INTERIM FINANCIAL REPORTING

If an entity publishes a complete set of financial statements in its interim financial report, the form and content of those statements should conform to

• PAS 34 (Interim Financial Reporting)

• PAS 27 (Seperate financial statements)

• PAS 1 (Presentation of Financial statements)

• IAS 41 (Agriculture)

PAS 34 states a presumption that anyone reading interim financial reports will

• Have access to the records of the entity

• Not make decisions based on the report

• Have access to the most recent annual report

• Understand all Philippine Financial Reporting Standards

Under PAS 34, interim financial reports should be published

• On a quarterly basis

• Once a year at a time in that year

• Within a month of the half year end

• Whenever the entity wishes

Under PAS 34, the preparation of interim reports generally will require

• No use of estimation methods

• Lesser use of estimation methods than annual financial reports

• Greater use of estimation methods than annual financial reports

• Equal use of estimation of methods

Which of the following is usually not disclosed in the selected explanatory notes for an interim financial report?

• Nature of entity’s operations

• Events after the interim period

• Accounting policies and methods

• Seasonality or cyclicality of interim operations

The accounting profession indicates that?

• all entities that issue an annual report should issue interim financial reports.

• the integral view is the most appropriate approach for interim financial reports.

• a complete set of financial statements must be presented for at interim period.

• the same principles used for the annual report should be employed for interim reports.

If an entity does not prepare interim financial reports

• the year-end financial statements are deemed to comply with PFRS.

• the year-end financial statements' compliance with PFRS is not affected.

• the year-end financial statements will not be acceptable under local legislation.

• Interim financial reports should be included in the year-end financial statements.

Under PAS 34, which of the following statements is true?

• An interim financial report may consist of a complete set of financial statements

• An interim financial report may consist of a complete set of financial statements or condensed set of financial statement with selected notes.

• A complete set of financial statements is required at interim reporting date.

• A condensed set of financial statements with selected notes is required at interim date.

All of the following statements are true regarding interim financial reporting, except

• PFRS does not mention the integral and independent view of interim reporting.

• PFRS requires a complete set of financial statements at the interim reporting date.

• No accruals or deferrals in anticipation of future events during the year should be reported.

• PFRS requires entities to expense interim amount like advertising expenditures that could benefit later interim periods

Which of the following statements is true regarding interim financial reporting?

• Interim reports are not required

• Interim reports are required on a quarterly basis.

• The discrete view is required for interim financial statements.

• Interim reports require the preparation of only a statement of comprehensive income and a statement of financial position.