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UK Illustrative Financial Statements: IFRS and UK GAAP (FRS 101) Example Accounts for 2015 Year Ends

ISBN13: 9781784515478
New Edition ISBN: 9780754554417
Previous Edition ISBN: 9781780438061
Published: June 2016
Publisher: Bloomsbury Professional
Country of Publication: UK
Format: Paperback
Price: Out of print

This publication provides illustrative financial statements for the year ended 31 December 2015. These illustrative financial statements will assist the reader in preparing financial statements by illustrating the required disclosure and presentation for UK groups and UK companies reporting under IFRS or FRS 101 'Reduced Disclosure Framework'.


An illustrative annual report, including the consolidated financial statements of IFRS GAAP plc group of companies. The annual report has been prepared to show the disclosures and format that might be expected, for a group of its size, that prepares its financial statements in accordance with IFRS, UK law and UK Listing Rules requirements, for a fictional corporate entity (IFRS GAAP plc).

New UK GAAP Limited

An example annual report for New UK GAAP Limited. The annual report has been prepared to show the disclosures and format that might be expected for a company preparing its financial statements under FRS 101 'Reduced Disclosure Framework' and the Companies Act. FRS 101 provides the disclosure exemptions from EU-adopted IFRS for qualifying entities.

Strategic report
Directors' report
Remuneration report
Corporate governance report
Statement of directors' responsibilities
Independent auditors' report to the members of IFRS GAAP plc
Financial statements
Consolidated income statement
Consolidated statement of comprehensive income
Consolidated and Parent Company balance sheets
Consolidated statement of changes in equity
Consolidated and Parent Company statement of cash flows
Notes to the consolidated financial statements:

1. General information
2. Summary of significant accounting policies
3. Financial risk management
4. Critical accounting estimates and judgements
5. Segment information
6. Exceptional items
7. Other income
8. Other (losses)/gains – net
9. Expenses
10. Employees
11. Finance income and costs
12. Investments
13. Income tax expense
14. Earnings per share
15. Net foreign exchange gains/(losses)
16. Property, plant and equipment
17. Intangible assets
18. Financial instruments
18.1 Financial instruments by category
18.2 Credit quality of financial assets
19. Available-for-sale financial assets
20. Derivative financial instruments
21. Trade and other receivables
22. Inventories
23. Financial assets at fair value through profit or loss
24. Cash and cash equivalents
25. Non-current assets held for sale and discontinued operations
26. Share capital and premium
27. Share-based payment
28. Retained earnings
29. Other reserves
30. Trade and other payables
31. Borrowings
32. Deferred income tax
33. Post-employment benefits
34. Dividends per share
35. Provisions for other liabilities and charges
36. Cash generated from operations
37. Contingencies
38. Commitments
39. Business combinations
40. Transactions with non-controlling interests
41. Related parties

Appendix I – Alternative presentation of primary statements
1. Consolidated statement of cash flows – direct method
2. Consolidated statement of comprehensive income – single statement, showing expenses by function
Appendix II – Areas not illustrated in financial statements of IFRS GAAP plc
1. Biological assets
2. Construction contracts
3. Oil and gas exploration assets
4. Leases: Accounting by lessor
5. Government grants
6. Revenue recognition: multiple arrangements
7. Customer loyalty programmes
8. Put option
9. Foreign currency translations – disposal of foreign operation and partial disposal
10. Share-based payments – modification and cancellation
Appendix III – New standards and amendments
1. New standards and amendments
2. Forthcoming requirements.