Adviser alert Example Consolidated Financial Statements 2012

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1 Adviser alert Example Consolidated Financial Statements 2012 October 2012 Overview The Grant Thornton International IFRS team has published the 2012 version of the Reporting under IFRS: Example Consolidated Financial Statements 2012 and guidance notes, which has been revised and updated to reflect changes in IFRS that are effective for the year ending December 31, This publication reflects the early adoption of Presentation of Items of Other Comprehensive Income (Amendments to IAS 1 Presentation of Financial Statements) which is effective for annual periods beginning on or after July 1, The publication does not reflect the early adoption of any other changes in IFRS that have been issued but are not yet effective Example consolidated financial statements summary The publication illustrates consolidated financial statements for a year ended December 31, The example consolidated financial statements are of a fictional consulting, service and retail company that has been preparing IFRS financial statements for several years. This publication is not appropriate for a first-time adopter of IFRS. It is important to remember that the objective in preparing example consolidated financial statements is to illustrate one possible approach to reporting by an entity engaging in transactions that are considered typical across a range of nonspecialist sectors. The attached financial statements are an illustrative example only and should not be considered comprehensive. Resources The publication Reporting under IFRS: Example Consolidated Financial Statements 2012 and guidance notes follows this adviser alert. Please note that this publication has not been modified from its original version (English version only). About Grant Thornton in Canada Grant Thornton LLP is a leading Canadian accounting and advisory firm providing audit, tax and advisory services to private and public organizations. Together with the Quebec firm Raymond Chabot Grant Thornton LLP, Grant Thornton has approximately 4,000 people in offices across Canada. Grant Thornton LLP is a Canadian member of Grant Thornton International Ltd, whose member firms operate across 100 countries worldwide. We have made every effort to ensure information in this publication is accurate as of its issue date. Nevertheless, information or views expressed herein are neither official statements of position, nor should they be considered technical advice for you or your organization without consulting a professional business adviser. For more information about this topic, please contact your Grant Thornton adviser. If you do not have an adviser, please contact us. We are happy to help. Audit Tax Advisory Grant Thornton LLP. A Canadian Member of Grant Thornton International Ltd. All rights reserved.

2 EXAMPLE CONSOLIDATED FINANCIAL STATEMENTS 2012 AND GUIDANCE NOTES Reporting under IFRS

3 Important Disclaimer: This document has been developed as an information resource. It is intended as a guide only and the application of its contents to specific situations will depend on the particular circumstances involved. While every care has been taken in its presentation, personnel who use this document to assist in evaluating compliance with International Financial Reporting Standards should have sufficient training and experience to do so. No person should act specifically on the basis of the material contained herein without considering and taking professional advice. Neither Grant Thornton International Ltd, nor any of its personnel nor any of its member firms or their partners or employees, accept any responsibility for any errors it might contain, whether caused by negligence or otherwise, or any loss, howsoever caused, incurred by any person as a result of utilising or otherwise placing any reliance upon this document.

4 Introduction Example Consolidated Financial Statements 2012 The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging. The challenges have increased as a result of applying new Standards and Amendments published by the International Accounting Standards Board (IASB) that significantly impact both the presentation of the primary statements and the accompanying disclosures. The member firms within Grant Thornton International Ltd (Grant Thornton International) one of the world s leading organisations of independently owned and managed accounting and consulting firms have extensive expertise in the application of IFRS. Grant Thornton International, through its IFRS team, develops general guidance that supports its member firms commitment to high quality, consistent application of IFRS and is therefore pleased to share these insights by publishing Reporting under IFRS Example Consolidated Financial Statements 2012 (the Example Consolidated Financial Statements 2012, the Publication). Example Consolidated Financial Statements 2012 is based on the activities and results of Illustrative Corporation and 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 Example Consolidated Financial Statements 2012 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 cannot therefore be regarded as comprehensive. Management is responsible for the fair presentation of financial statements and therefore may find other approaches more appropriate for its specific circumstances. The Publication has been reviewed and updated to reflect changes in IFRS that are effective for the year ending 31 December 2012 and also reflects the early adoption of Presentation of Items of Other Comprehensive Income (Amendments to IAS 1). The Publication does not reflect the early adoption of any other changes in IFRS that have been issued but are not yet effective. Additionally, no account has been taken of any new developments published after 31 August Example Consolidated Financial Statements 2012 i

5 Using the Publication In some areas, alternative presentation is also illustrated in the Appendices. For further guidance on the Standards and Interpretations applied, reference is made to IFRS sources throughout the Publication on the left hand side of each page. The Publication does not address any jurisdictional or regulatory requirements in areas such as management commentary, remuneration reporting or audit reporting. Most importantly, the use of the Publication is not a substitute for the use of a comprehensive and up to date disclosure checklist to ensure completeness of the disclosures in IFRS financial statements. Grant Thornton International Ltd September 2012 ii Example Consolidated Financial Statements 2012

6 ILLUSTRATIVE CORPORATION GROUP 31 DECEMBER 2012 Example Consolidated Financial Statements: International Financial Reporting Standards (IFRS)

