IND AS 34 : INTERIM FINANCIAL REPORTING :
OBJECTIVE & SCOPE
* To prescribe the min content of an interim financial report and to
prescribe recognition and measurement principles.
* This std does not mandate which entities should be required to
publish interim financial reports.
* This standard applies if an entity is required or elect to publish an
interim financial report as per Ind ASs.
CONTENT OF INTERIM F.REPORTING
If complete st is published in the interim F.report:
* It shall conform to the requirements of Ind AS.
If condensed set of f.stmts is published,following minimum
components are required:
(a)Condensed statement of profit loss.
(b)Condensedstatement of changes in equity
(c)Condensed balance sheet
(d)Condensed statement of cash flows &
(e)Selected explanatory notes.
The condensed statement should include,at the minimum:
(a)Each of the headings & subtotals that were included in its most
recent annual financial stmts.
(b)Selected explanatory notes as required by its std.
(c)Additional line items shud be included if their omission would make
the condensed interim financial statements misleading.
(d)Basic & diluted EPS for that period(when applicable).
Other Disclosures
* A statement that the same accounting policies are followed or,if
thoose changes,a desription of the nature & effect of the changes.
* Explanatory comments abt the seasonability or cyclicality of interim
operations.
* The nature & amt of unusual items affecting
assets,laiabilities,equity,net income or cash flows because of their
nature,size or incidence.
* Issues,repurchases & repayments of debt & equity securites.
* Dividends paid seperately for ordinary shares & other shares.
* Segemnt information.
* Events after the interim period that have not been reflected in the
financial stmts for the interim period.
* If an entiys interim financial report is in compliance with this std,that
fact shall be disclosed.
Disclosures in annual financial statements
* If an estimate reported in an interim period is changed significantly during the final interim period of the financial yr but a separate
financial report is not published.
* The nature & amt of the change shud be disclosed in the annual f.stmsts for that financial year.
Recognition & Measurement
Revenue received
Accounting policies seasonally, cyclically
or occasianally
* Same accounting as annual * Should not be
* Except for accounting policy changes that are to anticipated or
be reflected in the nest annual financial statms. deferred in interim
reports.
DEFINITIONS
Interim period is a financial reporting period shorterthan the
the full financial year.
Interim F.report means a financial report conatininng either
a complete set of f.stmts or a set of condensed F.stmts for
an interim, period.
SIGNIFICANT EVENTS & TRANSACTIONS
Significant events & transactions of the changes in financial
position & performance of the entity since the end of the
last annual reporting period shud be included.
Following are the significant disclosured:(the list is not
exhaustive)
(a)Write down of inventories to NRV and reversals.
(b)Recognition of a impairment loss & reverslas.
(c)The reversal of any provisions for the costs of
restructuring.
(d)Acquisitions & disposals of PPE
(e)Commitements for the purchase of PPE
(f)Litigation settlement
(g)Corrections of prior period errors.
(h) Changes in the business or economic circumstances
(i)Any loan default or breach of a loan agreement
(j)Related party transactions
What periods are required to be presented?
* Balance sheet as at the end of the current interim period &
its comparitive for the immediately preceding f.yr.
* St. of P/L for the current interim period & cumualtively for
the current F.year to date ali=ong with its prior period
comparative
*St. of changes in equity cumulatively for the current f year
to date along with ist prior period comparative
* St. of cash flows cumualtively for the current finanancial
year to date along with its prior period comparative.
Costs incurred unevenly during the Use of estimates
Financial year
* Shud not anticipated or dferrred for * The preparation
interim reporting if it is also approriate of interim reports
in the annual F.stmts. generally requires a
greater use of
estimation
methods than
annual f.reports.
* Except for accounting policy changes that are to anticipated or interim reporting if it is also approriate of interim reports
be reflected in the nest annual financial statms. deferred in interim in the annual F.stmts. generally requires a
reports. greater use of
estimation
methods than
annual f.reports.