Pas 34 Flashcards
Which entities are required by PAS 34 to produce interim financial reports?
A) All publicly listed entities
B) All private companies
C) Only large corporations
D) PAS 34 does not mandate which entities should produce interim financial reports
D
What type of financial statements can be included in an interim financial report?
A) Only a complete set of financial statements as per PAS 1
B) Only a condensed set of financial statements as per PAS 34
C) Either a complete set (PAS 1) or a condensed set (PAS 34)
D) Only the statement of financial position and profit or loss
C
The comparative statement of financial position in an interim financial report should be:
A) The most recent interim financial statement
B) The most recent annual financial statement
C) The financial position at the start of the year
D) The projected financial position at year-end
B
How are comparatives presented for interim financial statements other than the statement of financial position?
A) On a monthly basis
B) On a comparable year-to-date period
C) On a quarterly basis only
D) Only for the prior year-end
B
Which financial statement in an interim report includes an additional statement covering the current quarter only?
A) Statement of financial position
B) Statement of cash flows
C) Statement of profit or loss and other comprehensive income
D) Statement of changes in equity
C
How are measurements made in the interim period?
A) Based on the previous year’s financial results
B) On a year-to-date basis
C) On a monthly basis
D) Only at the end of the quarter
B
If an entity chooses to prepare an interim financial report, what does PAS 34 require?
A) It must always present a complete set of financial statements
B) It must include at least a condensed set of financial statements
C) It must provide only a statement of financial position and profit or loss
D) It is required to follow the same format as the annual report
B
When preparing an interim report, an entity must always present a comparative for:
A) The most recent quarter only
B) Only the prior year’s annual financial statements
C) The same year-to-date period from the previous year
D) The projected financial results for year-end
C
If an entity prepares interim financial reports, how should it measure its financial performance?
A) Based only on the financial position at the beginning of the quarter
B) Using estimates for the full year
C) On a year-to-date basis
D) Based on monthly results only
C
What is the main purpose of an interim financial report?
A) To replace the annual financial statements
B) To provide financial information for a shorter reporting period
C) To estimate year-end financial results
D) To report only major financial changes
B
