Wiley IFRS: Practical Implementation Guide and Workbook, 3rd Edition

Chapter 26

INTERIM FINANCIAL REPORTING (IAS 34)

OBJECTIVE

The purpose of IAS 34, Interim Financial Reporting, is to set out the minimum content of such a report and to describe the recognition and measurement principles in interim financial statements.

IAS 34 does not detail which entities should publish interim financial reports, how frequently they should be published, or how soon they should be published after the end of the interim period. The Standard applies where an entity is required or elects to publish an interim financial report. The International Accounting Standards Board (IASB) encourages publicly traded entities to provide such reports at least at the end of the half year, and such reports are to be made available not later than 60 days after the end of the interim period. An entity that does not prepare interim financial reports or provides ones that do not comply with IAS 34 does not compromise its compliance with International Financial Reporting Standards (IFRS) in its annual financial statements.

DEFINITIONS OF KEY TERMS

(in accordance with IAS 34)

 

Interim period. A financial reporting period shorter than a full financial year.

Interim financial report. A financial report that contains either a complete set of financial statements (as described in IAS 1, as revised in 2007) or a set of condensed financial statements (as described in IAS 34) for an interim period.

FORM AND CONTENT OF INTERIM REPORTS

IAS 34 defines the minimum content of an interim financial ...