7.7.1 Time Periods

Exhibit 7-8 compares all the periods that must be shown in interim financial statements, whether condensed or complete, under IAS 34,143 Subtopic 270-10 (APB 28),144 and SEC rules and regulations.

Exhibit 7-8 Periods in Interim Financial Statements

Table 7-14

Table 7-15

Planning Point: In particular, the Illustrative examples of IAS 34 show that the current interim periods and the current financial year to date would coincide when an entity reports on a half-yearly basis.

Subtopic 270-10 (APB 28) is not rigid on the periods to be presented. It simply says that interim or cumulative year-to-date periods are the usual intervals.145 However, it gives specific guidance on periods to which changes in accounting principles should refer (see Paragraph previously).146

7.7.2 Comparative Periods

The Exhibit illustrates the time periods required by IAS 34.

Example: The Corporate Reporting Standing Committee (EECS), a forum of the EU National Enforcers of Financial Information, assessed that an issuer did not comply with IAS 34 by not reporting the year-to-date comparatives for the interim income statement and the statement of changes in equity and the statement of cash flows. The enforcer did not accept the justification of the company that its failure ...

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