Example Consolidated Financial Statements 2008

'Example Consolidated Financial Statements 2008' is a publication by the IFRS team at Grant Thornton International Ltd.  The preparation of financial statements in accordance with IFRS is always challenging.  Recently the challenges have increased further as a result of the publication by the IASB of several new Standards and Amendments that will have a significant impact both on the presentation of the primary statements and the accompanying disclosures.

'Example Consolidated Financial Statements 2008' illustrates the application of the presentation and disclosure requirements of International Financial Reporting Standards (IFRSs) by an entity that is not a first-time adopter of IFRSs. The publication has been reviewed and updated to reflect changes in IFRSs that are effective for the year ending December 31, 2008.

In order to enhance the publication's usefulness as an education tool, 'Example Consolidated Financial Statements 2008' illustrates the early adoption of IAS 1, Presentation of Financial Statements (as revised in 2007) and IFRS 8, Operating Segments.

For further information on this publication or the issues raised in it, please contact any of the following partners of the Firm: Dally B. Duque at Dally.Duque@pna.ph, Francis B. Albalate at Francis.Albalate@pna.ph or Mabel E. Comedia atMabel.Comedia@pna.ph.