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IFRS IAS 34 Interim Financial Reporting

IFRS IAS 34 Interim Financial Reporting:In April 2001 the International Accounting Standards Board adopted IAS 34 Interim Financial Reporting, which had originally been issued by the International Accounting Standards Committee in 2000. IAS 34 that was issued in 2000 replaced the original version that was published in February 1998. Other Standards have made minor consequential amendments to IAS 34. They include Improvements to IFRSs (issued May 2010), IFRS 13 Fair Value Measurement (issued May 2011), Presentation of Items of Other Comprehensive Income (Amendments to IAS 1) (issued June 2011), Annual Improvements to IFRSs 2009–2011 Cycle (issued May 2012), Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27) (issued October 2012), IFRS 15 Revenue from Contracts with Customers (issued May 2014), Annual Improvements to IFRSs 2012–2014 Cycle (issued September 2014), Disclosure Initiative (Amendments to IAS 1) (issued December 2014) and IFRS 16 Leases (issued January 2016).

IFRS The scope of IAS 34

IFRS The scope of IAS 34

History 

Date Development Comments
August 1997 Exposure Draft E57 Interim Financial Reporting published
June 1999 IAS 34 Interim Financial Reporting issued Operative for financial statements covering periods beginning on or after 1 January 1999
6 May 2010 Amended by Improvements to IFRSs 2010 (significant transactions and events) Effective for annual periods beginning on or after 1 January 2011
17 May 2012 Amended by Annual Improvements 2009-2011 Cycle (segment information) Effective for annual periods beginning on or after 1 January 2013
25 September 2014 Amended by Improvements to IFRSs 2014 (disclosure of information ‘elsewhere in the interim financial report’) Effective for annual periods beginning on or after 1 January 2016

IFRS IAS 34 Interim Financial Reporting

Deloitte’s publication Interim Financial Reporting: A Guide to IAS 34 (2009 edition) provides an overview of IAS 34, application guidance and examples, a model interim financial report, and an IAS 34 compliance checklist. Contents:

  • 1. Introduction and scope
  • 2. Content of an interim financial report
  • 3. Condensed or complete interim financial statements
  • 4. Selected explanatory notes
  • 5. Accounting policies for interim reporting
  • 6. General principles for recognition and measurement
  • 7. Applying the recognition and measurement principles
  • 8. Impairment of assets
  • 9. Measuring interim income tax expense
  • 10. Earnings per share
  • 11. First-time adoption of IFRSs
  • Model interim financial report
  • IAS 34 compliance checklist

IFRS IAS 34 Interim Financial Reporting

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This Standard applies if an entity is required or elects to publish an interim financial report in accordance with International Financial Reporting Standards. Interim financial report means a financial report containing either a complete set of financial statements (as described in IAS 1 Presentation of Financial Statements (as revised in 2007)) or a set of condensed financial statements (as described in this Standard) for an interim period. Interim period is a financial reporting period shorter than a full financial year. In the interest of timeliness and cost considerations and to avoid repetition of information previously reported, an entity may be required to or may elect to provide less information at interim dates as compared with its annual financial statements.

IFRS IAS 34 Interim Financial Reporting

The objective of this Standard is to prescribe the minimum content of an interim financial report and to prescribe the principles for recognition and measurement in complete or condensed financial statements for an interim period. Timely and reliable interim financial reporting improves the ability of investors, creditors, and others to understand an entity’s capacity to generate earnings and cash flows and its financial condition and liquidity.

This Standard defines the minimum content of an interim financial report as including condensed financial statements and selected explanatory notes. The interim financial report is intended to provide an update on the latest complete set of annual financial statements. Accordingly, it focuses on new activities, events, and circumstances and does not duplicate information previously reported. Nothing in this Standard is intended to prohibit or discourage an entity from publishing a complete set of financial statements (as described in IAS 1) in its interim financial report, rather than condensed financial statements and selected explanatory notes. If an entity publishes a complete set of financial statements in its interim financial report, the form and content of those statements shall conform to the requirements of IAS 1 for a complete set of financial statements.

IFRS IAS 34 Interim Financial Reporting

An interim financial report shall include, at a minimum, the following components:

(a) condensed statement of financial position;

(b) condensed statement of comprehensive income, presented as either;

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(i) a condensed single statement; or

(ii) a condensed separate income statement and a condensed statement of comprehensive income; (c) condensed statement of changes in equity;

(d) condensed statement of cash flows; and

(e) selected explanatory notes. If an entity publishes a set of condensed financial statements in its interim financial report, those condensed statements shall include, at a minimum, each of the headings and subtotals that were included in its most recent annual financial statements and the selected explanatory notes as required by this Standard.

Additional line items or notes shall be included if their omission would make the condensed interim financial statements misleading. In deciding how to recognise, measure, classify, or disclose an item for interim financial reporting purposes, materiality shall be assessed in relation to the interim period financial data.

IFRS IAS 34 Interim Financial Reporting

In making assessments of materiality, it shall be recognised that interim measurements may rely on estimates to a greater extent than measurements of annual financial data. An entity shall apply the same accounting policies in its interim financial statements as are applied in its annual financial statements, except for accounting policy changes made after the date of the most recent annual financial statements that are to be reflected in the next annual financial statements. To achieve that objective, measurements for interim reporting purposes shall be made on a year-to-date basis.

The measurement procedures to be followed in an interim financial report shall be designed to ensure that the resulting information is reliable and that all material financial information that is relevant to an understanding of the financial position or performance of the entity is appropriately disclosed. While measurements in both annual and interim financial reports are often based on reasonable estimates, the preparation of interim financial reports generally will require a greater use of estimation methods than annual financial reports.

IFRS IAS 34 Interim Financial Reporting

Materiality

In deciding how to recognise, measure, classify, or disclose an item for interim financial reporting purposes, materiality is to be assessed in relation to the interim period financial data, not forecast annual data.

IFRS IAS 34 Interim Financial Reporting: Disclosure in annual financial statements

If an estimate of an amount reported in an interim period is changed significantly during the financial interim period in the financial year but a separate financial report is not published for that period, the nature and amount of that change must be disclosed in the notes to the annual financial statements.

IFRS IAS 34 Interim Financial Reporting

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