financial statements ? Disclosure checklist
Organisation of the text
Preparers also need to take care not to reduce the understandability of an entity's financial statements by obscuring material information with immaterial information or by aggregating material information that is different by nature or function. Individual disclosures that are not material to the financial statements do not have to be presented ? even if they are a minimum requirement of a standard. Preparers need to consider the appropriate level of disclosure based on materiality for the reporting period.
This guide is arranged by topic. It is designed to provide all of the IFRS disclosures that may be required for a set of annual financial statements when completed in its entirety. Disclosures that relate to more than one topic may not always be repeated under each relevant topic. For example, the requirement to disclose accounting policies adopted for the recognition of revenue is included in Chapter 1.4 `Basis of accounting', but not repeated in Chapter 3.1 `Revenue'.
Copyright ? IFRS Foundation. All rights reserved. Reproduced by KPMG IFRG Limited with the permission of the IFRS Foundation?. Reproduction and use rights are strictly limited. No permission granted to third parties to reproduce or distribute.
References and abbreviations | 3
References and abbreviations
References are included in the left-hand margin of this guide to identify any relevant paragraphs of the standards or our publication Insights into IFRS.
IAS 1.51 Insights 4.1.190.10
Paragraph 51 of IAS 1.
Paragraph 4.1.190.10 of the 13th edition 2016/17 of our publication Insights into IFRS.
Major change since the 2015 edition of this guide.
The following abbreviations are used often in this guide.
NCI
Non-controlling interests
OCI
Other comprehensive income
Copyright ? IFRS Foundation. All rights reserved. Reproduced by KPMG IFRG Limited with the permission of the IFRS Foundation?. Reproduction and use rights are strictly limited. No permission granted to third parties to reproduce or distribute.
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