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Educational Material on Ind AS 34 Interim Financial Reporting
Ind AS 34 Interim Financial Reporting : IAS 34 Interim Financial Reporting applies when an entity prepares an interim financial report, without mandating when an entity should prepare such a report. Permitting less information to be reported than in annual financial statements (on the basis of providing an update to those financial statements), the standard outlines the recognition, measurement and disclosure requirements for interim reports. IAS 34 was issued in June 1998 and is operative for periods beginning on or after 1 January 1999.
History of Ind AS 34
| 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 Improvement 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 – 20011 cycle (segment information) | Effective for annual periods beginning on or after 1 January 2013 |
| 25 September 2014 | Amended by improvement to IFRSs 2014 (disclosure of information ‘elsewhere in the interim financial report’) | Effective for annual periods beginning on or after 1 January 2016 |
Educational Material on Ind AS 34 Interim Financial Reporting
Ind AS 34 Interim Financial Reporting : Accounting Standard (AS) 25, ‘Interim Financial Reporting’, issued by the Council of the Institute of Chartered Accountants of India, comes into effect in respect of accounting periods commencing on or after 1-4-2002. If an enterprise is required or elects to prepare and present an interim financial report, it should comply with this Standard. The following is the text of the Accounting Standard. Interim reporting is the reporting of the financial results of any period that is shorter than a fiscal year. Interim reporting is usually required of any company that is publicly held, and it typically involves the issuance of three quarterly financial statements each year.
Key definitions of Ind AS 34
Interim period: a financial reporting period shorter than a full financial year (most typically a quarter or half-year). [IAS 34.4]
Interim financial report: a financial report that contains either a complete or condensed set of financial statements for an interim period. [IAS 34.4]
Objective of of Ind AS 34
The objective of IAS 34 is to prescribe the minimum content of an interim financial report and to prescribe the principles for recognition and measurement in financial statements presented for an interim period.
Scope of Ind AS 34
This Standard does not mandate which entities should be required to publish interim financial reports, how frequently, or how soon after the end of an interim period. However, governments, securities regulators, stock exchanges, and accountancy bodies often require entities whose debt or equity securities are publicly traded to publish interim financial reports . This Standard applies if an entity is required or elects to publish an interim financial report in accordance with Indian Accounting Standards (Ind ASs).
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Educational Material on Ind AS 34 Interim Financial Reporting
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