Illustrative IFRS corporate consolidated financial statements

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<ul><li> 1. Illustrative IFRS corporate consolidated financial statements 2008 </li> <li> 2. PricewaterhouseCoopers IFRS and corporate governance publications and tools 2008 IFRS technical publications IFRS Pocket Guide 2008 IFRS Manual of Accounting 2008 Provides a summary of the IFRS recognition and Provides expert practical guidance on how measurement requirements. Including currencies, groups should prepare their consolidated assets, liabilities, equity, income, expenses, financial statements in accordance with IFRS. business combinations and interim financial Comprehensive publication including hundreds statements. of worked examples, extracts from company reports and model financial statements. IFRS News Monthly newsletter focusing on the business implications of the IASBs proposals and new A practical guide to segment reporting standards. Provides an overview of the key requirements of IFRS 8, Operating Segments and some points to consider as entities prepare for the application of this standard for the first time. Includes a question and answer section. IAS 39 Achieving hedge accounting in practice Covers in detail the practical issues in achieving hedge accounting under IAS 39. It provides answers to frequently asked questions and step-by-step Adopting IFRS A step-by-step illustration of illustrations of how to apply common hedging the transition to IFRS strategies. Illustrates the steps involved in preparing the first IFRS financial statements. It takes into account the effect on IFRS 1 of the standards issued up to and Illustrative interim financial information including March 2004. for existing preparers Illustrative information, prepared in accordance with IAS 34, for a fictional existing IFRS preparer. Includes a disclosure checklist and IAS 34 Disclosure Checklist 2007 application guidance. Reflects standards issued up Outlines the disclosures required by all IFRSs to 31 March 2008. published up to September 2006. Illustrative Consolidated Financial Statements Banking, 2006 Investment funds, 2006 Corporate, 2008 Investment property, 2006 Insurance, 2006 Financial instruments under IFRS Realistic sets of financial statements for existing High-level summary of the revised financial IFRS preparers in the above sectors illustrating the instruments standards issued in December 2003, required disclosure and presentation. updated to reflect IFRS 7 in September 2006. For existing IFRS preparers and first-time adopters. Share-based Payment a practical guide to applying IFRS 2 Assesses the impact of the new standard, looking at the requirements and providing a step-by-step Financial Reporting in Hyperinflationary illustration of how to account for share-based Economies Understanding IAS 29 payment transactions. 2006 update (reflecting impact of IFRIC 7) of a guide for entities applying IAS 29. Provides an SIC-12 and FIN 46R The Substance of Control overview of the standards concepts, descriptions Helps those working with special purpose entities to of the procedures and an illustrative example of its identify the differences between US GAAP and IFRS application. in this area, including examples of transactions and structures that may be impacted by the guidance. IFRS 3R: Impact on earnings the crucial Q&amp;A for decision-makers Similarities and Differences Guide aimed at finance directors, financial a comparison of IFRS and US GAAP controllers and deal-makers, providing background Presents the key similarities and differences to the standard, impact on the financial statements between IFRS and US GAAP, focusing on the and controls, and summary differences with differences commonly found in practice. It takes into US GAAP. account all standards published up to August 2007. IFRS for SMEs (proposals) Pocket Guide 2007 Understanding financial instruments Provides a summary of the recognition and A guide to IAS 32, IAS 39 and IFRS 7 measurement requirements in the proposed IFRS Comprehensive guidance on all aspects of the for Small and Medium-Sized Entities published by requirements for financial instruments accounting. the International Accounting Standards Board in Detailed explanations illustrated through worked February 2007. examples and extracts from company reports. </li> <li> 3. Illustrative IFRS corporate consolidated nancial statements 2008 Global Accounting Consulting Services PricewaterhouseCoopers LLP 145 London Road Kingston-upon-Thames Surrey KT2 6SR Tel: +44 (0) 870 777 2906 Fax: +44 (0) 870 247 1184 E-mail: info@cch.co.uk Website: www.cch.co.uk </li> <li> 4. This book has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this book without obtaining specic professional advice. Accordingly, to the extent permitted by law, PricewaterhouseCoopers LLP (and its members, employees and agents) and publisher accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining from acting, in reliance on the information contained in this document or for any decision based on it, or for any consequential, special or similar damages even if advised of the possibility of such damages. ISBN 978-1-84798-091-5 Printed in Great Britain. British Library Cataloguing-in-Publication Data. A catalogue record for this book is available from the British Library. # 2008 PricewaterhouseCoopers No part of this publication may be reproduced, stored in any system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without the prior permission of PricewaterhouseCoopers LLP. </li> <li> 5. Introduction This publication provides an illustrative set of consolidated nancial statements, prepared in accordance with International Financial Reporting Standards (IFRS), for a ctional manufacturing, wholesale and retail group (IFRS GAAP plc). IFRS GAAP plc is an existing preparer of IFRS consolidated nancial statements; IFRS 1, First-time adoption of International Financial