Model financial statements 2009 - Presentation & Disclosure Checklist

Model financial statements 2009 - Presentation & Disclosure Checklist

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Description

These model financial statements for the year ended 31 December 2009 illustrate the application of the presentation and disclosure requirements of International Financial Reporting Standards (IFRSs) by an entity that is not a first-time adopter of IFRSs. They also contain additional disclosures that are considered to be best practice, particularly where such disclosures are included in illustrative examples provided with a specific Standard.

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International Financial Reporting Standards Model financial statements 2009

Contacts
Global IFRS leadership team IFRS global office Global IFRS leader Ken Wild kwild@deloitte.co.uk IFRS centres of excellence Americas New York Robert Uhl iasplusamericas@deloitte.com Montreal Robert Lefrancois iasplus@deloitte.ca

Asia Pacific Hong Kong Stephen Taylor iasplus@deloitte.com.hk Melbourne Bruce Porter iasplus@deloitte.com.au

Europe-Africa Copenhagen Jan Peter Larsen dk_iasplus@deloitte.dk Frankfurt Andreas Barckow iasplus@deloitte de Johannesburg Graeme Berry iasplus@deloitte.co.za

London Veronica Poole asplus@deloitte.co.uk

Madrid Cleber Custodio iasplus@deloitte.es

Paris Laurence Rivat iasplus@deloitte.fr

Deloitte’s www.iasplus.com website provides comprehensive information about international financial reporting in general and IASB activities in particular. Unique features include: • daily news about financial reporting globally. • summaries of all Standards, Interpretations and proposals. • many IFRS-related publications available for download. • model IFRS financial statements and checklists. • an electronic library of several hundred IFRS resources. • all Deloitte Touche Tohmatsu comment letters to the IASB. • links to several hundred international accounting websites. • e-learning modules for each IAS and IFRS – at no charge. • information about adoptions of IFRSs around the world. • updates on developments in national accounting standards.

International GAAP Holdings Limited Financial statements for the year ended 31 December 2009
The model financial statements of International GAAP Holdings Limited are intended to illustrate the presentation and disclosure requirements of International Financial Reporting Standards (IFRSs). They also contain additional disclosures that are considered to be best practice, particularly where such disclosures are included in illustrative examples provided with a specific Standard. International GAAP Holdings Limited is assumed to have presented financial statements in accordance with IFRSs for a number of years. Therefore, it is not a first-time adopter of IFRSs. Readers should refer to IFRS 1 First-time Adoption of International Financial Reporting Standards for specific requirements regarding an entity’s first IFRS financial statements, and to the IFRS 1 section of Deloitte’s Presentation and Disclosure Checklist for details of the particular disclosure requirements applicable for first-time adopters. The model financial statements have been presented without regard to local laws or regulations. Preparers of financial statements will need to ensure that the options selected under IFRSs do not conflict with such sources of regulation (e.g. the revaluation of assets is not permitted in certain regimes – but these financial statements illustrate the presentation and disclosures required when an entity adopts the revaluation model under IAS 16 Property, Plant and Equipment). In addition, local laws or securities regulations may specify disclosures in addition to those required by IFRSs (e.g. in relation to directors’ remuneration). Preparers of financial statements will consequently need to adapt the model financial statements to comply with such additional local requirements. The model financial statements do not include separate financial statements for the parent, which may be required by local laws or regulations, or may be prepared voluntarily. Where an entity presents separate financial statements that comply with IFRSs, the requirements of IAS 27 Consolidated and Separate Financial Statements will apply. Separate statements of comprehensive income, financial position, changes in equity and cash flows for the parent will generally be required, together with supporting notes. Suggested disclosures are cross-referenced to the underlying requirements in the texts of the relevant Standards and Interpretations. References are generally to the most recent version of the relevant Standard or Interpretation (unless specified otherwise) where the Standard or Interpretation has been adopted by International GAAP Holdings Limited. Therefore, references to IFRS 3, IAS 1 and IAS 27 are to IFRS 3 (as revised in 2008), IAS 1 (as revised in 2007) and IAS 27 (as revised in 2008) respectively. In these 2009 model financial statements, we have illustrated the impact of the adoption of a number of new and revised Standards and Interpretations (see note 2 to the financial statements for details). IAS 1 (as revised in 2007) introduced a number of terminology changes, including revised titles for the financial statements (e.g. ‘statement of financial position’ instead of ‘balance sheet’). The revised terminology has been adopted throughout these model financial statements. Preparers should be aware, however, that the new titles for the financial statements are not mandatory. For the purposes of presenting the statements of comprehensive income and cash flows, the alternatives allowed under IFRSs for those statements have been illustrated. Preparers should select the alternatives most appropriate to their circumstances. Note that in these model financial statements, we have frequently included line items for which a nil amount is shown, so as to illustrate items that, although not applicable to International GAAP Holdings Limited, are commonly encountered in practice. This does not mean that we have illustrated all possible disclosures. Nor should it be taken to mean that, in practice, entities are required to display line items for such ‘nil’ amounts.

