The Handbook to IFRS Transition and to IFRS U.S. GAAP Dual Reporting

7.12 CONDENSED FORMAT OF INTERIM FINANCIAL STATEMENTS

7.12.1 The Effect of Using IAS 34 on the Condensed Format

As Paragraphs 2.15.2 previously and 7.2.3 previously mention, IAS 34 is not mandatory under IFRSs as well as during their first-time adoption. In determining the set of basic financial statements, an entity may use IAS 34 or full compliance with IAS 1. IAS 34 requires at least a set of condensed financial statements. When the option goes to the complete set of financial statements, full compliance with IAS 1 becomes mandatory; however, recognition and measurement must also accord with IAS 34.219

Planning Point: The AICPA International Practices Task Force acknowledges the use of a complete set of financial statements as a way of satisfying the requirements of the U.S. GAAP condensed information option.220

7.12.2 Whether the Condensed Format is Optional

Paragraph 7.12.1 previously explains that under IFRSs the condensed format of interim financial statements is optional.

Subtopic 270-10 (APB 28) also permits complete financial statements or condensed statements.221

Planning Point: Unlike IAS 34, with respect to summarized interim financial information, APB 28 only refers to publicly traded companies.222

Form 20-F permits interim financial statements in condensed form with a minimum content, and refers to Regulation S-X for detailed instructions.223

Section 270-10-S99 (Rule 10-01 of Regulation S-X) governs condensed interim financial statements.224

Planning ...