23 Jun 2026 1 min read
The Interim Financial Statements illustrate a six-month accounting period beginning on 1 January 2026. They are based on the activities and results of Illustrative Corporation Ltd and its subsidiaries (‘the Group’) – a fictional consulting, service and retail entity that has been preparing IFRS financial statements for several years. The Group produces half-yearly interim financial statements in accordance with IAS 34 ‘Interim Financial Reporting’ at 30 June 2026.
In addition, we are pleased to share Appendix B to the Example Financial Statements - IFRS 18 ‘Presentation and Disclosure in Financial Statements’. This appendix presents a selection of extracts from the Example Interim Condensed Consolidated Financial Statements, including the consolidated statement of profit or loss and statement of cash flows, prepared as if the Group had (early) adopted IFRS 18 in the interim period ended 30 June 2026. It also includes illustrative transition disclosures and illustrates the new disclosures about management-defined performance measures and disclosures of specified expenses by nature required by IFRS 18.
Our ‘Insights into IFRS 2’ series explains the fundamentals of accounting for share-based payments and helps reporting entities navigate the complexities of the Standard. This article provides an overview of the objective and scope of IFRS 2, including the types of transactions to which it applies.
Accurate and consistent revenue recognition is a cornerstone of sound financial reporting for all businesses, ensuring comparability across industries and markets. The objective of IFRS 15 ‘Revenue from Contracts with Customers’ is not to alter the definition of revenue, but to improve comparability by establishing a clear framework for recognising and measuring revenue.
Our 'Insights into IFRS 15' series summarises the key areas of the Standard, highlighting some areas that are challenging to apply in practice, to assist reporting entities in understanding how to apply IFRS 15's requirements. This article focuses on identifying a contract with a customer and the criteria that must be met before revenue can be recognised.
