Practical guide to IFRS

Consolidated financial statements of an issuer of debt or equity securities are normally required by regulators around the world. These requirements are usually met by presenting consolidated financial statements prepared under IFRS or local GAAP. However there are occasions when financial information is required for part or parts of a group. Usually this is in connection with a transaction of some nature; disposals, distributions, business combinations, spin-offs and initial public offerings (IPOs) are examples of transactions where a specific type of financial information is required.