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Key considerations in preparing 2005 IFRS reports

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20 Dec 2005

Deloitte has published a new IAS Plus guide: IFRS Financial Statements 2005: Key Considerations for Preparers.

The objective of this 56-page guide is to provide assistance with the process of drafting those financial statements. It is not a disclosure checklist, nor a comprehensive illustration of a set of financial statements. Those tools are already available on the IAS Plus website and from Deloitte offices globally. Rather, this publication draws on our experience of the presentation and disclosure requirements of the new and revised Standards and, in particular, of the understanding that we have gained by closely monitoring the drafting process. It deals with issues that we have faced, and overcome - in the hope that we can help readers to avoid those pitfalls.

The guide is relevant not only to entities adopting IFRSs for the first time in 2005 but also to entities already applying IFRSs. For continuing IFRS users, 2005 will be the first accounting period for which they will need to comply with the requirements of the Standards revised in the IASB's Improvements Project, as well as major revisions to the Standards on financial instruments, intangibles, and impairment. Also IFRSs 1 to 7 are new for 2005 (1 to 5 required for 2005 year ends, the other two elective). The cumulative effect of these revisions and new Standards is that entities are being required to rewrite substantially their financial statements in 2005. We prepared this guide to help companies in that endeavour.

Click to download (PDF 1,110k).

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