Every year, the International Accounting Standards Board (IASB) publishes new standards and amendments that significantly affect the presentation of financial statements. Creating financial reports in accordance with International Financial Reporting Standards (IFRS) is, therefore, quite challenging.

Grant Thornton International Ltd (GTIL) member companies have expertise in the application of IFRS. GTIL, through its expert team, has developed general guidelines that support the commitment of its member companies to high-quality, consistent application of IFRS and we are, therefore, pleased to share this document below. It will help all clients find their way around.

The interim financial statements illustrate the six-month accounting period beginning on January 1, 2023. They are based on the activities and results of Illustrative Corporation Ltd and its subsidiaries - a fictitious consultancy, services and retail entity.

We hope that the document will be helpful in providing you with some details during the preparation of financial statements in accordance with IFRS. If you would like more information on any of the highlights, please get in touch with the local Grant Thornton experts.