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IAS 34-INTERIM FINANCIAL

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

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


year.
 Interim financial report. A financial report that contains either a complete
or condensed set of financial statements for an interim period.
FORM AND CONTENT OF INTERIM REPORTS

 IAS 34 defines the minimum content of an interim financial report as


including condensed financial statements and selected explanatory notes.
It does not detail the information that should be included in these
condensed financial statements. An entity should determine the level of
detail and ensure that the condensed financial statements can be
compared with the previous annual financial statements. The interim
financial report should provide an update on the latest financial
statements.
FORM AND CONTENT OF INTERIM REPORTS

 The minimum elements specified for an interim financial report are a


 • Condensed balance sheet
 • Condensed income statement
 • Condensed statement of changes in equity
 • Condensed cash flow statement
 • Selected explanatory notes
 If an entity issues a complete set of financial statements in the interim report,
those financial statements should comply with IAS 1
 If the entity publishes interim financial statements that are condensed, then they
should include, as a minimum, the headings and subtotals included in the most
recent annual financial statements and the explanatory notes as required by IAS
34. Additional line items or notes should be included if omitting them would make
the interim financial statements misleading.
 Basic and diluted earnings per share should be presented on the face of the
income statement.
 If the entity’s most recent annual financial statements are prepared on a
consolidated basis, the interim financial report should be prepared on the same
basis.
EXPLANATORY NOTES

 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

 IAS 34 requires this information to be presented


 Balance sheet as of the end of the current interim period and a comparative
balance sheet as of the end of the preceding financial year
 Income statements for the current interim period and for the current financial year
to date, with comparative income statements for the comparable interim periods
(current and year-todate)of the preceding financial year
 Statement showing changes in equity for the current financial year to date, with a
comparative statement for the comparable year-to-date period of the preceding
financial year
 Cash flow statement for the current financial year to date, with a comparative
statement for the comparable year-to-date period of the preceding financial year
MEASUREMENT

 Measurements for interim reporting purposes should be made on a “year-


to-date” basis, so that the frequency of the entity’s reporting should not
affect the measurement of its annual results. The same definitions and
recognition criteria apply whether dealing with interim or annual financial
reports.

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