Financial Reporting

IFRS financial statements consist of the consolidated balance sheet, income statement, cash floe statement, a statement of changes in equity, and explanatory notes. Notes disclosures must include:

• Accounting policies followed
• Judgments made by management in applying critical accounting policies
• Key assumtion about the future and other important sources of  estimation uncertaintly

Comparative information is only required for the preceding period. There is no IFRS requirement to present the parent entity's financial statement in addition to the consolidated financial statements. There are also no IFRS requirement to produce interim financial statements. Consolidation is based on control, wich is the power to govern the financial and operating activities of another entity. Generally, all subsidiaries must be consolidated even if control is temporary or the subsidiary operates under severe long-term funds-transfer restrictions. Fair presentation is required. IFRS may be overridden in extremely rare circumstances to achieve a fair presentation. When they are, the nature, reason, and financial impact of the departure from IFRS must be disclosed.