Interim Financial Reporting (IAS 34)
Purpose and scope
Interim period is the reporting period shorter than the fiscal year.
22.14. The standard defines the minimum content of the company's interim financial statements necessary to identify the company's potential and is used by prospective investors, creditors, etc.
22.15. All companies required by law or regulatory bodies to publish their interim financial statements (covering a period less than a full fiscal year, such as a semester or quarter) or who have voluntarily decided to publish must adhere to this standard.
Composition of interim financial statements
Interim Financial Reporting is a report containing either a full set of financial statements in accordance with IFRS 1 or a set of condensed financial statements for the interim period in accordance with this standard.
22.16. The interim financial report includes the following information:
• a condensed balance sheet at the end of the interim period and comparative data from the report at the end of the preceding full fiscal year;
• a condensed income statement for the current interim period and accumulated for the current fiscal year as of the current date with comparative figures for the comparative interim period for the previous fiscal year. A company that publishes interim financial reports on a quarterly basis will, for example, prepare four income statements in the third quarter: one for cumulative nine months from the beginning of this year, one for the third quarter separately and comparative statements of profit for the same comparative periods for the previous financial year;
• condensed cash flow reports for the current fiscal year as of the current date and a comparative report for the same interim period for the previous financial year;
• Compressed statements of changes in equity (accumulated for the current financial year up to the current date and a comparative report for the same interim period of the previous financial year);
• Selective explanatory material.
22.17. A company that presents a complete set of financial statements as an interim financial statement should be guided by IFRS 1.
22.18. A company that presents a set of condensed financial statements as interim financial statements should be guided by the following rules:
• The report must contain at least the following:
- each of the headings and intermediate totals that were included in the last financial report;
- selective explanatory material required by IAS 34;
• Basic and diluted earnings per share should be reported in the income statement itself
• the parent company must prepare the report on a consolidated basis.
Also We Can Offer!
- Argumentative essay
- Best college essays
- Buy custom essays online
- Buy essay online
- Cheap essay
- Cheap essay writing service
- Cheap writing service
- College essay
- College essay introduction
- College essay writing service
- Compare and contrast essay
- Custom essay
- Custom essay writing service
- Custom essays writing services
- Death penalty essay
- Do my essay
- Essay about love
- Essay about yourself
- Essay help
- Essay writing help
- Essay writing service reviews
- Essays online
- Fast food essay
- George orwell essays
- Human rights essay
- Narrative essay
- Pay to write essay
- Personal essay for college
- Personal narrative essay
- Persuasive writing
- Write my essay
- Write my essay for me cheap
- Writing a scholarship essay