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8 Cards in this Set
- Front
- Back
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It means the preparation and presentation of financial statements for a period of less than one year |
Interim financial reporting |
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Is it required to prepare interim financial statements |
No |
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_____ does not mandate how frequently an entity should report interim financial reporting |
PAS 34 |
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What are the two views in interim financial reporting |
1. Integral view 2. Independent view |
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It means that an interim period is an integral part of the annual accounting period thus allocations of expenses are done |
Integral view |
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It means that each interim period is considered a discrete or separate accounting period with status equal to fiscal year thus no allocations and estimations are made |
Independent view |
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What are the 5 components of an interim financial reporting |
1. Condensed statement of financial position 2. Condensed statement of comprehensive income 3. Condensed statement of cashflow 4. Selected explanatory notes 5. Condensed statement of changes in equity |
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May an entity prepare a complete set of financial statements in the interim financial report? |
Yes |
