IFRS Financial Reporting
The Jardine Matheson Group is a major conglomerate within the Asian region. Its business interests include large companies, which are market leaders in many fields, including engineering and construction, transport services, motor trading, property, retailing, and insurance broking. Jardine Matheson uses IFRS in preparing its financial statements and has done so for a number of years.
Check out our Essay writing services
IFRS Financial Reporting
Required:
Access Jardine Matheson’s most recent annual report on the company’s website. Review the company’s consolidated financial statements to evaluate whether the financial statements presented comply with the presentation requirements in IAS 1, Presentation of Financial Statements. Document your evaluation.
Attached is the rubric
Companies website:https://www.jardines.com/en
Inclusion of Required Financial Statements
Jardine Matheson’s most recent consolidated financial statements include all mandatory financial statements as stipulated by IAS 1. These are the Statement of Financial Position, the separate or combined Statement of Profit or Loss and Statement of Comprehensive Income, Statement of Changes in Equity, and the Statement of Cash Flows SEC+15Write Pro Flow+15chegg.com+15. Each statement is clearly presented for the year ended 31 December 2023. The auditor’s report confirms that these statements, along with accompanying notes, comply with IFRS requirements and provide a true and fair view .
Classification of Assets and Liabilities
In compliance with IAS 1, Jardine Matheson classifies assets and liabilities into current and non-current categories. The balance sheet features detailed line items like tangible and intangible assets, investment properties, borrowings, provisions, and lease liabilities Course Sidekick+1Write Pro Flow+1. This classification enhances transparency for users assessing liquidity and financial stability. Even minor deviations in terminology do not affect compliance, as the structure aligns with IAS 1 guidance on classification principles SEC+9Course Sidekick+9Write Pro Flow+9.
Notes and Accounting Policy Disclosures
IAS 1 requires comprehensive notes explaining accounting policies and material judgments. Jardine Matheson includes a detailed note package, including note 1 and note 40, that covers new IFRS adoption (IFRS 17) and updated IAS 1 amendments PublicNow Docs+10Write Pro Flow+10Course Sidekick+10. The company provides transparent disclosures regarding restated comparative figures due to IFRS 17’s adoption. Its explanation for omitting the opening balance sheet for 1 January 2022, due to immaterial impact, is well-documented and justified bsx.com+1Write Pro Flow+1.
Comparative Information and Retrospective Restatements
Jardine Matheson complies with IAS 1’s requirement for comparative information. It presents comparative figures for prior periods across all statements. After adopting IFRS 17, the company includes restated comparatives and clearly indicates any immaterial restatements. Where requirements for presenting an opening statement of financial position are not triggered, this is explained transparently jardines.com+15bsx.com+15Write Pro Flow+15. Such clarity ensures consistent yearly comparison and enhances stakeholder understanding.
