IFRS Example Interim Condensed Consolidated Financial Statements 2026
The preparation of interim financial statements in accordance with IFRS Accounting Standards is challenging. Each year, new Standards and amendments are published by the International Accounting Standards Board (IASB) with the potential to significantly impact the presentation of a complete set of financial statements.
The member firms of Grant Thornton International Ltd (GTIL) have extensive expertise in the application of IFRS Accounting Standards. GTIL, through its IFRS and corporate reporting team, develops general guidance that supports its member firms’ commitment to high quality, consistent application of IFRS Accounting Standards and is therefore pleased to share these insights by publishing ‘IFRS Example Interim Condensed Consolidated Financial Statements 2026’ (‘Interim Financial Statements’).
The Interim Financial Statements illustrate a six-month accounting period beginning on or after 1 January 2026. They are based on the activities and results of Illustrative Corporation Ltd and its subsidiaries (‘the Group’) – a fictional consulting, service and retail entity that has been preparing IFRS financial statements for several years. The Group produces half-yearly interim financial statements in accordance with IAS 34 ‘Interim Financial Reporting’ at 30 June 2026.
The Interim Financial Statements have been reviewed and updated to reflect changes in IAS 34 and other IFRS Accounting Standards that are effective for the year ending 31 December 2026 that have been issued prior to 31 March 2026.
Condensed set of Interim Financial Statements
An entity complying with IAS 34 has a choice of preparing a condensed set of Interim Financial Statements or a full set of IFRS financial statements. These Interim Financial Statements illustrate a condensed set of Interim Consolidated Financial Statements based on the requirements of IAS 34.8. Where a full set of financial statements is presented, the form and content of those financial statements are required to conform to the requirements of IAS 1 for a complete set of financial statements (IAS 34.9).
Local reporting requirements
The requirements for interim reports vary significantly between jurisdictions. Entities that apply IAS 34 may also be subject to requirements imposed by law or by a stock exchange. Such local requirements usually impose interim reporting deadlines and may require disclosure of specified information. This may be presented either in the financial statements or in an accompanying narrative report, eg financial and other highlights, chairman’s statement, operating and financial review and specific qualitative and quantitative disclosures (collectively referred to as ‘management commentary’).
The IASB’s Practice Statement ‘Management Commentary – A framework for presentation’ provides a broad framework of principles, qualitative characteristics and recommended contents for high-quality management commentary. Although the Practice Statement is not mandatory, it may be used by regulators and others to benchmark the quality of the information presented and so its guidance should be considered.
Management commentary and other regulatory requirements are not included in these Interim Financial Statements.
