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What Are Form and Content of Interim Reports?

IAS 34 sets out the minimum requirements for interim financial reports. It requires interim reports to include condensed financial statements and selected explanatory notes. The condensed statements should allow for comparison with the previous annual statements and provide an updated view. While IAS 34 does not specify which entities should report or how often, it encourages publicly traded companies to issue reports at least every half year within 60 days of the end of the interim period. An entity that does not provide compliant interim reports does not violate IFRS as long as its annual statements follow the standards.

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224 views

What Are Form and Content of Interim Reports?

IAS 34 sets out the minimum requirements for interim financial reports. It requires interim reports to include condensed financial statements and selected explanatory notes. The condensed statements should allow for comparison with the previous annual statements and provide an updated view. While IAS 34 does not specify which entities should report or how often, it encourages publicly traded companies to issue reports at least every half year within 60 days of the end of the interim period. An entity that does not provide compliant interim reports does not violate IFRS as long as its annual statements follow the standards.

Uploaded by

Princess Camilla Smith
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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period is a financial reporting period shorter than a full financial year.

 How
are form and content of interim financial reports? What to be included on
the explanatory notes of interim financial report? When and how financial
measured for interim reporting? What to disclose to be compliance with
International Financial Reporting Standard [IFRS]? What period
information to be presented on interim financial statements? This post
answers those questions. It is illustrated with case example for better
understanding, adapted from IAS 34.
The purpose of IAS 34, Interim Financial Reporting, is to set out the minimum content of
such a report and to describe the recognition and measurement principles in interim
financial statements. IAS 34 does not detail which entities should publish
interim financial reports, how frequently they should be published, or how
soon they should be published after the end of the interim period. The
Standard applies where an entity is required or elects to publish an interim financial
report. The International Accounting Standards Board (IASB) encourages publicly
traded entities to provide such reports at least at the end of the half year, and such
reports are to be made available not later than 60 days after the end of the interim
period.

An entity that does not prepare


interim financial reports or provides
ones that do not comply with IAS
34, does not compromise its
compliance with International
Financial Reporting Standards
(IFRS) in its annual financial
statements.
 
What Are Form And Content Of Interim Reports?
IAS 34 defines the minimum content of an interim financial report as
including condensed financial statements and selected explanatory notes.
It does not detail the information that should be included in these condensed financial
statements. An entity should determine the level of detail and ensure that the
condensed financial statements can be compared with the previous annual financial
statements. The interim financial report should provide an update on the latest financial
statements.
The minimum elements specified for an interim financial report are a:

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