Financial statements maze explained
A new accounting practice 'bible' has been produced by Island firm Grant Thornton, to help businesses meet exacting international standards.
The firm has created example consolidated financial statements and guidance notes for companies working to International Financial Reporting Standards, IFRS.
A 92 page document give examples of reporting financial position, profit or loss, comprehensive income, changes in equity and cash flow statements, in accordance with the rules.
Grant Thornton Director Martin Kneale says the publication, reflecting changes to 31 December 2016, will help firms meet a 'challenging' regime, which sees new standards and amendments added each year.
IFRS are increasingly seen as the global standard for preparation of public company financial statements, and are already used in more than 100 countries, including in the European Union and two-thirds of G20 nations.
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