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Difference between AS 25 and Ind AS 34

Open uri20170510 32134 1ue0f38?1494421710 rohit agarwal asked about 3 years ago

What is the Difference between AS 25 and Ind AS 34 Interim Financial Reporting

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2 Answers
Open uri20170510 32134 59004f?1494421790 Anshul Dhawan answered over 2 years ago

Hie IND - AS 34 is based on the current IAS 34. The major differences between IAS 34 and AS 25 are described hereinafter. Differences due to legal and regulatory environment 1.In India, at present, the statement of changes in equity is not presented in the annual financial statements since, as per the law, this information is required to be disclosed partly in the profit and loss account below the line and partly in the balance sheet and schedules thereto. Keeping this in view, unlike IAS 34, AS 25 presently does not require presentation of the condensed statement of changes in equity. However as a result of proposed revision to AS 1, limited revision to AS 25 has also been proposed, which requires to present the condensed statement of changes in equity as part of condensed financial statements and limited exposure for the same has been made. 2.Keeping in view the legal and regulatory requirements prevailing in India, AS 25 provides that in case a statute or a regulator requires an enterprise to prepare and present interim information in a different form and/or contents, then that format has to be followed. However, the recognition and measurement principles as laid down in AS 25 have to be applied in respect of such information

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Picsjoin 2017224123730582 Archana answered about 3 years ago

Hie Rohit, **Difference between Ind AS 34 on Interim Financial Reporting and existing AS 25 on Interim Financial Reporting :-** 1. Under the existing AS 25, if an entity is required or elects to prepare and present an interim financial report, it should comply with that standard. Ind AS 34 applies only if an entity is required or elects to prepare and present an interim financial report in accordance with Accounting Standards. Consequently, it is specifically stated in Ind AS 34 that the fact that an entity may not have provided interim financial reports during a particular financial year or may have provided interim financial reports that do not comply with the revised standard does not prevent the entity’s annual financial statements from conforming to Accounting Standards if they otherwise do so. (Paragraph 2 of Ind AS 34) 2. In Ind AS 34, the term ‘complete set of financial statements’ appearing in the definition of interim financial report has been expanded as compared to AS 25 as complete set of financial statements (as described in Ind AS 1, Presentation of Financial Statements). Accordingly, the said term includes balance sheet as at the beginning of the earliest comparative period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements. (Paragraph 5 of Ind AS 34) 3. As per the existing standard, the contents of an interim financial report include, at a minimum, a condensed balance sheet, a condensed statement of profit and loss, a condensed cash flow statement and selected explanatory notes. Ind AS 34 requires, in addition to the above, a condensed statement of changes in equity for the period which is presented as a part of the balance sheet. (Consequential to change in Ind AS 1) 4. Ind AS 34 prohibits reversal of impairment loss recognized in a previous interim period in respect of goodwill or an investment in either an equity instrument or a financial asset carried at cost. There is no such specific prohibition in the existing standard. Ind AS 34 includes Appendix A which addresses the interaction between the requirements of Ind AS 34 and the recognition of impairment losses on goodwill in Ind AS 36 and certain financial assets in Ind AS 39, and the effect of that interaction on subsequent interim and annual financial statements 5. Under the existing standard, if an entity’s annual financial report included the consolidated financial statements in addition to the separate financial statements, the interim financial report should include both the consolidated financial statements and separate financial statements, complete or condensed. Ind AS 34 states that it neither requires nor prohibits the inclusion of the parent’s separate statements in the entity’s interim report prepared on a consolidated basis. (Paragraph 14 of revised AS 25)

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