7 Contents Consolidated statement of financial position 1 Consolidated income statement 3 Consolidated statement of comprehensive income 4 Consolidated statement of changes in equity 5 Consolidated statement of cash flows 6 Notes to the consolidated financial statements 7 1 Nature of operations 7 2 General information and statement of compliance with IFRS 7 3 Changes in accounting policies 8 4 Summary of accounting policies 12 5 Acquisitions and disposals 29 6 Jointly controlled entities 32 7 Investments in associates 32 8 Segment reporting 32 9 Goodwill Other intangible assets Property, plant and equipment Leases Investment property Financial assets and liabilities Deferred tax assets and liabilities Inventories Trade and other receivables Cash and cash equivalents Disposal groups classified as held for sale and discontinued operations Equity Employee remuneration Provisions Trade and other payables Other liabilities Finance costs and finance income Other financial items Income tax expense Earnings per share and dividends Cash flow adjustments and changes in working capital Related party transactions Contingent liabilities Financial instrument risk Capital management policies and procedures Post-reporting date events Authorisation of financial statements 76 Appendix A: Organising the income statement by function of expenses 78 Appendix B: Statement of comprehensive income presented in single statement 80

8 Consolidated statement of financial position as at 31 December IAS 1.51(c) Notes IAS 1.51(d-e) CU 000 CU 000 CU 000 Assets IAS 1.60/66 Non-current IAS 1.57 Goodwill 9 5,041 3,537 1,234 IAS 1.54(c) Other intangible assets 10 17,424 13,841 10,664 IAS 1.54(a) Property, plant and equipment 11 22,439 20,647 21,006 IAS 1.54(e), IAS Investments accounted for using the equity method IAS 1.54(b) Investment property 13 12,662 12,277 12,102 IAS 1.54(d) Other long-term financial assets 14 3,765 3,880 4,327 IAS 1.54(o), IAS 1.56 Deferred tax assets IAS 1.60 Non-current assets 61,761 54,430 49,864 IAS 1.60/66 Current IAS 1.54(g) Inventories 16 18,548 17,376 18,671 IAS 1.54(h) Trade and other receivables 17 33,629 25,628 20,719 IAS 1.54(d)/55 Derivative financial instruments IAS 1.54(d) Other short-term financial assets IAS 1.54(n) Current tax assets 308 IAS 1.54(i) Cash and cash equivalents 18 34,789 11,237 10,007 IAS 1.60 Current assets 88,203 55,410 50,518 IFRS 5.38, Assets included in disposal group classified as held ,908 IAS 1.54(j) for sale IAS 1.55 Total assets 150, , ,382 Guidance note: Consolidated statement of financial position The Example Consolidated Financial Statements 2012 use the terminology in IAS 1 Presentation of Financial Statements (IAS 1). However an entity may use other titles (eg balance sheet instead of statement of financial position ) for the primary financial statements (IAS 1.10). IFRS requires an entity to present, at a minimum, two statements of financial position (the current period and prior period). IAS 1.10(f) and IAS 1.39 require an entity to present a statement of financial position and related notes as at the beginning of the earliest comparative period (eg a third statement of financial position) if it (i) applies an accounting policy retrospectively, (ii) makes a retrospective restatement of items in its financial statements, or (iii) reclassifies items in the financial statements. Even when a third statement of financial position is not required, an entity may still elect to include such a statement. This approach allows an entity to maintain a more consistent format and layout from one year to the next and may therefore save on design and printing costs. The Example Consolidated Financial Statements 2012 include an extra comparative statement of financial position as of 31 December 2010 (which in effect represents the beginning of the earliest comparative period, 1 January 2011) and the related notes. The statement of financial position reflects the separate classification of current and non-current assets and liabilities. When presentation based on liquidity is reliable and more relevant, the entity instead presents assets and liabilities in order of liquidity (IAS 1.60). Whichever method is used, however, the entity shall disclose the amount expected to be recovered or settled after more than twelve months for each asset and liability line items that combine amounts expected to be recovered or settled within and after more than 12 months (IAS 1.61). New guidance alert: The Annual Improvements to IFRSs (the Improvements) issued in May 2012 (effective for annual periods beginning on or after 1 January 2013) by the IASB clarify the requirements for providing comparative information in cases of changes in accounting policies, retrospective restatements or reclassifications. The amendment to 1.10(f) states that an entity must present a statement of financial position as at the beginning of the preceding period in these cases (ie, a third balance sheet), but the related notes to this opening statement of financial position are no longer required. The IASB added IAS 1.40A(b) to remind preparers that the concept of materiality should be considered when determining if a third statement of financial position is required. Further, the IASB amended IAS 1 to clarify that when an entity presents additional comparative information (that is not required by IFRS), the information should be presented in accordance with IFRS and comparative information in the related notes must be presented (IAS ). The Improvements have not been early adopted in the Publication. Example Consolidated Financial Statements

