IAS 34 INTERIM FINANCIAL REPORTING

Interim period < Full year

Interim financial report = Condensed (SFP + SCI + SCE + SCF) + Selected notes OR Complete FS as per IAS1

Condensed FS = All headings + subtotals of most recent annual FS + Basic & diluted EPS

Consolidated Condensed FS = All headings + subtotals of most recent annual Consolidated FS

Significant events & transactions

= write down / impairment + reversal of provisions + additions/disposals + commitment + litigation + Fair value
adjustments + default + related party + errors + change in classification of FA + transfer between FV hierarchy +
change in contingent assets/liabilities

Other disclosures

All major accounting policies and related disclosures

Periods for which interim FS are required to be presented

Condensed SFP = End of (Current interim period + immediately preceding FY)

Condensed SCI = (Current interim period + YTD) + immediately preceding FY (Current + YTD)

Condensed SCE = YTD + immediately preceding FY YTD

Condensed SCF = YTD + immediately preceding FY YTD

Disclosure in annual FS

Significant change in accounting estimate in final interim period = Disclosed in Annual FS

Recognition and measurement

Same accounting policies as annual

Revenues received seasonally, cyclically, or occasionally

Not recognized or deferred if not appropriate

Costs incurred unevenly during the financial year

Recognized or deferred if appropriate

Restatement of previously reported interim periods

As per IAS 8
ILLUSTRATIVE EXMAPLES

Entity publishes interim financial reports half-yearly

The entity’s financial year ends 31 December (calendar year). The entity will present the following financial
statements (condensed or complete) in its half-yearly interim financial report as of 30 June 20X1:
Statement of financial position:
At 30 June 20X1 31 December 20X0
Statement of comprehensive income:
6 months ending 30 June 20X1 30 June 20X0
Statement of cash flows:
6 months ending 30 June 20X1 30 June 20X0
Statement of changes in equity:
6 months ending 30 June 20X1 30 June 20X0

Entity publishes interim financial reports quarterly

The entity’s financial year ends 31 December (calendar year). The entity will present the following financial
statements (condensed or complete) in its quarterly interim financial report as of 30 June 20X1:
Statement of financial position:
At 30 June 20X1 31 December 20X0
Statement of comprehensive income:
6 months ending 30 June 20X1 30 June 20X0
3 months ending 30 June 20X1 30 June 20X0
Statement of cash flows:
6 months ending 30 June 20X1 30 June 20X0
Statement of changes in equity:
6 months ending 30 June 20X1 30 June 20X0

Examples of applying the recognition and measurement principles

Income tax = using an estimated average annual effective rate (See paragraphs B12 to B22 of IE of PART B)

Major planned periodic maintenance or overhaul = if expected to occur late in the year not recorded

Provisions = If required record

Year-end bonuses = if and only if legal or constructive obligation

Variable lease payments = if and only if legal or constructive obligation

Intangible assets = If and only if recognition criteria met

Pensions = Calculated on YTD basis using the actuarially determined pension cost rate

Accumulating paid absences = As per IAS 19

Non-accumulating paid absences = Not recognized

Charitable donations and employee training costs = On incurred basis

Contractual rebates or discounts = Recognized on earned basis

Depreciation and amortization = Recognized for existing assets only not planned ones

Inventories = Lower of cost or NRV

Foreign currency translation gain or losses = Recognized

Impairment loss = Lower of Carrying amount or Recoverable amount

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