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PAS 34 INTERIM FINANCIAL REPORTINGI. NATUREPAS 34 prescribes the minimum content of an interim financial report and the recognition and measurement principles in complete or condensed financial statements for an interim period. PAS 34 does not mandate which entities should produce interim financial ...

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PAS 34 INTERIM FINANCIAL REPORTING I.

NATURE PAS 34 prescribes the minimum content of an interim financial report and the recognition and measurement principles in complete or condensed financial statements for an interim period. PAS 34 does not mandate which entities should produce interim financial reports. PAS 34 is applied when an entity chooses, or is required by the government or other institution, to publish interim financial report that complies with PFRSs. PAS 34, however, encourages publicly listed entities to provide at least a semi-annual financial report for the first half of the year to be issued not later than 60 days after the end of the interim period.

II.

PRESENTATION An interim financial report is a financial report prepared for an interim period and contains either: a. A complete set of financial statements as described in PAS 1; or b. A set of condensed financial statements as described in PAS 34 An entity presenting an interim financial report has the option of applying either PAS 1 or PAS 34. a. The entity applies PAS 1 if it opts to provide a complete set of financial statements in its interim financial report. b. The entity applies PAS 34 if it opts to provide a condensed set of financial statements in its interim financial report.

1. 2. 3. 4. 5. 6.

III.

PAS 1 COMPLETE SET OF FS Statement of financial position Statement of profit or loss and other comprehensive income Statement of changes in equity Statement of cash flows Notes Comparative Information Additional statement of financial position (required only when certain instances occur)

PAS 34 CONDENSED SET OF FS 1. Condenses statement of financial position 2. Condensed statement of profit or loss and other comprehensive income 3. Condensed statement of changes in equity 4. Condensed statement of cash flows 5. Selected explanatory notes

RECOGNITION AND MEASUREMENT The same accounting policies are used in interim reports as those used in annual 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.

IV.

OTHER DISCLOSURES In addition to significant events and transactions, the following are also disclosed in the interim financial report: a. A statement that the same accounting policies were used in the interim financial statements as those in the latest annual financial statements. If there have been changes, those changes are disclosed. b. Explanation of seasonality or cyclicality of interim operation c. Unusual items affecting the financial statement elements d. Changes in accounting estimates e. Issuances and settlements of debt and equity securities f. Dividends paid g. Segment information ( if the entity is covered by PFRS 8) h. Events after the reporting period i. Changes in the composition of the entity, e,g,. business combinations, obtaining or losing control of subsidiaries, restructurings, and discontinued operations j. Disclosures on the fair value of financial instruments k. Disclosures required by PFRS 12 when the entity becomes or ceases to be an investment entity l. Disaggregation of revenue from contracts with customers as required by PFRS 15....