Page 43 - SBR Integrated Workbook STUDENT S18-J19

Performance reporting and performance appraisal

Interim reporting

4.1 Interim financial reports

IAS 34 Interim Financial Reporting says that an interim financial report is one which
covers less than a financial year.

The standard does not make interim reporting mandatory. However, company law in
some jurisdictions requires certain entities (e.g. listed entities) to produce interim
reports.

The standard sets out the requirements if an entity is required to produce an interim
financial report.

If produced, IAS 34 says that an interim financial report should include:

 a condensed statement of financial position

 a condensed statement of profit or loss and other comprehensive income

 a condensed statement of cash flows

 a condensed statement of changes in equity

 disclosure notes.

4.2 Accounting policies

The accounting policies used in interim financial reports and in the
annual financial statements should be the same.

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