Model financial statements for the year ended 31 December 2015
International GAAP Holdings Limited
The model financial statements of International GAAP Holdings Limited for the year ended 31 December 2015 are intended to illustrate the presentation and disclosure requirements of International Financial Reporting Standards (IFRSs). They also contain additional disclosures that are considered to be best practice, particularly where such disclosures are included in illustrative examples provided within a specific Standard.
International GAAP Holdings Limited is assumed to have presented financial statements in accordance with IFRSs for a number of years. Therefore, it is not a first-time adopter of IFRSs. Readers should refer to IFRS 1 First-time Adoption of International Financial Reporting Standards for specific requirements regarding an entity's first IFRS financial statements. It is further assumed that International GAAP Holdings Limited does not qualify as an investment entity as defined in the amendments to IFRS 10, IFRS 12 and IAS 27 Investment Entities.
The model financial statements illustrate the impact of the application of the amendments to IFRSs that were issued on or before 31 May 2015 and are mandatorily effective for the annual period beginning on 1 January 2015. Accordingly, the model financial statements do not illustrate the impact of the application of new and revised IFRSs that are not yet mandatorily effective on 1 January 2015.