9 Consolidated statement of financial position as at 31 December IAS 1.51(c) Notes IAS 1.51(d-e) CU 000 CU 000 CU 000 Equity and liabilities IAS 1.57 Equity IAS 1.54(r) Share capital 20 13,770 12,000 12,000 IAS 1.78(e) Share premium 20 19,645 3,050 3,050 IAS 1.78(e) Other components of equity IAS 1.54(r) Retained earnings 49,165 36,541 22,739 Equity attributable to owners of the parent 83,201 51,796 38,677 IAS 1.54(q) Non-controlling interest IAS 1.55 Total equity 83,914 52,388 39,153 Liabilities IAS 1.60/69 Non-current IAS 1.55 Pension and other employee obligations 21 11,224 10,812 10,242 IAS 1.54(m) Borrowings 14 21,000 21,265 21,405 IAS 1.54(k) Trade and other payables 23 4,096 4,608 5,002 IAS 1.54(o)/56 Deferred tax liabilities 15 5,397 3,775 2,664 IAS 1.55 Other liabilities 24 2,020 1,500 1,600 IAS 1.55 Non-current liabilities 43,737 41,960 40,913 IAS 1.60/69 Current IAS 1.54(l) Provisions 22 1,215 3,345 4,400 IAS 1.55 Pension and other employee obligations 21 1,467 1,496 1,336 IAS 1.54(m) Borrowings 14 4,815 3,379 3,818 IAS 1.54(k) Trade and other payables 23 9,059 7,096 7,702 IAS 1.54(n) Current tax liabilities 3, IAS 1.54(m) Derivative financial instruments IAS 1.55 Other liabilities 24 2,758 3,475 2,832 IAS 1.55 Current liabilities 22,416 18,951 20,316 IFRS 5.38, Liabilities included in disposal group classified as IAS 1.54(p) held for sale IAS 1.55 Total liabilities 66,153 61,360 61,229 IAS 1.55 Total equity and liabilities 150, , ,382 2 Example Consolidated Financial Statements 2012

10 Consolidated income statement for the year ended 31 December IAS 1.51(c) Notes IAS 1.51(d-e) CU 000 CU 000 IAS 1.82(a) Revenue 8 206, ,593 IAS 1.85 Other income IAS 1.85 Changes in inventories (7,823) (5,573) IAS 1.85 Costs of material (42,634) (40,666) IAS 1.85 Employee benefits expense 21 (114,190) (108,673) IAS 1.85 Change in fair value of investment property IAS 1.85 Depreciation, amortisation and impairment of non-financial assets (7,942) (6,061) IAS 1.85 Other expenses (12,722) (12,285) Operating profit 21,619 19,151 IAS 1.82(c) Share of profit from equity accounted investments IAS 1.82(b) Finance costs 25 (3,473) (3,594) IAS 1.85 Finance income IAS 1.85 Other financial items 26 3,388 3,599 Profit before tax 22,588 19,961 IAS 1.82(d) Tax expense 27 (7,132) (6,184) Profit for the year from continuing operations 15,456 13,777 IAS 1.82(ea) Loss for the year from discontinued operations 19 (9) (325) IAS 1.55 Profit for the year 15,447 13,452 Profit for the year attributable to: IAS 1.83(a)(i) Non-controlling interest IAS 1.83(a)(ii) Owners of the parent 15,326 13,336 15,447 13,452 CU CU Earnings per share 28 IAS 33.67A Basic earnings per share IAS Earnings from continuing operations IAS 33.68A Loss from discontinued operations (0.00) (0.03) IAS Total Guidance note: Consolidated income statement IAS 1 permits an entity to present a statement of profit or loss and comprehensive income as: a single statement with profit or loss and other comprehensive income presented in two sections, or two statements: a separate statement of profit or loss and a separate statement of comprehensive income. If so, the separate statement of profit or loss shall immediately precede the statement presenting comprehensive income, which shall begin with profit or loss (IAS 1.10A). This Publication illustrates a statement of profit or loss and comprehensive income in two statements. A single statement presentation is shown in Appendix B. This income statement format illustrates an example of the nature of expense method. See Appendix A for a format illustrating the function of expense or cost of sales method. This income statement presents an operating profit subtotal, which is commonly seen but is not required or defined in IFRS. Where this subtotal is provided, the figure disclosed should include items that would normally be considered to be operating. It is inappropriate to exclude items clearly related to operations (eg inventory write-downs and restructuring and relocation expenses) on the basis that they do not occur regularly or are unusual in amount (IAS 1.BC.56). This income statement includes an amount representing the entity s share of profit from equity accounted investments. This amount represents profit after tax and non-controlling interest in those investments (as indicated in the Illustrative Financial Statement Structure in IAS 1). IAS 33.68A Diluted earnings per share IAS Earnings from continuing operations IAS 33.68A Loss from discontinued operations (0.00) (0.03) IAS Total Example Consolidated Financial Statements

