An increasing number of financial statements are prepared in accordance with International Financial Reporting Standards (IFRS). The so-called Listed companies are also required to disclose interim financial statements in accordance with IFRS.
The sample of Grant Thornton's recent interim report with comments has been prepared in accordance with all the latest amendments to IFRS and is a good assistant in preparing IFRS interim reports.
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Many managers see the management report as a mandatory add-on, but in reality, it is at least as important as the balance sheet or income statement. It is through the management report that a bank, partner, investor or other stakeholder forms an initial view of the company’s management, current position and future outlook.
The going concern assumption means that a company is able to continue its normal business operations and meet its obligations when they fall due. In practice, this is not merely a disclosure in the financial statements but an everyday risk-management question for management: does the company have a realistic plan, sufficient cash flow, and access to financing even if the economic environment deteriorates?
