15 August 2014
This study has the following objectives:
- to assess the impact of the application of IFRS 10 and IFRS 11 on the financial statements: this analysis looks at both groups which opted for early application of the new consolidation standards at 31 December 2013, and groups which did not opt for early application, but which reported the expected impact of applying the new standards in the financial statements as at 31 December 2013; and
- to identify good practice in financial reporting among the groups which opted for early application: as regards transition; and
- as regards recurrent application of these standards (notably IFRS 12). The study is thus intended to be a guide to IFRS 12, highlighting examples of good practice (although it does not claim to provide an exhaustive list of the disclosure requirements).
For this study, Mazars analysed the IFRS financial statements published at 31 December 2013 by Corporates from the CAC 40 and Euro Stoxx 50 indices whose reporting period coincides with the fiscal year (banks and insurance companies are therefore excluded from the sample). The sample comprised 54 European Corporates representing different sectors.
The Mazars’ study is available to be downloaded here.
Keywords: Mazars, Korea, Accounting, IFRS10, IFRS11, IFRS12, CAC40, Euro Stoxx 50