11 Consolidated statement of comprehensive income for the year ended 31 December IAS 1.51(c) Notes IAS 1.51(d-e) CU 000 CU 000 IAS 1.81A Profit for the year 15,447 13,452 Other comprehensive income: IAS 1.82A(a) Items that will not be reclassified subsequently to profit or loss IAS 16.77(f) Revaluation of land IAS 1.90/91(b) Income tax relating to items not reclassified 15 (91) IAS 1.82A(b) Items that will be reclassified subsequently to profit or loss Cash flow hedging 14 IFRS 7.23(c-d) current year gains (losses) 367 (47) IAS 1.92 reclassification to profit or loss 260 (425) Available-for-sale financial assets 14 IFRS 7.20(a)(ii) current year gains (losses) IAS 1.92 reclassification to profit or loss (50) IAS 21.52(b) Exchange differences on translating foreign operations (664) (341) IAS 1.82A Share of other comprehensive income of equity accounted investments 5 IAS 1.92 reclassification to profit or loss (3) IAS 1.90/ Income tax relating to components of other 91(b) comprehensive income IAS 1.81A Other comprehensive income for the year, net of tax 416 (683) IAS 1.81A Total comprehensive income for the year 15,863 12,769 Total comprehensive income for the year attributable to: IAS 1.81B(b)(i) Non-controlling interest IAS 1.81B(b)(ii) Owners of the parent 15,742 12,653 15,863 12,769 Guidance note: Consolidated statement of comprehensive income IAS 1 requires the entity to disclose reclassification adjustments and related tax effects relating to components of other comprehensive income. In this example, the entity presents reclassification adjustments and current year gains and losses relating to other comprehensive income on the face of the statement of comprehensive income (IAS 1.92). An entity may instead present reclassification adjustments in the notes, in which case the components of other comprehensive income are presented after any related reclassification adjustments (IAS 1.94). Presentation of Items of Other Comprehensive Income (Amendments to IAS 1) (early adopted in this Publication see Section 3.1) requires items to be grouped into those that will not be reclassified subsequently to profit or loss and those that will be reclassified subsequently to profit or loss when specific conditions are met (IAS 1.82A). IAS 1.90 permits a choice for disclosure of the amount of income tax relating to each component of other comprehensive income. In this example the entity presents components of other comprehensive income before tax with one amount shown for the aggregate amount of income tax relating to all components of other comprehensive income (IAS 1.91(b)). When an entity selects alternative (b) of IAS 1.91, it shall allocate the tax between the items that might be reclassified subsequently to the profit or loss section and those that will not be reclassified subsequently to the profit or loss section (IAS 1.91). Alternatively, the entity may present each component of other comprehensive income net of related tax effects, IAS 1.91(a). If the tax effect of each component of other comprehensive income is not presented on the face of the statement, it is presented in the notes (see note 20.3). 4 Example Consolidated Financial Statements 2012

12 Consolidated statement of changes in equity for the year ended 31 December Notes Share Share Other Retained Total Non- Total capital premium components earnings attributable controlling equity of equity to owners interest of parent IAS 1.51(d-e) CU 000 CU 000 CU 000 CU 000 CU 000 CU 000 CU 000 IAS 1.106(d) Balance at 1 January ,000 3, ,541 51, ,388 Dividends (3,000) (3,000) (3,000) Issue of share capital under share-based payment ,415 1,685 1,685 Employee share-based payment options Issue of share capital 20 1,500 15,180 16,680 16,680 IAS 1.106(d)(iii) Transactions with owners 1,770 16,595 (2,702) 15,663 15,663 IAS 1.106(d)(i) Profit for the year 15,326 15, ,447 IAS 1.106(d)(ii), IAS 1.106A Other comprehensive income IAS 1.106(a) Total comprehensive income for the year ,326 15, ,863 IAS 1.106(d) Balance at 31 December ,770 19, ,165 83, ,914 IAS 1.106(d) Balance at 1 January ,000 3, ,739 38, ,153 Employee share-based payment options IAS 1.106(d)(iii) Transactions with owners IAS 1.106(d)(i) Profit for the year 13,336 13, ,452 IAS 1.106(d)(ii), IAS 1.106A Other comprehensive income 20 (683) (683) (683) IAS 1.106(a) Total comprehensive income for the year (683) 13,336 12, ,769 IAS 1.106(d) Balance at 31 December ,000 3, ,541 51, ,388 Guidance note: Consolidated statement of changes in equity IAS provides a list of items to be presented on the face of the statement of changes in equity. Entities may present the required reconciliations for each component of other comprehensive income either (1) in the statement of changes in equity or (2) in the notes to the financial statements (IAS 1.106(d)(ii) and IAS 1.106A). The Publication presents the reconciliations for each component of other comprehensive income in the notes to the financial statements (see note 20.3). This reduces duplicated disclosures and presents more clearly the overall changes in equity. IFRS 2 Share-based Payment requires an entity to recognise equity-settled share-based payment transactions as changes in equity but does not specify how this is presented, eg in a separate reserve within equity or within retained earnings. In our view, either approach is allowed under IFRS (although this may be subject to local regulations in some jurisdictions). In the Publication, the changes in equity are credited to retained earnings. Example Consolidated Financial Statements

