This publication provides illustrative financial statements for the year ended 31 December 2015. These illustrative financial statements will assist the reader in preparing financial statements by illustrating the required disclosure and presentation for UK groups and UK companies reporting under IFRS or FRS 101 'Reduced Disclosure Framework'. IFRS GAAP plc An illustrative annual report, including the consolidated financial statements of IFRS GAAP plc group of companies. The annual report has been prepared to show the disclosures and format that might be expected, for a group of its size, that prepares its financial statements in accordance with IFRS, UK law and UK Listing Rules requirements, for a fictional corporate entity (IFRS GAAP plc). New UK GAAP Limited An example annual report for New UK GAAP Limited. The annual report has been prepared to show the disclosures and format that might be expected for a company preparing its financial statements under FRS 101 'Reduced Disclosure Framework' and the Companies Act. FRS 101 provides the disclosure exemptions from EU-adopted IFRS for qualifying entities.
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Example financial statements for those preparing accounts in accordance with FRS 101. Authored by the expert accounting team at PricewaterhouseCoopers
Reports Strategic report; Directors' report; Remuneration report;
Corporate governance report; Statement of directors' responsibilities;
Independent auditors' report to the members of IFRS GAAP plc; Financial
statements; Consolidated income statement; Consolidated statement of
comprehensive income; Consolidated and Parent Company balance sheets;
Consolidated statement of changes in equity; Consolidated and Parent Company
statement of cash flows; Notes to the consolidated financial statements: 1
General information 2 Summary of significant accounting policies 3
Financial risk management 4 Critical accounting estimates and judgements
5 Segment information 6 Exceptional items 7 Other income 8 Other
(losses)/gains - net 9 Expenses 10 Employees 11 Finance income and
costs 12 Investments 13 Income tax expense 14 Earnings per share 15
Net foreign exchange gains/(losses) 16 Property, plant and equipment 17
Intangible assets 18 Financial instruments 18.1 Financial instruments by
category 18.2 Credit quality of financial assets 19 Available-for-sale
financial assets 20 Derivative financial instruments 21 Trade and other
receivables 22 Inventories 23 Financial assets at fair value through
profit or loss 24 Cash and cash equivalents 25 Non-current assets held
for sale and discontinued operations 26 Share capital and premium 27
Share-based payment 28 Retained earnings 29 Other reserves 30 Trade and
other payables 31 Borrowings 32 Deferred income tax 33 Post-employment
benefits 34 Dividends per share 35 Provisions for other liabilities and
charges 36 Cash generated from operations 37 Contingencies 38
Commitments 39 Business combinations 40 Transactions with non-controlling
interests 41 Related parties Appendices Appendix I - Alternative
presentation of primary statements 1 Consolidated statement of cash flows -
direct method 2 Consolidated statement of comprehensive income - single
statement, showing expenses by function Appendix II - Areas not illustrated
in financial statements of IFRS GAAP plc 1 Biological assets 2
Construction contracts 3 Oil and gas exploration assets 4 Leases:
Accounting by lessor 5 Government grants 6 Revenue recognition: multiple
arrangements 7 Customer loyalty programmes 8 Put option 9 Foreign
currency translations - disposal of foreign operation and partial disposal
10 Share-based payments - modification and cancellation Appendix III - New
standards and amendments 1 New standards and amendments 2 Forthcoming
requirements.
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