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Illustrative IFRS consolidated financial statements for 2019 year ends

Illustrative IFRS consolidated financial statements for 2019 year ends (global)

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This publication presents PwC's illustrative consolidated financial statements for a fictitious listed company, containing illustrative disclosures for as many common scenarios as possible. The accounts comply with IFRS as issued at 31 May 2019 and that apply to financial years commencing on or after 1 January 2019. 

There is a general view that financial reports have become too complex and difficult to read and that financial reporting tends to focus more on compliance than communication. At the same time, users’ tolerance for sifting through information to find what they need continues to decline. To demonstrate what companies could do to make their financial report more relevant, we've ‘streamlined’ the financial report to reflect some of the best practices that have been emerging globally over the past few years. In particular:

Information is organised to clearly tell the story of financial performance and make critical information more prominent and easier to find.

Additional information is included where it is important for an understanding of the performance of the company.

This latest edition includes:

Most companies will have to make changes to their disclosures in 2019, to reflect the adoption of IFRS 16 Leases. This publication shows how the adoption of the standard may affect a corporate entity. Note 26 provides example disclosures which explain the impact of the changes in accounting policy. The new leasing disclosures are illustrated in note 8(b) and in note 8(c). You can find new or revised disclosures by looking for shading in the reference column. 
In compiling the illustrative disclosures, we have made a number of assumptions in relation to the adoption of IFRS 16. In particular, VALUE IFRS Plc:

• has applied the simplified transition approach and has not restated comparative information
• does not have any right-of-use assets that would meet the definition of investment property
• does not have any finance leases as lessor, and
• did not have to recognise any adjustments in relation to the assets held as lessor under operating leases.