Contents Page Consolidated statement of comprehensive income Alt 1 – Single statement presentation, with expenses analysed by function Alt 2 – Presentation as two statements, with expenses analysed by nature Consolidated statement of financial position Consolidated statement of changes in equity Consolidated statement of cash flows Alt 1 – Indirect method of reporting cash flows from operating activities Alt 2 – Direct method of reporting cash flows from operating activities Notes to the consolidated financial statements Auditor’s report 9 11 12 124 1 3 5 7

Index to the notes to the consolidated financial statements Page 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 General information Adoption of new and revised International Financial Reporting Standards Significant accounting policies Critical accounting judgements and key sources of estimation uncertainty Revenue Segment information Investment revenue Other gains and losses Finance costs Income taxes Discontinued operations Assets classified as held for sale Profit for the year from continuing operations Earnings per share Property, plant and equipment Investment property Goodwill Other intangible assets Subsidiaries Investments in associates Joint ventures Other financial assets Other assets Inventories Trade and other receivables Finance lease receivables Construction contracts Issued capital Reserves Retained earnings and dividends Non-controlling interests Borrowings Convertible notes Other financial liabilities Provisions Other liabilities Trade and other payables Obligations under finance leases Retirement benefit plans Financial instruments Deferred revenue Share-based payments Related party transactions Business combinations Disposal of subsidiary Cash and cash equivalents Non-cash transactions Operating lease arrangements Commitments for expenditure Contingent liabilities and contingent assets Events after the reporting period Approval of financial statements 12 12 19 34 36 37 42 43 44 45 51 52 53 54 57 60 61 64 65 66 68 69 70 70 71 73 74 75 78 82 82 83 84 85 86 87 87 88 89 92 111 111 114 116 119 120 120 121 122 122 123 123

Source IAS 1.10(b), 51(b),(c) IAS 1.113

International GAAP Holdings Limited Consolidated statement of comprehensive income for the year ended 31 December 2009 Notes Year ended 31/12/09 CU’000 Continuing operations

[Alt 1] Year ended 31/12/08 CU’000

IAS 1.51(d),(e)

IAS 1.82(a) IAS 1.99 IAS 1.85 IAS 1.85 IAS 1.85 IAS 1.99 IAS 1.99 IAS 1.99 IAS 1.99 IAS 1.82(b) IAS 1.99 IAS 1.82(c) IAS 1.85 IAS 1.85 IAS 1.82(d) IAS 1.85

Revenue Cost of sales Gross profit Investment revenue Other gains and losses Distribution expenses Marketing expenses Occupancy expenses Administration expenses Finance costs Other expenses Share of profits of associates Gain recognised on disposal of interest in former associate Profit before tax Income tax expense Profit for the year from continuing operations Discontinued operations

5

140,918 (87,897) 53,021 3,608 647 (5,087) (3,305) (2,128) (11,001) (4,418) (2,801) 1,186 581 30,303 (11,564) 18,739

151,840 (91,840) 60,000 2,351 1,005 (4,600) (2,254) (2,201) (15,124) (6,023) (2,612) 1,589 – 32,131 (11,799) 20,332

7 8

9 20 20

10 13

IAS 1.82(e) IAS 1.82(f)

Profit for the year from discontinued operations Profit for the year Other comprehensive income

11

8,310 27,049

9,995 30,327

IAS 1.82(g) IAS 1.82(g) IAS 1.82(g) IAS 1.82(g) IAS 1.82(h) IAS 1.85 IAS 1.82(i)