13 Consolidated statement of cash flows IAS 1.51(c) Notes IAS 1.51(d-e) CU 000 CU 000 IAS 7.10 Operating activities Profit before tax 22,588 19,961 Adjustments 29 8,741 7,516 Contributions to defined benefit plans (1,186) (1,273) Net changes in working capital 29 (2,153) (1,093) Settling of derivative financial instruments (33) 716 Acquisition costs, expensed to profit or loss 5 (223) (76) IAS 7.35 Taxes paid (1,948) (5,588) Net cash from continuing operations 25,786 20,163 IFRS 5.33(c) Net cash from (used in) discontinued operations 19 (22) 811 Net cash from operating activities 25,764 20,974 Guidance note: Consolidated statement of cash flows This format illustrates the indirect method of determining operating cash flows (IAS 7.18(b)). An entity may also determine the operating cash flows using the direct method (IAS 7.18(a)). IAS 7.10 Investing activities Purchase of property, plant and equipment (76) (3,281) Proceeds from disposals of property, plant and equipment 86 Purchase of other intangible assets (3,666) (3,235) Proceeds from disposals of other intangible assets 924 IAS 7.39 Acquisition of subsidiaries, net of cash 5 (15,491) (12,075) IAS 7.39 Proceeds from sale of subsidiaries, net of cash 3,117 Proceeds from disposals and redemptions of non-derivative financial assets IAS 7.31 Interest received IAS 7.31 Dividends received IAS 7.35 Taxes paid (244) (140) Net cash used in investing activities (14,308) (18,131) IAS 7.10 Financing activities Proceeds from borrowings 1,441 Repayment of borrowings (3,778) (649) Proceeds from issue of share capital 18,365 IAS 7.31 Interest paid 25 (1,015) (985) IAS 7.31 Dividends paid 28 (3,000) Net cash from (used in) financing activities 12,013 (1,634) IAS 7.45 Net change in cash and cash equivalents 23,469 1,209 Cash and cash equivalents, beginning of year 11,259 10,007 IAS 7.28 Exchange differences on cash and cash equivalents ,789 11,259 included in disposal group 19 (22) IAS 7.45 Cash and cash equivalents, end of year 18 34,789 11,237 6 Example Consolidated Financial Statements 2012

14 Notes to the consolidated financial statements 1. Nature of operations IAS 1.51(a) The principal activities of Illustrative Corporation and subsidiaries (the IAS 1.138(b) Group) include consulting on, servicing and sale of customised IT and telecommunications systems. These activities are grouped into the following service lines: consulting focused on the design and sale of phone and intranet based in-house applications; customisation and integration of IT and telecommunication systems service provides after-sale service and maintenance of IT and telecommunication systems retail involved in the on-line sales of hardware and software products of the Group s business partners. Guidance note: Notes to the consolidated financial statements The example notes to the financial statements only include disclosures that are relevant to the fictitious entity Illustrative Corporation and subsidiaries. IFRS may require additional disclosures in other situations. The disclosures should be tailored in all cases to reflect the entity s specific facts and circumstances, based on a comprehensive and up to date disclosure checklist. 2. General information and statement of compliance with IFRS IAS 1.138(a) Illustrative Corporation Ltd (Illustrative Corporation), the Group s IAS 1.138(c) ultimate parent company, is a limited liability company incorporated and domiciled in Euroland. Its registered office and principal place of business is 149 Great Place, Greatville, Euroland. Illustrative Corporation s shares are listed on the Greatstocks Stock Exchange. IAS 1.16 The consolidated financial statements of the Group have been IAS 1.51(b) prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). IAS 1.51(c) The consolidated financial statements for the year ended 31 December IAS (including comparatives) were approved and authorised for issue by the board of directors on 8 March 2013 (see note 35). Under the Security Regulations Act of Euroland, amendments to the financial statements are not permitted after approval. The Group provides an additional comparative statement of financial position and related notes as of 31 December 2010 (which in effect represents the beginning of the earliest comparative period, 1 January 2011) to maintain a more consistent format and layout from one year to the next. Example Consolidated Financial Statements

15 3. Changes in accounting policies 3.1 Adoption of Presentation of Items of Other Comprehensive Income (Amendments to IAS 1) IAS 8.28(a) The Group has early adopted Presentation of Items of Other IAS 8.28(c) Comprehensive Income (Amendments to IAS 1). The Amendments to IAS 1.82A IAS 1 are effective for annual periods beginning on or after 1 July 2012 IAS 1.91 and require entities to group items presented in other comprehensive income (OCI) into those that, in accordance with other IFRSs, will not be reclassified subsequently to profit or loss and those that will be reclassified subsequently to profit or loss when specific conditions are met. The existing option to present items of OCI either before tax or net of tax remains unchanged; however, if the items are presented before tax, then the Amendments to IAS 1 require the tax related to each of the two groups of OCI to be shown separately. Guidance note: Changes in accounting policies The discussion of the initial application of IFRSs needs to be disclosed only in the first financial statements after the new or revised rules have been adopted by the entity. IAS 8.30 IAS Standards, amendments and interpretations to existing standards that are not yet effective and have not been adopted early by the Group At the date of authorisation of these financial statements, certain new standards, amendments and interpretations to existing standards have been published by the IASB but are not yet effective, and have not been adopted early by the Group (except for the Amendments to IAS 1 noted above in 3.1). Management anticipates that all of the relevant pronouncements will be adopted in the Group s accounting policies for the first period beginning after the effective date of the pronouncement. Information on new standards, amendments and interpretations that are expected to be relevant to the Group s financial statements is provided below. Certain other new standards and interpretations have been issued but are not expected to have a material impact on the Group s financial statements. IFRS 9 Financial Instruments (IFRS 9) The IASB aims to replace IAS 39 Financial Instruments: Recognition and Measurement (IAS 39) in its entirety with IFRS 9. To date, the chapters dealing with recognition, classification, measurement and derecognition of financial assets and liabilities have been issued. These chapters are effective for annual periods beginning on or after 1 January Chapters dealing with impairment methodology and hedge accounting are still being developed. Further, in November 2011, the IASB tentatively decided to consider making limited modifications to IFRS 9 s financial asset classification model to address application issues. The Group s management have yet to assess the impact of this new standard on the Group s consolidated financial statements. However, Management does not expect to implement IFRS 9 until all of its chapters have been published and they can comprehensively assess the impact of all changes. Guidance note: Changes in accounting policies In December 2011, the IASB issued Mandatory Effective Date and Transition Disclosures (Amendments to IFRS 9 and IFRS 7). The Amendments defer the mandatory effective date of IFRS 9 from 1 January 2013 to 1 January Consolidation standards A package of new consolidation standards is effective for annual periods beginning or after 1 January Information on these new standards is presented below. Management has not yet completed its assessment of the impact of these new and revised standards on the Group s consolidated financial statements. 8 Example Consolidated Financial Statements 2012

