The preparation of financial statements in accordance with International Financial Reporting Standards (‘IFRS’) is challenging. Each year, new Standards and amendments are published by the International Accounting Standards Board (‘IASB’) with the potential to significantly impact the presentation of a complete set of financial statements and 2024 is no different.

The member firms of Grant Thornton International Ltd (‘GTIL’) have extensive expertise in the application of IFRS. GTIL, through its IFRS Team, develops general guidance that supports its member firms’ commitment to high quality, consistent application of IFRS and is therefore pleased to share its insights by publishing ‘IFRS Example Consolidated Financial Statements 2024’ (‘Example Financial Statements’).

These Example Financial Statements are based on the activities and results of Illustrative Corporation and its subsidiaries (‘the Group’ or the ‘Illustrative Corporation Group’) – a fictional consulting, service and retail entity that has been preparing IFRS consolidated financial statements for several years. The form and content of IFRS financial statements will always depend on the activities and transactions of the reporting entity. Our objective in preparing these Example Financial Statements is to illustrate financial reporting by an entity engaging in transactions that are typical across a range of non-specialist sectors. 

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However, as with any publication of this type, these example financial statements cannot envisage every possible transaction and therefore cannot be regarded as comprehensive. Management as defined by the IASB, is ultimately responsible for the fair presentation of financial statements and therefore they may find other approaches more appropriate for its specific circumstances.

These Example Financial Statements have been updated to reflect changes in IFRS that are effective for the year ending 31 December 2024. No account has been taken of any new developments after 31 August 2024. 

Economic uncertainty

In the current environment, there are many economic, political, and other uncertainties that can affect financial reporting. Potential examples include the Russia-Ukraine and the Israel-Hamas conflicts, rising inflation, natural disasters, and any other major global events that could occur. Preparers of financial statements will need to perform a thorough risk assessment to determine which events or circumstances could have an impact or future impact on their financial reporting, and then assess where and in what form to disclose the impact within their financial statements in light of IFRS Standards as they currently exist. We believe it is important to not only comply with the guidance set out in IFRS, but also ensure the financial statements are an effective part of any wider communication the entity intends to share with its stakeholders.
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