Exchange differences on translating foreign operations Net value gain on available-for-sale financial assets Net value gain on cash flow hedges Gain on revaluation of properties Share of other comprehensive income of associates Other comprehensive income for the year, net of tax Total comprehensive income for the year

(39) 66 39 – – 66 27,115

85 57 20 1,150 – 1,312 31,639

Profit attributable to: IAS 1.83(a) IAS 1.83(a) Owners of the Company Non-controlling interests 23,049 4,000 27,049 Total comprehensive income attributable to: IAS 1.83(b) IAS 1.83(b) Owners of the Company Non-controlling interests 23,115 4,000 27,115 28,876 2,763 31,639 27,564 2,763 30,327

1

Source

International GAAP Holdings Limited Consolidated statement of comprehensive income for the year ended 31 December 2009 – continued Notes Year ended 31/12/09 CU’000 Year ended 31/12/08 CU’000

Earnings per share From continuing and discontinued operations IAS 33.66 IAS 33.66 Basic (cents per share) Diluted (cents per share) From continuing operations IAS 33.66 IAS 33.66 Basic (cents per share) Diluted (cents per share)

14

132.2 115.5

137.0 130.5

84.5 74.0

87.3 83.2

Note:

Alt 1 above illustrates the presentation of comprehensive income in one statement. Alt 2 (see next pages) illustrates the presentation of comprehensive income in two statements. Whichever presentation is selected, the distinction is retained between items recognised in profit or loss and items recognised in other comprehensive income. The only difference between the one-statement and the twostatement approaches is that, for the latter, a total is struck in the separate income statement at ‘profit for the year’ (this is the same amount as is presented as a sub-total under the one-statement approach). This ‘profit for the year’ is then the starting point for the statement of comprehensive income, which is required to be presented immediately following the income statement. Under the two-statement approach, the analysis of ‘profit for the year’ between the amount attributable to the owners of the parent and the amount attributable to non-controlling interests is presented at the end of the separate income statement. Irrespective of whether the one-statement or the two-statement approach is followed, for the components of other comprehensive income, additional presentation options are available, as follows.

IAS 1.90



The individual components may be presented net of tax in the statement of comprehensive income (as illustrated on the previous page), or they may be presented gross with a single line deduction for tax (see page 4). Whichever option is selected, the income tax relating to each component of comprehensive income must be disclosed, either in the statement of comprehensive income or in the notes (see note 29). For reclassification adjustments, an aggregated presentation may be adopted, with separate disclosure of the current year gain or loss and reclassification adjustments in the notes (see previous page and note 29). Alternatively, using a disaggregated presentation, the current year gain or loss and reclassification adjustments are shown separately in the statement of comprehensive income (see page 4).

IAS 1.93



Alt 1 aggregates expenses according to their function.

IFRS model financial statements 2009

2

Source IAS 1.10(b), 81(b), 51(b),(c) IAS 1.113

International GAAP Holdings Limited Consolidated income statement for the year ended 31 December 2009 Notes Year ended 31/12/09 CU’000 Continuing operations

[Alt 2] Year ended 31/12/08 CU’000

IAS 1.51(d),(e)

IAS 1.82(a) IAS 1.85 IAS 1.85 IAS 1.99 IAS 1.99 IAS 1.99 IAS 1.99 IAS 1.82(b) IAS 1.99 IAS 1.99 IAS 1.82(c) IAS 1.85 IAS 1.85 IAS 1.82(d) IAS 1.85

Revenue Investment revenue Other gains and losses Changes in inventories of finished goods and work in progress Raw materials and consumables used Depreciation and amortisation expenses Employee benefits expense Finance costs Consulting expense Other expenses Share of profits of associates Gain recognised on disposal of interest in former associate Profit before tax Income tax expense Profit for the year from continuing operations Discontinued operations

5 7 8

13 13 9

20 20

140,918 3,608 647 (7,134) (70,391) (11,193) (9,803) (4,418) (3,120) (10,578) 1,186 581 30,303 (11,564) 18,739

151,840 2,351 1,005 2,118 (85,413) (13,878) (11,655) (6,023) (1,926) (7,877) 1,589 – 32,131 (11,799) 20,332

10 13

IAS 1.82(e) IAS 1.82(f)

Profit for the year from discontinued operations Profit for the year Attributable to:

11

8,310 27,049

9,995 30,327

IAS 1.83(a) IAS 1.83(a)

