IAS 34 Interim Financial Reporting
Tax Guide: IAS 34 Interim Financial Reporting
- Table of Contents
- Table of Contents
- SCOPE
- RECOGNITION AND MEASUREMENT
- CONTACTS
SCOPE
IAS 34 does not mandate when interim financial statement must be prepared, it applies when an entity is required or elects to prepare interim financial statements according IFRS.
Contents of a interim financial report
Interim Financial reports shall include at a minimum:
- A condensed statement of financial position
- A condensed statement of profit or loss and other comprehensive income
- A condensed statement of changes in equity
- A condensed statement of cash flows
- Selected explanatory notes
Interim financial statements shall present at a minimum the following:
| Current year | Comparative | |
|---|---|---|
| Statement of financial position | As at end of the current interim period | As at end of the immediately preceding financial year |
| Statement of profit or loss and comprehensive income | Current interim period; and Cumulatively for current financial year to date | Comparable interim period in the immediately preceding financial year Cumulatively for the year-to-date for the comparable interim period in the immediately preceding financial year |
| Statement of changes in equity | Cumulatively for the current financial year to date | Cumulatively for comparable interim period in the immediately preceding financial year |
| Statement of cash flows | Cumulatively for the current financial year to date | Cumulatively for the comparable interim period in the immediately preceding financial year |
The condensed financial statements shall include at a minimum:
- Each of the headings and subheadings included in the most recent annual financial statements
- Earnings per share in accordance with IAS 33, if the entity is within the scope of IAS 33
Disclosures
Note disclosures are required to explain any events or transactions that are significant to an understanding of the changes in the financial position and performance of the entity since the end of the last annual reporting period.
It is not necessary to repeat disclosures that are in the latest annual financial report, or to provide immaterial updates.
IAS 33 outlines a number of specific items that are also required as mandatory disclosures
RECOGNITION AND MEASUREMENT
Interim financial statements should be prepared with the same accounting policies that were applied in the most recent set of annual financial statements, unless there has been a change of accounting policy subsequent to that date.
Revenue or costs incurred unevenly across the year, should not be anticipated or deferred unless it would be appropriate to do so as at the end of the financial year.
CONTACTS
| BOAZ DAHARI Moore Israel [email protected] | KRISTEN HAINES Moore Australia [email protected] | TAN KEI HUI Moore Malaysia [email protected] |
| CHRISOF STEUBE Moore Singapore [email protected] | NEES DE VOS Moore DRV [email protected] | TESSA PARK Moore Kingston Smith [email protected] |
| EMILY KY CHAN Moore CPA Limited [email protected] | PAUL CALLAGHAN Moore Oman [email protected] | THEODOSIOS DELYANNIS Moore Greece [email protected] |
| IRINA HUGHES Johnston Carmichael [email protected] | SAHEEL ABDULHAMID Moore JVB LLP [email protected] |
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