16 IFRS 10 Consolidated Financial Statements (IFRS 10) IFRS 10 supersedes IAS 27 Consolidated and Separate Financial Statements (IAS 27) and SIC 12 Consolidation Special Purpose Entities. IFRS 10 revises the definition of control and provides extensive new guidance on its application. These new requirements have the potential to affect which of the Group s investees are considered to be subsidiaries and therefore change the scope of consolidation. However, the requirements on consolidation procedures, accounting for changes in non-controlling interests and accounting for loss of control of a subsidiary remain the same. Management s provisional analysis is that IFRS 10 will not change the classification (as subsidiaries or otherwise) of any of the Group s existing investees at 31 December IFRS 11 Joint Arrangements (IFRS 11) IFRS 11 supersedes IAS 31 Interests in Joint Ventures (IAS 31). It aligns more closely the accounting by the investors with their rights and obligations relating to the joint arrangement. In addition, IAS 31 s option of using proportionate consolidation for joint ventures has been eliminated. IFRS 11 now requires the use of the equity accounting method, which is currently used for investments in associates. As at 31 December 2012 the Group s only joint arrangement within the scope of IFRS 11 is its 50% investment in Halftime (see note 6). The Group currently accounts for this investment using the proportionate consolidation method. From next year it is expected that this investment will instead be accounted for using the equity method. The investment and share of Halftime s profit or loss will then be presented as single line items (equity accounted investments) with a consequent reduction in other line items currently affected by proportionate consolidation. Management does not anticipate a material impact on the Group s net assets or profits. Information concerning Halftime is provided in note 6. IFRS 12 Disclosure of Interests in Other Entities (IFRS 12) IFRS 12 integrates and makes consistent the disclosure requirements for various types of investments, including unconsolidated structured entities. It introduces new disclosure requirements about the risks to which an entity is exposed from its involvement with structured entities. Transition guidance for IFRS 10, 11, 12 Subsequent to issuing the new standards the IASB made some changes to the transitional provisions in IFRS 10, IFRS 11 and IFRS 12. The guidance confirms that the entity is not required to apply IFRS 10 retrospectively in certain circumstances and clarifies the requirements to present adjusted comparatives. The guidance also makes changes to IFRS 11 and IFRS 12 which provide similar relief from the presentation or adjustment of comparative information for periods prior to the immediately preceding period. Further, it provides additional relief by removing the requirement to present comparatives for the disclosures relating to unconsolidated structured entities for any period before the first annual period for which IFRS 12 is applied. The new guidance is also effective for annual periods on or after 1 January Example Consolidated Financial Statements

17 Consequential amendments to IAS 27 Separate Financial Statements (IAS 27) and IAS 28 Investments in Associates and Joint Ventures (IAS 28) IAS 27 now only addresses separate financial statements. IAS 28 brings investments in joint ventures into its scope. However, IAS 28 s equity accounting methodology remains unchanged. IFRS 13 Fair Value Measurement (IFRS 13) IFRS 13 clarifies the definition of fair value and provides related guidance and enhanced disclosures about fair value measurements. It does not affect which items are required to be fair-valued. IFRS 13 applies prospectively for annual periods beginning on or after 1 January Management is in the process of reviewing its valuation methodologies for conformity with the new requirements and has yet to complete its assessment of their impact on the Group s consolidated financial statements. Amendments to IAS 19 Employee Benefits (IAS 19 Amendments) The IAS 19 Amendments include a number of targeted improvements throughout the Standard. The main changes relate to defined benefit plans. They: eliminate the corridor method, requiring entities to recognise all actuarial gains and losses arising in the reporting period changes the measurement and presentation of certain components of defined benefit cost enhance the disclosure requirements, including information about the characteristics of defined benefit plans and the risks that entities are exposed to through participation in them. The IAS 19 Amendments are effective for annual periods beginning on or after 1 January 2013 and will apply retrospectively. The Group will be affected as it sponsors various defined benefit pension plans and also currently uses the corridor method (see notes 4.23 and 21.3). From next year the Group will no longer be able to use the corridor method and will instead recognise re-measurements (a broadly equivalent concept) in full in other comprehensive income. The net actuarial gains and losses not yet recognised in accordance with the corridor method are disclosed in note Also, the net pension expense in profit or loss will be affected by the removal of the expected return on plan assets and interest cost components and their replacement by a net interest cost based on the net defined benefit asset or liability. Management is working with its actuarial advisers to quantify the impact of these changes on the Group s consolidated financial statements. Offsetting Financial Assets and Financial Liabilities (Amendments to IAS 32) The Amendments to IAS 32 add application guidance to address inconsistencies in applying IAS 32 s criteria for offsetting financial assets and financial liabilities in the following two areas: the meaning of currently has a legally enforceable right of set-off that some gross settlement systems may be considered equivalent to net settlement. The Amendments are effective for annual periods beginning on or after 1 January 2014 and are required to be applied retrospectively. Management does not anticipate a material impact on the Group s consolidated financial statements from these Amendments. 10 Example Consolidated Financial Statements 2012

