This publication presents PwC's illustrative consolidated financial statements for a fictitious listed company, containing illustrative disclosures for as many common scenarios as possible. The accounts comply with IFRS Accounting Standards as issued at 30 June 2023 and that apply to financial years commencing on or after 1 January 2023.

Except for the OECD Pillar Two amendments, there were no changes to the financial reporting requirements this year that affected the disclosures in our illustrative financial statements. Further, we have assumed that none of the amendments to IFRS Accounting Standards that apply from 1 January 2023  required a change in VALUE IFRS Plc’s accounting policies as they are largely clarifications in nature. We have decided to early adopt the amendments made to IAS 1 in relation to (a) the classification of liabilities as current or non-current, and (b) non-current liabilities with covenants and have reflected the early adoption in our example financial statements.

We have continued to include the Appendix which discusses how climate change could affect certain measurements and therefore related disclosures in the financial statements to help preparers and auditors to identify whether additional disclosures may be required. In addition, as many entities are experiencing the effect of rising inflation and interest rates, we have added commentary to some of the notes or areas that are likely to be most affected, and we have added references to this commentary as part of the disclosures. We have also adapted some disclosures relating to the fair value measurement of financial instruments to reflect the impact of rising inflation and interest rates.