IAS 34 INTERIM FINANCIAL REPORTING
The objective of IAS 34 is to prescribe the minimum content of an interim financial report (i.e. of interim financial statements) and to prescribe the principles for recognition and measurement in such a report. An interim financial report is presented for an interim period, i.e. for a financial reporting period that is shorter than a full financial year (IAS 34.1 and 34.4). For example, an entity may prepare quarterly financial statements.
While all entities that apply IFRSs are required to present financial statements at least annually (IAS 1.36), IAS 34 does not contain a commitment to prepare interim reports. Moreover, IAS 34 does not prescribe the length of interim periods. These issues are left to be decided by governments, securities regulators, stock exchanges, and accountancy bodies. However, if an entity is required or elects to publish an interim financial report in accordance with IFRSs, IAS 34 has to be applied (IAS 34.1).
If the entity's most recent annual financial statements were consolidated statements, the entity's interim financial reports also have to be prepared on a consolidated basis (IAS 34.14).
2 CONTENT OF AN INTERIM FINANCIAL REPORT
IAS 34 defines the minimum content of an interim report as including condensed financial statements (condensed interim report). However, an entity may also prepare a complete set of financial statements as described in IAS 11 (comprehensive interim report) (IAS ...