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Introduction

RSM International Limited has prepared a model set of consolidated financial statements for a fictional company called IFRS Statements Limited. For the purpose of the exercise, IFRS Statements Limited is described as a private limited company incorporated and domiciled in a fictitious country, Newland.

No such company or jurisdiction exists and RSM member firms will ensure that any advice provided to clients comply with its local laws as well as all relevant IFRS’s.

The consolidated financial statements assume that IFRS Statements Limited is an existing IFRS preparer and is trading internationally as well as in its own country of incorporation and actively expanding.

The IFRS consolidated financial statements have been prepared according to all relevant IFRS and interpretations in force as at 31 December 2006. Additionally, for the purpose of the illustrative model consolidated financial statements:

  • IFRS 7 – Financial Instruments: Disclosures; and
  • IAS 1 Amendment – presentation of Financial Statements: Disclosures,
    • have been adopted early as appropriate standards/amendments.

It is important to stress that whist these model consolidated financial statements illustrate many presentation and disclosure requirements for this fictional group of companies, these model financial statements do not purport to be comprehensive.

If your organisation is interested in, or required to, prepare financial statements in accordance with IFRS, we would recommend that you contact the RSM Member firm in your country who can use these model financial statements to advise you on the best alternatives for your organisation.

The copyright in this published work shall belong to and vest in RSM International Association and all rights are reserved. No part of this publication may be reproduced, stored in any system or transmitted in any form or by any means whether electronic, mechanical, photocopying, recording or otherwise without the prior permission in writing of RSM International Association.

IFRS Illustrative Financial Statements 2006 (PDF, 4.7Mb)

For the year ended 31 December 2006