pas 34 interim reporting
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PAS 34: INTERIM REPORTING
An interim period is a financial reporting period shorter than a full financial year. Interim financial reports may be presented monthly, quarterly or semi-annually.
● INTERIM FINANCIAL REPORTAn interim financial report means a financial report containing either a complete set of
FSor a set of condensed FS for an interim period. As a minimum requirement, an interim financial report should include the following components:1. Condensed balance sheet2. Condensed income statement3. Condensed statement showing either all changes in equity or “comprehensive
income”4. Condensed cash flow statement5. Selected explanatory notesBasic and diluted earnings per share should be presented on the face of an income statement, complete or condensed, for an interim period.
● SELECTED EXPLANATORY NOTESAn enterprise should include the following information, as a minimum, in the notes to
itsinterim FS, if material and if not disclosed elsewhere in the interim financial report:1. A statement that the same accounting policies and methods of computation are followed in the interim FS as compared with the most recent annual FS or, if those policies or methods have been changed, a description of the nature and effect of
the change.2. Explanatory comments about the seasonality or cyclicality of interim operations.3. The nature and amount of items affecting assets, liabilities, equity, net income or
cash flows that are unusual because of their nature, size or incidence.4. The nature and amount of changes in estimates of amounts reported in prior
interim periods of the current financial year or changes in the estimates of amounts
reported in prior financial years if those changes have a material effect in the current
interim period.5. Issuances, repurchase and repayments of debt and equity securities.6. Dividend paid (aggregate or per share) separately for ordinary shares and other
shares.7. Segment revenue and segment result for business segments or geographical
segments, whichever is the primary basis of segment reporting.8. Material events subsequent to the end of the interim period that have not been reflected in the FS for the interim period.9. The effect of changes in composition of the enterprise during the interim period, including business combinations, acquisition or disposal of subsidiaries and long-
term investments, restructurings, and discontinued operations.10. Changes in contingent liabilities or contingent assets since the last annual BS date.
● PERIODS for which INTERIM FS are REQUIRED to be PRESENTEDInterim reports should include interim FS for periods as follows:1. Balance sheet as of the end of the current interim period and a comparative BS as of the end of the immediately preceding financial year.2. Income statements for the current interim period and cumulatively for the current financial year to date, with comparative income statements for the comparable
interim periods (current and year-to-date) of the immediately preceding financial year.3. Statement showing changes in equity cumulatively for the current financial year to to date, with comparative statement for the comparable year-to-date period of the immediately preceding financial year.4. Cash flow statement cumulatively for the current financial year to date, with a comparative statement for the comparable year-to-date period of the immediately preceding financial year.
An example of kinds of disclosures as required by PAS 34, par 17 are as follows:
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(a) write-down of inventories to net realizable value and the reversal of such write-down(b) recognition of a loss from the impairment of PPE and intangibles and the reversal of such an impairment loss(c) reversal of any provision for the costs of restructuring(d) acquisitions and disposals of items of PPE(e) commitments for the purchase of PPE(f) litigation settlements(g) corrections of fundamental errors in previously reported financial data(h) any debt default or breach of a debt covenant that has not been corrected subsequently(i) related party transactions