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REPORTING
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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.
Scope
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
IAS 34 assumes that readers of an entity’s interim report will also have access to
its most recent annual report. As a result, IAS 34 prevents the repetition of annual
disclosures in interim reports. IAS 34, paragraph 16, sets out a long list of
disclosures including
Accounting policy changes
Seasonality or cyclicality of operations
Unusual items and changes in estimates
Dividends paid and material events after the end of the interim period
Changes in the structure of the entity including business combinations and
restructurings
Segment revenue and result
Changes in contingent liabilities or assets since the last annual balance sheet date
Issue, repurchase, and repayment of debt and equity
DISCLOSURE OF COMPLIANCE WITH IFRS
If the entity’s interim financial report is in compliance with IAS 34, that fact
should be disclosed. An interim financial report should not claim
compliance with IFRS generally unless it complies with all applicable
International Financial Reporting Standards and interpretations of the
International Financial Reporting Interpretations Committee (IFRIC).
PERIODS TO BE PRESENTED BY INTERIM FINANCIAL
STATEMENTS