Adeva, Maria Kathreena Andrea H.

BSA 2-11

Assessment Activities: Interim Reporting

Choose the letter of the best answer and add justification of your answer by placing PAS and IAS
compliance / and or discussions of IM5

1. Which of the following is not an objective of IAS 34?

a. To prescribe the minimum content of an interim financial report
b. To prescribe which entities are required to publish interim financial reports, how
frequently and how soon after the end of the reporting period
c. To prescribe the principles of recognition and measurement in complete or condensed
financial statements for an interim period.
d. None of the above
 Note: IAS 34 prescribes the minimum content of an interim financial report and the
principles for recognition and measurement in complete or condensed financial
statements for an interim period. IAS 34 does not mandate which entities are required
to publish interim financial reports, how frequently, or how soon after the end of an
interim period.
2. What does the International Accounting Standards Committee encourage publicly traded entities
to do?
a. To provide interim financial reports at least as of the end of the first quarter of their
financial year
b. To make their interim financial reports available not later than 60 days after the end of
the interim period
c. To apply the same accounting policies in its interim report as are applied in its annual
financial statements, including accounting policy changes made after the date of the most
recent annual financial statements that are to be reflected in the next annual financial
statements.
d. All of the above
 Note: IASC encouraged publicly traded entities to provide interim financial reports at
least semi-annually and such reports are to be made available not later than 60 days
after the end of interim period.
3. Interim financial report means a financial report containing ________ for an interim period.
a. A complete set of financial statements
b. An adjusted set of financial statements
c. A set of condensed financial statements
 d. A or B
e. A or C
 Note: PAS 34 allows an entity to publish a set of condensed financial statements or
complete set of financial statements in the interim financial report
4. Which of the following is true with regards to the disclosure of compliance with IFRSs provided
in IAS 34?
a. If an entity’s interim financial report is not in compliance with IAS 34, that fact shall be
disclosed
b. An interim financial report shall not be described as complying with IFRSs unless it
complies with all the requirements of IAS 34
c. An interim financial report shall not be disclosed as complying with IFRSs unless it
complies with all the requirements of IFRSs.
d. A and B
 Note: PAS 34, paragraph 19, provides that if an entity’s interim financial report is in
compliance with Philippine Financial Reporting Standards, such fact shall be
disclosed. An entity shall not describe an interim financial report as complying with
IFRS unless it complies with all of the requirements of each applicable Philippine
Financial Reporting Standard.
5. If an entity does not prepare interim financial reports,
a. Its annual financial statements would not conform to the IFRSs.
b. Its annual financial statements should not be described to have been prepared in accordance
with IFRSs.
c. The conformance of its annual financial statements with the IFRSs is not affected.
d. A and B
 Note: Non-preparation of interim reports or non-compliance with IAS 34 does not
necessarily prevent the entity’s annual financial statements from conforming to the
IFRS.