18 Disclosures Offsetting Financial Assets and Financial Liabilities (Amendments to IFRS 7) Qualitative and quantitative disclosures have been added to IFRS 7 Financial Instruments: Disclosures (IFRS 7) relating to gross and net amounts of recognised financial instruments that are (a) set off in the statement of financial position and (b) subject to enforceable master netting arrangements and similar agreements, even if not set off in the statement of financial position. The Amendments are effective for annual reporting periods beginning on or after 1 January 2013 and interim periods within those annual periods. The required disclosures should be provided retrospectively. Management does not anticipate a material impact on the Group s consolidated financial statements from these Amendments. Annual Improvements (the Annual Improvements) The Annual Improvements (the Annual Improvements) made several minor amendments to a number of IFRSs. The amendments relevant to the Group are summarised below: Clarification of the requirements for opening statement of financial position: clarifies that the appropriate date for the opening statement of financial position is the beginning of the preceding period (related notes are no longer required to be presented) addresses comparative requirements for the opening statement of financial position when an entity changes accounting policies or makes retrospective restatements or reclassifications, in accordance with IAS 8. Clarification of the requirements for comparative information provided beyond minimum requirements: clarifies that additional financial statement information need not be presented in the form of a complete set of financial statements for periods beyond the minimum requirements requires that any additional information presented should be presented in accordance with IFRS and the entity should present comparative information in the related notes for that additional information. Tax effect of distribution to holders of equity instruments: addresses a perceived inconsistency between IAS 12 Income Taxes (IAS 12) and IAS 32 Financial Instruments: Presentation (IAS 32) with regards to recognising the consequences of income tax relating to distributions to holders of an equity instrument and to transaction costs of an equity transaction clarifies that the intention of IAS 32 is to follow the requirements in IAS 12 for accounting for income tax relating to distributions to holders of an equity instrument and to transaction costs of an equity transaction. Segment information for total assets and liabilities: clarifies that the total assets and liabilities for a particular reportable segment are required to be disclosed if, and only if: (i) a measure of total assets or of total liabilities (or both) is regularly provided to the chief operating decision maker; (ii) there has been a material change from those measures disclosed in the last annual financial statements for that reportable segment. The Annual Improvements noted above are effective for annual periods beginning on or after 1 January Management does not anticipate a material impact on the Group s consolidated financial statements from these Amendments. Example Consolidated Financial Statements

19 4 Summary of accounting policies IAS 1.114(b) 4.1 Overall considerations IAS The consolidated financial statements have been prepared using the significant accounting policies and measurement bases summarised below. IAS 1.117(a) IAS 1.117(b) IAS 27.41(a) IAS 27.41(c) IAS 1.51(c) 4.2 Basis of consolidation The Group financial statements consolidate those of the parent company and all of its subsidiaries as of 31 December Subsidiaries are all entities over which the Group has the power to control the financial and operating policies. The Group obtains and exercises control through more than half of the voting rights. All subsidiaries have a reporting date of 31 December. All transactions and balances between Group companies are eliminated on consolidation, including unrealised gains and losses on transactions between Group companies. Where unrealised losses on intra-group asset sales are reversed on consolidation, the underlying asset is also tested for impairment from a group perspective. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group. Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year are recognised from the effective date of acquisition, or up to the effective date of disposal, as applicable. Non-controlling interests, presented as part of equity, represent the portion of a subsidiary s profit or loss and net assets that is not held by the Group. The Group attributes total comprehensive income or loss of subsidiaries between the owners of the parent and the non-controlling interests based on their respective ownership interests. IAS 1.117(a) IAS 1.117(b) 4.3 Business combinations The Group applies the acquisition method in accounting for business combinations. The consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities incurred and the equity interests issued by the Group, which includes the fair value of any asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred. The Group recognises identifiable assets acquired and liabilities assumed in a business combination regardless of whether they have been previously recognised in the acquiree s financial statements prior to the acquisition. Assets acquired and liabilities assumed are generally measured at their acquisition-date fair values. Goodwill is stated after separate recognition of identifiable intangible assets. It is calculated as the excess of the sum of a) fair value of consideration transferred, b) the recognised amount of any noncontrolling interest in the acquiree and c) acquisition-date fair value of any existing equity interest in the acquiree, over the acquisition-date fair values of identifiable net assets. If the fair values of identifiable net assets exceed the sum calculated above, the excess amount (ie gain on a bargain purchase) is recognised in profit or loss immediately. 12 Example Consolidated Financial Statements 2012