Reporting Standards, is not applicable. For an illustrative set of nancial statements for rst-time adopters of IFRS, refer to the PricewaterhouseCoopers publication Adopting IFRS: IFRS 1 First time adoption of International Financial Reporting Standards. This publication is based on the requirements of IFRS standards and interpretations for nancial years beginning on or after 1 January 2008. IFRS 8, Operating segments has been early adopted. We have attempted to create a realistic set of nancial statements for a corporate entity. Certain items may not apply to a particular entity. For example, if the reporting entity does not have material operating leases, disclosure of the accounting policy for operating leases does not need to be included (IAS1p108, 110). Certain types of transaction have been excluded, as they are not relevant to the groups operations. The example disclosures for some of these additional items have been included in Appendices III and IV. The example disclosures should not be considered the only acceptable form of presentation. The form and content of each reporting entitys nancial statements are the responsibility of the entitys management. Alternative presentations to those proposed in this publication may be equally acceptable if they comply with the specic disclosure requirements prescribed in IFRS. These illustrative nancial statements are not a substitute for reading the standards and interpretations themselves or for professional judgement as to fairness of presentation. They do not cover all possible disclosures that IFRS requires. Further specic information may be required in order to ensure fair presentation under IFRS. We recommend that readers refer to our publication IFRS Disclosure Checklist 2008. Format The references in the left-hand margin of the nancial statements represent the paragraph of the standard in which the disclosure appears for example, 8p40 indicates IAS 8 paragraph 40. The reference to IFRS appears in full, for example, IFRS2p6 indicates IFRS 2 paragraph 6. The designation DV (disclosure voluntary) indicates that the relevant IAS or IFRS encourages, but does not require, the disclosure. Additional notes and explanations are shown in footnotes. PricewaterhouseCoopers i </li> <li> 6. Contents Consolidated balance sheet ........................................................................................ 1 Consolidated income statement by function of expense .......................................... 3 Consolidated statement of recognised income and expense ...................................... 4 Consolidated cash ow statement ............................................................................... 5 Notes to the consolidated nancial statements: .......................................................... 6 1 General information .............................................................................................. 6 2 Summary of signicant accounting policies: ......................................................... 6 2.1 Basis of preparation .................................................................................... 6 2.2 Consolidation ............................................................................................. 13 2.3 Segment reporting ..................................................................................... 14 2.4 Foreign currency translation ...................................................................... 14 2.5 Property, plant and equipment .................................................................. 15 2.6 Intangible assets ....................................................................................... 16 2.7 Impairment of non-nancial assets ........................................................... 17 2.8 Non-current assets (or disposal groups) held for sale .............................. 18 2.9 Financial assets ........................................................................................ 18 2.10 Derivative nancial instruments and hedging activities ............................. 20 2.11 Inventories ................................................................................................. 21 2.12 Trade receivables ...................................................................................... 22 2.13 Cash and cash equivalents ....................................................................... 22 2.14 Share capital ............................................................................................. 22 2.15 Trade payables ......................................................................................... 22 2.16 Borrowings ................................................................................................ 22 2.17 Current and deferred income tax .............................................................. 23 2.18 Employee benets ..................................................................................... 24 2.19 Provisions .................................................................................................. 25 2.20 Revenue recognition ................................................................................. 26 2.21 Leases ....................................................................................................... 27 2.22 Dividend distribution .................................................................................. 28 3 Financial risk management ................................................................................. 28 4 Critical accounting estimates and judgements ................................................... 35 5 Segment information .......................................................................................... 37 6 Property, plant and equipment ........................................................................... 42 7 Intangible...</li></ul>

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