Paragraph 2.13 previously explains the components of financial statements and comparative information in an annual context and analyzes several related issues. This paragraph focuses on an interim context.

Exhibit 7-9 compares the components of interim financial statements under IFRSs, U.S. GAAP, and SEC rules and regulations, including differences in terminology.

Exhibit 7-9 Components of Interim Financial Statements

Table 7-16

7.11.1 Terminology

In an annual context, IAS 1 refers to a complete set of financial statements. The U.S. Concepts use the expression of a full set of financial statements.193

Comment: IAS 34 uses unusual terminology versus other IFRSs. It refers to an interim financial report (as opposed to financial statements) and to components as opposed to a complete set of interim financial statements.

7.11.2 Components of Interim Financial Statements

A set of financial statements includes basic financial statements and the notes. This paragraph focuses on basic financial statements, while Paragraph 7.11.6 following gives some indications concerning the notes.

The basic financial statements within a complete set of financial statements under IAS 1 comprise the same statements as mentioned above but in extended, not condensed format. Under IAS 34, condensed financial statements include the statement of financial position, the statement ...

Get The Handbook to IFRS Transition and to IFRS U.S. GAAP Dual Reporting now with O’Reilly online learning.

O’Reilly members experience live online training, plus books, videos, and digital content from 200+ publishers.