An interim financial report should

not claim compliance with IFRS

generally unless it complies with all
applicable International Financial
Reporting Standards and
interpretations of the International
Financial Reporting Interpretations
Committee (IFRIC).
Periods Information To Be Presented By Interim Financial Statements
IAS 34 requires the following information to be presented:
1. Balance sheet as of the end of the current interim period and a comparative
balance sheet as of the end of the preceding financial year
2. Income statements for the current interim period and for the current
financial year to date, with comparative income statements for the comparable
interim periods (current and year-to-date) of the preceding financial year.
3. Statement showing changes in equity for the current financial year to date,
with a comparative statement for the comparable year-to-date period of the
preceding financial year.
4. Cash flow statement for the current financial year to date, with a comparative
statement for the comparable year-to-date period of the preceding financial year.
To sum-up: IAS 34 recognizes the usefulness of additional information if the business
is seasonal by encouraging for those businesses the disclosure of financial information
for the latest 12 months, and comparative information for the prior 12-month period, in
addition to the interim period financial statements.
 
Measurement For Interim Reporting
Measurements for interim reporting purposes should be made on a “year-
to-date” basis, so that the frequency of the entity’s reporting should not
affect the measurement of its annual results. The same definitions and
recognition criteria apply whether dealing with interim or annual financial reports.
IAS 34 requires the entity to consider these points:
 Revenues that are received seasonally, cyclically, or occasionally within a
financial year should not be treated differently from in the annual financial
statements.
 Costs and expenses are recognized as incurred and are not treated differently
in the annual financial statements.
 Income tax expenses should be recognized based on the best estimate of the
weighted average annual income tax rate expected for the full financial year.