CH14. Interim Financial Reporting

Question 1

What does IAS34 present as the minimum content requirements for interim reporting?

Answer 1

Condensed versions of the following reports:
P+L
SOFP
Statements of changes in equity
Cash Flows
Explanatory notes (understands a greater use of estimates may be needed)

Question 2

What are interim reports?

Answer 2

A set of full of condensed financial statements for a period shorter than the full financial year - more timely.

Question 3

Policies:

Answer 3

Must follow the same accounting policies as the most recent annual financial statements unless a change has been made in accordance with IAS 8.

Question 4

Tax:

Answer 4

Apply an effective tax rate to the intermin profit figure which should be based on the forecasted full year profit and tax charge.