Ch. 31 - Interim Financial Reporting

Question 1

Interim FS - If a complete set is issued:

Answer 1

they must be in compliance with IFRS, must mirror the FS issued at PYE

Question 2

Interim FS - If condensed, must include:

Answer 2

1. condensed statement of financial position
2. condensed statement of comprehensive income
3. condensed statement of changes in equity
4. condensed statement of cash flows
5. select explanatory note disclosures

Question 3

Interim FS - If condensed, must adhere to requirements:

Answer 3

1. headings and subtotals included in most recent annual FS
2. selected minimum explanatory notes
3. notes relating to omissions due to condensation
4. basic and dilutive EPS

Question 4

Periods to be presented - Statement of financial position

Answer 4

1. end of current interim period

2. end of immediate preceding year

Question 5

Periods to be presented - Statement of Comprehensive income

Answer 5

1. current interim period
2. cumulative for the current FY to date
3. comparatives from YP for current interim period and cumulative YTD

Question 6

Periods to be presented - Statement of changes in equity

Answer 6

1. current fiscal YTD

2. comparatives for YTD from PY

Question 7

Periods to be presented - statement of cash flows

Answer 7

1. current YTD

2. comparatives for YTD from PY