IFRS – IAS 34: Interim financial reporting
The International Accounting Standards Committee (IASC) released International Accounting Standard 34 (IAS 34) to address the topic of reporting interim financial information.
As many companies report non-audited financial information on an interim basis, for example many companies do this on a quarterly or half-year basis, this standard was released to address this topic. This standard defines what is the minimum amount of information which should be disclosed:
- Condensed Balance Sheet
- Either Condensed Statement of Comprehensive Income or both that and Condensed Income Statement
- Condensed Statement of change in Equity
- Condensed Cash Flow Statement
- Select Explanatory Notes
IAS are principles based standards, rather than strict rules based standards that govern international accounting. IAS standards differ from IFRS standards in that they were introduced prior to 2001, whereas IFRS were produced after this date by the IASB, or the International Accounting Standards Board. When determining the hierarchy of these, the IAS is considered to be the building blocks in which the newer and more relevant IFRS are founded and therefore IFRS is more authoritative when these conflict.
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