Pas 34
Pas 34
Pas 34
PAS 34
TERMS
Interim reporting pertains to the preparation and presentation of
interim financial report 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.
•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.
•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.