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    Pas 34

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    MMBRIMBAP

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    Pas 34

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    MMBRIMBAP
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    Original Title

    PAS 34

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    Pas 34

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    Interim Financial Reporting

    PAS 34

    TERMS
    Interim reporting pertains to the preparation and presentation of
    interim financial report for an interim period.

    Interim period is a financial reporting period shorter than a full financial


    year.

    Interim financial report means a financial report containing either:


    a.a complete set of financial statements (PAS 1); or
    b.a set of condensed financial statements (PAS 34)
    ………for an interim period.

    SCOPE
    •PAS 34 does not require entities to provide interim financial reports.
    •PAS 34 applies if an entity is (a) required by government, securities
    regulators, stock exchanges, and accountancy bodies or (b) the entity
    elects or chooses to publish an interim financial report in accordance
    with PFRSs.
    •PAS 34 encourages publicly traded entities to provide at least semi-
    annual interim financial report and publish them not later than 60 days
    after the end of the interim period.

    Content of the interim financial report

    •An entity presenting an interim financial report has the option of


    complying either with PAS 1 (complete set of FS) or PAS 34 (condensed set
    of FS).

    minimum Content of an interim financial report under


    pas 34
    1.Condensed statement of financial position;
    2.Condensed statement of profit or loss and other comprehensive
    income, presented as either (a) a condensed single statement; or (b) a
    condensed separate income statement and a condensed statement of
    comprehensive income;
    3.Condensed statement of changes in equity;
    4.Condensed statement of cash flows; and
    5.Selected explanatory notes.

    •The term “condensed” means an entity needs only to provide the


    minimum information required under PAS 34.
    •However, an entity is not prohibited from publishing a complete set of
    financial statements in accordance with PAS 1 in its interim financial
    report.
    •Furthermore, an entity is also not prohibited from including in its
    condensed interim financial statements information that is more than the
    minimum line items or selected explanatory notes set out under PAS 34.
    periods for which interim financial
    statements are presented

    Semi-annual interim financial reporting

    Quarterly interim financial reporting

    Business is highly seasonal


    •If an entity's business is highly seasonal, PAS 34 encourages disclosure
    of financial information for the latest 12 months and comparative
    information for the prior 12-month period in addition to the interim
    period financial statements.

    Recognition and measurement

    •Gains and losses arising in an interim period are recognized immediately


    and are not deferred, e.g., inventory write-downs & reversals; asset
    impairment losses & reversals; discontinued operations; and fair value
    changes on assets measured at fair value.

    •Costs and expenses (income) that benefit the entire year or are incurred
    (earned) over the year are spread out over the interim periods, e.g.,
    depreciation, amortization; property taxes; insurance expense; interest
    expense (income); 13th month pay and other year-end bonuses.

    •Discretionary income are recognized immediately in the period the


    income is earned, e.g., dividend income.

    •Income tax expense in the interim periods is computed using the best
    estimate of theweighted average annual income tax rate expected for
    the full financial year.

    By: BERNADETTE A. OBIEN (GROUP 13)

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