The objective of IAS 34 is to prescribe the minimum content of an interim financial report and to prescribe the principles for recognition and measurement in interim reports.
The standard is not mandatory, but instead strongly recommends to regulators that interim financial reporting should be a requirement for publicly traded securities. Specifically they are encouraged to:
publish an interim report for at least the first 6 months of their financial year;
ensure that it is available no later than 60 days after the end of the interim report.
Interim period: a financial reporting period shorter than a full financial year.
Interim financial report: a financial report containing either a complete set of financial statements or a set of condensed financial statements.
Content of an interim financial report: IAS 34 defines the minimum content of an interim report, which should contain condensed financial statements together with selected explanatory notes, but should focus on new activities and events. Obviously entities can disclose the following minimum content if they wish:
condensed balance sheet;
condensed income statement;
condensed statement of all changes in equity or changes in equity other than those arising from capital transactions with owners and distributions to owners;
condensed cash flow statement;
and selected explanatory notes.
The condensed statements should include each of the headings and subtotals that were included in its most recent annual financial statements. Additional line items should be included if their omission...
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