INTERIM FINANCIAL REPORTS

a financial report that contains either a complete or condensed set of financial statements for an interim period.

a financial reporting period shorter than a full financial year (most typically a quarter or half-year)

PAS 34 specifies the content of an interim financial report that is described as conforming to International Financial Reporting Standards.

• True

• False

If a complete set of financial statements is published in the interim report, those financial statements should be in full compliance with IFRSs.

• True

• False

The periods to be covered by the interim balance sheet (statement of financial position) should be :

1. as of the end of the current interim period
2. and a comparative balance sheet as of the end of the immediately preceding financial year

• True

• False

The objective of PAS 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.

• TRUE

• FALSE

The periods to be covered by the interim statement of cash flows cumulatively for the current financial year to date, with a comparative statement for the comparable year-to-date period of the immediately succeeding financial year.

• TRUE

• FALSE

Gains or losses from, disposal of property, gains or losses from sale of discontinued operations and other gains and losses should be allocated over the interim periods

• TRUE

• FALSE

Expenses associated with revenue are recognized in the interim periods as incurred or allocated over the interim periods benefited.

• TRUE

• FALSE

Publicly traded entities are required to comply with PAS 34.

• TRUE

• FALSE