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IFRS
Example Financial Statements 2015
The preparation of financial statements in accordance with IFRS is challenging. Each year the requirements are changing as a result of new standards or amendments that become effective. These changes have the potential to significantly impact both the presentation of the primary statements and the accompanying disclosures.
This illustrative set of example financial statements demonstrates good practice in the application of the presentation and disclosure requirements of IFRS for year-end reporters. It reflects changes in IFRS that are effective for the year ending 31 December 2015.
Corporate governance
The tone from the top
In light of growing international interest and scrutiny of corporate practices we set out to explore how three major aspects of governance – the role of culture, board composition and strategic planning – are affecting businesses around the world.
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The International Financial Reporting Standard for Small and Medium Sized Entities ('IFRS for SMEs') is a self-contained standard. It is based on full IFRS but simplified to meet the needs of the entities within its scope.
The IASB has published '2015 Amendments to the International Financial Reporting Standard for Small and Medium Sized Entities'. These amendments are the outcome of the IASB's first comprehensive review of the requirements of the IFRS for SMEs, and are the only changes made to the Standard since it was initially published in 2009. The amendments that we believe will have the most significant impact are as follows:
- permitting the use of the revaluation method when accounting for property, plant and equipment
- aligning the basis of recognition and measurement for deferred income taxes with IAS 12 'Income Taxes'
- aligning how entities account for exploration and evaluation assets with the requirements of IFRS 6 'Exploration for and Evaluation of Mineral Resources'
This special edition of IFRS News tells you more about the IASB's Amendments and the IFRS for SMEs in general.
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