IFRS Financial Statements - Examples

The following sample and illustrative financial statements provide examples of reporting under IFRSs. The sample financial statements are prepared based on the IFRSs effective at the entity’s reporting date as required by IFRSs. The illustrative financial statements are based on the IFRSs at a date specified in each statement. Consequently, as IFRSs are amended, the examples provided will not reflect all standards currently effective. These examples provide a useful reference point for preparing IFRS financial statements, but we do not represent that they are necessarily compliant in all respects with IFRSs and regulatory requirements.

Disclosures explaining the effect of the transition from an entity’s previous GAAP financial statements to IFRSs are required in the year of adoption. These disclosures are not required in subsequent IFRS statements. Therefore, examples of financial statements in the first year of adoption and for the years after first-time adoption of IFRS are included below. For interim financial samples, both the minimum required condensed set and the optional complete set are provided. A financial reporting commentary prepared by AcSB staff on "Interim Financial Statements in the Year of Adoption" provides additional information to consider.

Index

Canadian-Filed IFRS Financial Statements

Interim

First-time Adopters
Existing IFRS Preparers (Condensed)

Annual

First-time Adopters
Existing IFRS Preparers

Model/ Illustrative IFRS Financial Statements

Interim

First-time Adopters (Condensed)

Existing IFRS Preparers (Condensed)

Annual

First-time Adopters
Existing IFRS Preparers (Categorized by Industry)

Canadian-Filed IFRS Financial Statements

Interim - First-time Adopters - Condensed Paragraph 6 of IAS 34 Interim Financial Reporting - In the interest of timeliness and cost considerations and to avoid repetition of information previously reported, an entity may be required to or may elect to provide less information at interim dates as compared with its annual financial statements. This Standard defines the minimum content of an interim financial report as including condensed financial statements and selected explanatory notes. The interim financial report is intended to provide an update on the latest complete set of annual financial statements. Accordingly, it focuses on new activities, events, and circumstances and does not duplicate information previously reported.

Anooraq Resources Corporation – Condensed

Northern Dynasty Ltd. – Condensed

Platmin Limited - Condensed

Interim - First-time Adopters - Complete If an entity publishes a complete set of financial statements in its interim financial report, the form and content of those statements shall conform to the requirements of IAS 1 Presentation of Financial Statements.

Eastern Platinum Limited – Complete

SouthGobi Energy Resources - Complete

Thomson Reuters – Complete

Interim - First-time Adopters – Complete – US GAAP to IFRS

Tethys Petroleum Limited

Interim - Existing IFRS Preparers - Condensed Paragraph 6 of IAS 34 Interim Financial Reporting - In the interest of timeliness and cost considerations and to avoid repetition of information previously reported, an entity may be required to or may elect to provide less information at interim dates as compared with its annual financial statements. This Standard defines the minimum content of an interim financial report as including condensed financial statements and selected explanatory notes. The interim financial report is intended to provide an update on the latest complete set of annual financial statements. Accordingly, it focuses on new activities, events, and circumstances and does not duplicate information previously reported.

Homburg Invest Inc. - Condensed

Orca Exploration Inc. - Condensed

Eastern Platinum Limited

Anooraq Resources Corporation

Platmin Limited

Thomson Reuters Corporation

SouthGobi Resources Ltd

Northern Dynasty Minerals Ltd.

Annual - First-time Adopters

Anooraq Resources Corporation – December 31, 2009

Eastern Platinum Limited – December 31, 2009

Northern Dynasty Ltd. - December 31, 2009

SouthGobi Energy Resources – December 31, 2009

Thomson Reuters – December 31, 2009

Platmin Limited – December 31, 2009

Annual - First-time Adopters - US GAAP to IFRS

Tethys Petroleum Limited – December 31, 2009

Annual - Existing IFRS Preparers

Homburg Invest Inc. – December 31, 2008

Orca Exploration Inc. – December 31, 2008

Orca Exploration Inc. – December 31, 2009

Model/ Illustrative IFRS Financial Statements

Interim - First-time IFRS Adopters - Condensed Paragraph 6 of IAS 34 Interim Financial Reporting - In the interest of timeliness and cost considerations and to avoid repetition of information previously reported, an entity may be required to or may elect to provide less information at interim dates as compared with its annual financial statements. This Standard defines the minimum content of an interim financial report as including condensed financial statements and selected explanatory notes. The interim financial report is intended to provide an update on the latest complete set of annual financial statements. Accordingly, it focuses on new activities, events, and circumstances and does not duplicate information previously reported.

Illustrative condensed interim financial statements – First-time adopters 2010 – based on IFRSs at September 30, 2010 – KPMG

Interim - Existing IFRS Preparers - Condensed Paragraph 6 of IAS 34 Interim Financial Reporting - In the interest of timeliness and cost considerations and to avoid repetition of information previously reported, an entity may be required to or may elect to provide less information at interim dates as compared with its annual financial statements. This Standard defines the minimum content of an interim financial report as including condensed financial statements and selected explanatory notes. The interim financial report is intended to provide an update on the latest complete set of annual financial statements. Accordingly, it focuses on new activities, events, and circumstances and does not duplicate information previously reported.

Illustrative Condensed Interim Financial Statements – based on IFRSs at April 2010 – KPMG

Illustrative interim financial information 2011 – PwC International

Good Group (International) Limited International GAAP® Illustrative financial statements for the six months ended June 30, 2011 – based on IFRSs at March 31, 2011 – Ernst & Young

Example Interim Consolidated Financial Statements 2010 - based on IFRSs at May 31, 2010 - Grant Thornton

Annual - First-time IFRS Adopters

IFRS Illustrative Financial Statements: Canadian First-time Adopters - December 31, 2011 - based on IFRSs at January 31, 2010 - KPMG

Illustrative financial statements: First-time adopters - International Financial Reporting Standards - February 2010 (KPMG)

First-time adoption of IFRS - Example Consolidated Financial Statements 2009 - based on IFRSs at November 18, 2009 - Grant Thornton

Annual - Existing IFRS Preparers

General

International Financial Reporting Standards Model financial statements 2011 with early application (Deloltte)

Good Group (International) Limited International GAAP Illustrative financial statements December 31, 2010 - based on IFRSs at August 31, 2010 – Ernst & Young

Example Consolidated Financial Statements December 31, 2010 – based on IFRSs at November 30, 2010 - Grant Thornton