Section 2400: Interim Reporting
International Accounting Standard 34
Interim Financial Reporting
1. First version of IAS 34
"Interim Financial Reporting" issued in February 1998
2. Revisions
No major revisions
[U.S. GAAP Codification Topic]
270 Interim reporting
3. Interim period
a financial reporting period, shorter than a full financial year
4. Interim financial report
financial report for an interim period includes either (1) or (2)
(1) a complete set of financial statements
(2) a set of condensed financial statements
5. Minimum components
At a minimum, the following should be included in an interim financial report:
(1) condensed statement of financial position
(2) condensed statement of comprehensive income
(3) condensed statement of changes in equity
(4) condensed statement of cash flows
(5) selected explanatory notes
6. Condensed financial statements
--> should include the following as a minimum, IAS 34.10, 11
(1) each of the headings and subtotals
--> included in most recent annual financial statements
(2) basic and diluted earnings per share
If most recent annual financial statements were consolidated,
--> interim report should include consolidated financial statements, IAS 34.14
7. Interim Financial Statements
(1) Statement of financial position
(1a) at the end of current interim period
(1b) at the end of immediately preceding financial year
(2) Statement of comprehensive income
(2a) for the current interim period
(2b) for the current financial year to date, cumulatively
(2c) for the comparable interim period of
immediately preceding financial year
(2d) for the comparable cumulative year to date of
immediately preceding financial year
(3) Statement of changes in equity
(3a) for the current financial year to date, cumulatively
(3b) for the comparable cumulative year to date of
immediately preceding financial year
(4) Statement of cash flows
(4a) for the current financial year to date, cumulatively
(4b) for the comparable cumulative year to date of
immediately preceding financial year
8. Highly Seasonal Business, IAS 34.21
Additional information is encouraged
(1) for the twelve months, up to the end of interim period
(2) for the comparable twelve months of
immediately preceding financial year
9. Accounting Policies for Interim Period
Interim reports use same accounting policies,
--> as those in annual financial reports, IAS 34.28
10. Materiality for interim financial report, IAS 34.23
--> is assessed with reference to (1) instead of (2)
(1) the interim period financial data
(2) the annual financial data.
11. Restatement of Previous Reports, IAS 34.43
If an accounting policy change requires restatement,
--> financial statements for the following periods are restated:
(1) prior interim periods of current financial year
(2) comparable interim periods of previous years
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Index of IFRS Financial Reporting Textbook
