Scribd
Upload
316 views4 pages

Interim FS Template

The document provides an overview of PAS 34 Interim Financial Reporting. The standard outlines the minimum requirements for interim financial reports, including condensed financial statements and selected explanatory notes. It requires that gains and losses be recognized in the interim period they are incurred and expenditures benefiting future periods be allocated among interim periods.

Uploaded by

Ryou Shinoda
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
316 views4 pages

Interim FS Template

The document provides an overview of PAS 34 Interim Financial Reporting. The standard outlines the minimum requirements for interim financial reports, including condensed financial statements and selected explanatory notes. It requires that gains and losses be recognized in the interim period they are incurred and expenditures benefiting future periods be allocated among interim periods.

Uploaded by

Ryou Shinoda
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd

OVERVIEW

PAS 34 Interim Financial Reporting applies when an entity prepares an


interim financial report, without mandating when an entity should prepare such
a report. Permitting less information to be reported than in annual financial
statements (on the basis of providing an update to those financial statements),
the standard outlines the recognition, measurement and disclosure requirements
for interim reports.

Objective of PAS 34
The objective of PAS 34 is to prescribe the minimum content of an interim
financial report and to prescribe the principles for recognition and measurement
in financial statements presented for an interim period.

Interim period: a financial reporting period shorter than a full financial year
(most typically a quarter or half-year). [PAS 34.4]

Interim financial report: a financial report that contains either a complete


or condensed set of financial statements for an interim period. [PAS 34.4]

Minimum content of an interim financial report


The minimum com­po­nents specified for an interim financial report are: [PAS 34.8]
a condensed balance sheet (statement of financial position)
either (a) a condensed statement of com­pre­hen­sive income or (b) a condensed statement of com­pre­hen­sive incom
a condensed statement of changes in equity
a condensed statement of cash flows
selected ex­plana­tory notes

Gain or loss - shall be recognized in the interim period earned/incurred.


Expenditures that benefits future period shall be allocated to interim period benefited
ent of com­pre­hen­sive income and a condensed income statement
P-1
Gain or loss - shall be recognized in the interim period earned/incurred.
Expenditures that benefits future period shall be allocated to interim period benefited
1st Quarter
Loss from typhoon - recog. In the 1st. Quarter 700,000
Insurance - allocate (100,000 / 4) 25,000
Total 725,000

P-2
Loss recog. In period incurred 840,000

P-3
Jun-30
Loss from disposal 1,000,000
Property tax (400/2) 200,000
Total 1,200,000

P-4
Property tax( 180/4) 45,000
Repairs (300/3) 100,000
Total 145,000

P-5
Depreciation (600,000/2) 300,000
year-end bonus (1.2/2) 600,000
Total exp. For 6 mos. 900,000

P-6
NI per book 950,000 95,000
Less: Allocated expropriation gain(600/3) -200,000 -20,000
Balance 750,000
Add: cumulative effect loss 160,000 16,000
Adjusted NI 910,000 91,000

P-7
Repairs (500/4) 125,000
Advertising(600/3) 200,000
Total expense 325,000

P-9
Depreciation (60/2) 30,000
Bonus (120/2) 60,000
90,000

P-10
Loss from disposal 100,000
Property tax(40/2) 20,000
120,000

You might also like