Ind AS 34
This Standard applies if an entity is required or elects to publish an interim financial report in accordance with Indian Accounting Standards. Interim financial report means a financial report containing either a complete set of financial statements (as described in IndAS 1, Presentation of Financial Statements, or a set of condensed financial statements (as described in this Standard) for an interim period. In the interest of timeliness and cost considerations and to avoid repetition of information previously reported, an entity may be required to or may elect to provide less information at interim dates as compared with its annual financial statements. This Standard defines the minimum content of an interim financial report as including condensed financial statements and selected explanatory notes. The interim financial report is intended to provide an update on the latest complete set of annual financial statements. Accordingly, it focuses on new activities, events, and circumstances and does not duplicate information previously reported. Nothing in this Standard is intended to prohibit or discourage an entity from publishing a complete set of financial statements (as described in IndAS 1) in its interim financial report, rather than condensed financial statements and selected explanatory notes. If an entity publishes a complete set of financial statements in its interim financial report, the form and content of those statements shall conform to the requirements of Ind AS 1 for a complete set of financial statements. An interim financial report shall include, at a minimum, the following components:
a condensed balance sheet ;a condensed statement of profit and loss;a condensed statement of changes in equity;a condensed statement of cash flows; andselected explanatory notes
If an entity publishes a set of condensed financial statements in its interim financial report, those condensed statements shall include, at a minimum, each of the headings and subtotals that were included in its most recent annual financial statements and the selected explanatory notes as required by this Standard. Additional line items or notes shall be included if their omission would make the condensed interim financial statements misleading. In deciding how to recognize, measure, classify, or disclose an item for interim financial reporting purposes, materiality shall be assessed in relation to the interim period financial data. In making assessments of materiality, it shall be recognised that interim measurements may rely on estimates to a greater extent than measurements of annual financial data. An entity shall apply the same accounting policies in its interim financial statements as are applied in its annual financial statements, except for 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. To achieve that objective, measurements for interim reporting purposes shall be made on a year-to-date basis. The measurement procedures to be followed in an interim financial report shall be designed to ensure that the resulting information is reliable and that all material financial information that is relevant to an understanding of the financial position or performance of the entity is appropriately disclosed. While measurements in both annual and interim financial reports are often based on reasonable estimates, the preparation of interim financial reports generally will require greater use of estimation methods than annual financial reports. There is an issue that whether an entity reverse impairment losses recognised in an interim period on goodwill if a loss would not have been recognised, or a smaller loss would have been recognised, had an impairment assessment been made only at the end of a subsequent reporting period. Appendix A of Ind AS 34 prescribes that an entity shall not reverse an impairment loss recognised in a previous interim period in respect of goodwill. Further this Appendix also prescribes that an entity shall not extend this accounting principle by analogy to other areas of potential conflic t between Ind AS 34 and other Indian Accounting Standards
Difference Between AS 25 and Ind AS 34
Recommended Articles
Condensed Balance Sheet Condensed P&L Condensed CFS and Selected explanatory notes
An interim financial report is said to be complying with Ind AS 34, only when it complies with all the requirement of Ind AS 34. Consequently, Ind AS 34 requires restatement of comparative interim periods of prior financial years also, unless it is impracticable.
agreegate dividend or dividend per share
payable to equity and other types of shares outstanding. Such disclosure can be made either in absolute terms or in % terms.
agreegate dividend or dividend per share
paid to equity and other types of shares outstanding. In case the accounting policy followed in preparation of interim financial report are at variance from that followed while preparing most recent annual financial statements, a description of the nature and effect of change must be given.
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