The Example Financial Statements are based on the activities and results of Illustrative Corporation and its subsidiaries (‘the Group’) – a fictional consulting, service and retail entity that has been preparing IFRS financial statements for several years.
The form and content of IFRS financial statements depend on the activities and transactions of each reporting entity. Our objective in preparing the Example Financial Statements is to illustrate one possible approach to financial reporting by an entity engaging in transactions that are typical across a range of non-specialist sectors. However, as with any example, this illustration does not envisage every possible transaction and therefore cannot be regarded as comprehensive. Management is responsible for the fair presentation of financial statements and therefore may find other approaches more appropriate for it's specific circumstances.