RECOGNITION AND

MEASUREMENT
BAS 34
 SAME ACCOUNTING POLICIES AS ANNUAL
BAS 34 REQUIREMENTS
28.Entities should apply same accounting
policies in interim F/S in regard with annual F/S
except for the recent changes made after recent
annual F/S that are to be reflected in the next
annual F/S.
29.Interim period measurements are regarded
as independent reporting period as it follows the
same policies as the annual reports. It also
suggests that, interim period includes changes
in estimates of amounts in prior interim periods
of the current financial year.
COMPLIANCE WITH BAS 34 (SQUARE,
Consolidated Interim Financial Statements
For the 2nd Quarter Ended December 31, 2021)
• The accounting policies and presentation used
are consistent with those used in the Annual
Financials, except where noted, Where
necessary, the comparative figures have been
reclassified or extended from the previously
reported Interim Financial Statements to take
into account any presentational changes made
in the Annual Financial Statements or in these
Interim Financial Statements.
• There were no significant changes in the
accounting and valuation principles affecting the
financial position and performance of the
company. Accounting and valuation methods
are disclosed for the purpose of clarity.
 SAME ACCOUNTING POLICIES AS ANNUAL
BAS 34 REQUIREMENTS COMPLIANCE WITH BAS 34 (SQUARE,
Consolidated Interim Financial Statements
30. a) Principles for recognizing losses from For the 2nd Quarter Ended December 31, 2021)
inventory write-downs, restructurings, or an
impairments in an interim period are same as
annual reports.However,if the estimates are
• Uniform policies as per annual reports of
changed in subsequent interim period then the
June 30,2021 are applied
original estimates are changed in the
• Costs are deferred (Tax) as per meeting the
subsequent interim.
definition
• All instruments are held as assets debited in
b) A cost is not deferred if the asset does not
the statements as each one of them comply
meet the definition rather to await for future
with the given definition of assets
information whether it meets the definition or not
• Square’s income tax for the 2nd quarter is
within a financial year.
recognized on the weighted average annual
income tax rate and accrued tax expense is
c)Income tax expense is recognized in each
adjusted.
interim period based on the best estimate of the
weighted average annual income tax rate
expected for the full financial year and accrued
income tax expense needs to be adjusted if
annual income tax rate changes.
 SAME ACCOUNTING POLICIES AS ANNUAL
BAS 34 REQUIREMENTS COMPLIANCE WITH BAS 34 (SQUARE,
Consolidated Interim Financial Statements
31. In order to recognize an item in the balance For the 2nd Quarter Ended December 31, 2021)
sheet or income statement, it has to meet the
definition of element and satisfy the criteria for
recognition.
• The financial items included in the reports-
32.Future economic benefit tests apply to assets
comprehensive income statement, statement
in interim period and in the end of financial year.
of financial position, equity statement, cash
Assets and liabilities should be qualified by their
glow statement satisfy the definition of
nature of costs and financial obligation at that
element
date as it should be recognized in the annual
• Assets and liabilities are recognized on year-
reports.
to-date basis as per annual reports
• Realized and non-realized gain/loss are
33.If a decrease in future economic benefits
included in the comprehensive income
related to a decrease in asset or an increase of
statement
a liability has arisen that can be measured
reliably then expenses are recognized in the
income statement.
 SAME ACCOUNTING POLICIES AS ANNUAL
COMPLIANCE WITH BAS 34 (SQUARE,
BAS 34 REQUIREMENTS
Consolidated Interim Financial Statements
For the 2nd Quarter Ended December 31, 2021)
34.An entity that reports only annually is able to
take into account information that becomes
available throughout the financial year in • Square publishes quarterly annual
measuring assets,liabilities,income,expenses reports before the yearly financial
and cash glows reported in its F/S. statements
• The notes disclose that Square
35.The twelve month measurements will reflect pharma states the modification in the
possible changes in estimates of amounts annual reports
reported for the first six month period for an • If any changes in the estimates are
entity that reports half-yearly uses information made in the interim period and in the
available by mid-year.The nature and amount of interim report of December,2021,no
any significant changes in estimates need to be significant changes in the estimates
disclosed as per paragraphs 16(A)d and 26. were made
 SAME ACCOUNTING POLICIES AS ANNUAL
BAS 34 REQUIREMENTS COMPLIANCE WITH BAS 34 (SQUARE,
Consolidated Interim Financial Statements
For the 2nd Quarter Ended December 31, 2021)

36.Income and expenses reported in the current

interim period will reflect any changes in
• All necessary notes were disclosed for
estimates of amounts reported in prior interim
income and expenses in regard with the prior
periods of the financial year and the prior interim
interim periods as per year-to-date basis
periods are not retrospectively adjusted and as
per paragraphs 16(A)d,26 any significant
changes need to be disclosed