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

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

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

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.

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.

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

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

Publicly traded entities are required to comply with PAS 34.