20 IAS IAS 1.117(a) IAS 1.117(b) 4.4 Investments in associates and joint ventures Entities whose economic activities are controlled jointly by the Group and other venturers independent of the Group (joint ventures) are accounted for using the proportionate consolidation method, whereby the Group s share of the assets, liabilities, income and expenses is included line by line in the consolidated financial statements. Associates are those entities over which the Group is able to exert significant influence but which are neither subsidiaries nor joint ventures. Investments in associates are initially recognised at cost and subsequently accounted for using the equity method. Any goodwill or fair value adjustment attributable to the Group s share in the associate is not recognised separately and is included in the amount recognised as investment in associates. The carrying amount of the investment in associates is increased or decreased to recognise the Group s share of the profit or loss and other comprehensive income of the associate, adjusted where necessary to ensure consistency with the accounting policies of the Group. Unrealised gains and losses on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group s interest in those entities. Where unrealised losses are eliminated, the underlying asset is also tested for impairment. IAS IAS 1.51(d) 4.5 Foreign currency translation Functional and presentation currency The consolidated financial statements are presented in currency CU, which is also the functional currency of the parent company. IAS 1.117(a) IAS 1.117(b) Foreign currency transactions and balances Foreign currency transactions are translated into the functional currency of the respective Group entity, using the exchange rates prevailing at the dates of the transactions (spot exchange rate). Foreign exchange gains and losses resulting from the settlement of such transactions and from the remeasurement of monetary items denominated in foreign currency at year-end exchange rates are recognised in profit or loss. Non-monetary items are not retranslated at year-end and are measured at historical cost (translated using the exchange rates at the transaction date), except for non-monetary items measured at fair value which are translated using the exchange rates at the date when fair value was determined. IAS IAS Foreign operations In the Group s financial statements, all assets, liabilities and transactions of Group entities with a functional currency other than the CU are translated into CU upon consolidation. The functional currency of the entities in the Group has remained unchanged during the reporting period. On consolidation, assets and liabilities have been translated into CU at the closing rate at the reporting date. Goodwill and fair value adjustments arising on the acquisition of a foreign entity have been treated as assets and liabilities of the foreign entity and translated into CU at the closing rate. Income and expenses have been translated into CU at the average rate over the reporting period. Exchange differences are charged/credited to other comprehensive income and recognised in the currency translation reserve in equity. On disposal of a foreign operation, the related cumulative translation differences recognised in equity are reclassified to profit or loss and are recognised as part of the gain or loss on disposal. Guidance note: Summary of accounting policies Note that the use of average rates is appropriate only if rates do not fluctuate significantly (IAS 21.40). Example Consolidated Financial Statements

21 4.6 Segment reporting IFRS 8.22(a) The Group has three operating segments: consulting, service and retail IFRS 8.22(b) segments. In identifying these operating segments, management generally follows the Group s service lines representing its main products and services (see note 1). IFRS 8.27(a) Each of these operating segments is managed separately as each requires different technologies, marketing approaches and other resources. All inter-segment transfers are carried out at arm s length prices. IFRS 8.27(b-d) For management purposes, the Group uses the same measurement policies as those used in its financial statements, except for certain items not included in determining the operating profit of the operating segments, as follows: post-employment benefit expenses share-based payment expenses research costs relating to new business activities revenue, costs and fair value gains from investment property. In addition, corporate assets which are not directly attributable to the business activities of any operating segment are not allocated to a segment. This primarily applies to the Group s headquarters and the Illustrative Research Lab in Greatville. IAS 18.35(a) 4.7 Revenue Revenue arises from the sale of goods and the rendering of services plus the Group s share of the revenue of its joint venture. It is measured at the fair value of consideration received or receivable, excluding sales taxes, rebates, and trade discounts. The Group often enters into sales transactions involving a range of the Group s products and services, for example for the delivery of hardware, software and related after-sales service. The Group applies the revenue recognition criteria set out below to each separately identifiable component of the sales transaction. The consideration received from these multiple-component transactions is allocated to each separately identifiable component in proportion to its relative fair value. IAS 1.117(b) Sale of goods (hardware or software) Sale of goods is recognised when the Group has transferred to the buyer the significant risks and rewards of ownership, generally when the customer has taken undisputed delivery of the goods. Revenue from the sale of goods with no significant service obligation is recognised on delivery. Where significant tailoring, modification or integration is required, revenue is recognised in the same way as construction contracts for telecommunication systems described below. When goods are sold together with customer loyalty incentives, the consideration receivable is allocated between the sale of goods and sale of incentives based on their fair values. Revenue from sale of incentives is recognised when they are redeemed by customers in exchange for products supplied by the Group. IAS 1.117(b) Rendering of services The Group generates revenues from after-sales service and maintenance, consulting and construction contracts for telecommunication systems. Consideration received for these services is initially deferred, included in other liabilities and is recognised as revenue in the period when the service is performed. 14 Example Consolidated Financial Statements 2012

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