Preparing financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging. Every year, the International Accounting Standards Board (IASB) publishes new standards and amendments that can significantly affect the complete financial statement.

Grant Thornton International Ltd (GTIL) member companies have a wide range of expertise in the application of IFRS. GTIL, through its local IFRS team, develops general guidance that underpins its member companies' commitment to high quality, consistent IFRS application and is therefore pleased to share its insights by publishing „Examples of IFRS consolidated Financial Statements 2022“. 

These sample financial statements for 2022 are based on the activities and results of Illustrative Corporation and its subsidiaries ('the Group' or 'Illustrative Corporation Group') – a fictitious consulting, services and retail entity that prepared consolidated IFRSs. The form and content of financial statements according to IFRS will always depend on the activities and transactions of the reporting entity.

Our objective in preparing these financial statement examples is to illustrate the financial reporting of an entity engaged in transactions typical of a range of non-specialized sectors. However, as with any publication of this type, these example financial statements cannot anticipate all possible transactions and therefore cannot be considered comprehensive. Management, as defined by the IASB, is ultimately responsible for the presentation of the financial statements and may therefore find other individual approaches that are more appropriate for its case.

These example financial statements have been updated to reflect the changes in IFRS that are in effect by the end of 2022. No new rules have been taken into account after August 31, 2022. You can find a sample financial statement for 2022 at the link or download it below.