Owners of the Company Non-controlling interests

23,049 4,000 27,049

27,564 2,763 30,327

Earnings per share From continuing and discontinued operations IAS 33.66, 67A IAS 33.66, 67A Basic (cents per share) Diluted (cents per share) From continuing operations IAS 33.66, 67A IAS 33.66, 67A Basic (cents per share) Diluted (cents per share)

14

132.2 115.5

137.0 130.5

84.5 74.0

87.3 83.2

Note:

The format outlined above aggregates expenses according to their nature. See previous page for a discussion of the format of the statement of comprehensive income. Note that where the two statement approach is adopted (above and on the next page), as required by IAS 1.12, the income statement must be displayed immediately before the statement of comprehensive income.

3

Source IAS 1.10(b), 81(b), 51(b),(c) IAS 1.113

International GAAP Holdings Limited Consolidated statement of comprehensive income for the year ended 31 December 2009

[Alt 2 continued] Year ended 31/12/09 CU’000 Year ended 31/12/08 CU’000 30,327

IAS 1.51(d),(e) IAS 1.82(f) Profit for the year Other comprehensive income IAS 1.82(g) Exchange differences on translating foreign operations Exchange differences arising during the year Exchange differences arising on hedging of foreign operations Reclassification adjustments relating to foreign operations disposed of in the year Reclassification adjustments relating to hedges of foreign operations disposed of in the year

27,049

75 (12) (166) 46 (57)

121 – – – 121

IAS 1.82(g)

Available-for-sale financial assets Net gain arising on revaluation of available-for-sale financial assets during the year Reclassification adjustments relating to available-for-sale financial assets disposed of in the year

94 – 94

81 – 81

IAS 1.82(g)

Cash flow hedges Gains arising during the year Reclassification adjustments for amounts recognised in profit or loss Reclassification adjustments for amounts transferred to the initial carrying amounts of hedged items

436 (123) (257) 56

316 (86) (201) 29 1,643 – (562) 31,639

IAS 1.82(g) IAS 1.82(h)

Gain arising on revaluation of properties Share of other comprehensive income of associates Income tax relating to components of other comprehensive income

– – (27) 27,115

IAS 1.82(i)

Total comprehensive income for the year Total comprehensive income attributable to:

IAS 1.83(b) IAS 1.83(b)

Owners of the Company Non-controlling interests

23,115 4,000 27,115

28,876 2,763 31,639

IFRS model financial statements 2009

4

Source IAS 1.10(a),(f), 51(b),(c) IAS 1.113 IAS 1.51(d),(e)

International GAAP Holdings Limited Consolidated statement of financial position at 31 December 2009 Notes 31/12/09 CU’000 Assets 31/12/08 CU’000 01/01/08 CU’000

IAS 1.60 IAS 1.54(a) IAS 1.54(b) IAS 1.55 IAS 1.54(c) IAS 1.54(e) IAS 1.54(o) IAS 1.55 IAS 1.54(d) IAS 1.55

Non-current assets Property, plant and equipment Investment property Goodwill Other intangible assets Investments in associates Deferred tax assets Finance lease receivables Other financial assets Other assets Total non-current assets 15 16 17 18 20 10 26 22 23 109,783 1,936 20,285 9,739 7,402 – 830 10,771 – 160,746 135,721 132 24,060 11,325 7,270 – 717 9,655 – 188,880 161,058 170 23,920 12,523 5,706 – 739 7,850 – 211,966

IAS 1.60 IAS 1.54(g) IAS 1.54(h) IAS 1.55 IAS 1.54(d) IAS 1.54(n) IAS 1.55 IAS 1.54(i)

Current assets Inventories Trade and other receivables Finance lease receivables Other financial assets Current tax assets Other assets Cash and bank balances 24 25 26 22 10 23 31,213 19,735 198 8,757 125 – 23,446 83,474 22,336 105,810 266,556 28,982 16,292 188 6,949 60 – 19,778 72,249 – 72,249 261,129 29,688 14,002 182 5,528 81 – 9,082 58,563 – 58,563 270,529

IAS 1.54(j)

Assets classified as held for sale Total current assets Total assets

12

Note:

As required by IAS 1.10(f), a statement of financial position is presented at the beginning of the earliest comparative period. The additional statement is required because the entity has applied new accounting policies retrospectively in the year (see note 2 to the financial statements).

5