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  Interim Financial Disclosure

Introduction to Interim financial disclosure

There is nothing to prevent a business generating a comprehensive set of financial statements for the interim period, even though considerations of cost and timeliness will generally make this not practical. IAS 34 identifies that a full reporting option is presented to businesses and so sets out the minimum components of interim financial statements.

The standard needs

  • A condensed statement of financial position,
  • A condensed statement of complete income (either like a single statement or as a separate income statement in addition a statement of comprehensive income),
  • a condensed statement of changes in equity,
  • a condensed statement of cash flows, and

selected explanatory notes.

Headings and sub-totals that are appearing in the condensed financial statements should be in line with those emerging in the most current annual financial statements. This should assist users to track events taking place because the annual statements were published.

The standard supposes that users will have access to the most current annual report and so explanatory notes focus on issues relating particularly to the interim reporting period. These involve

  • confirmation that the interim financial statements make use of similar accounting policies and methods as those used for the annual financial statements,
  • appropriate explanations regarding the seasonality and cyclicality of business operations,
  • the nature and amount of any not usual items affecting assets, liabilities, income and cash flows,
  • details of the issue or redemption of loans or share capital and dividends paid,
  • information that relating to business segments,
  • details of important events, that including changes in the composition of the business,changes in contingent assets or liabilities, and material events influencing the business after the end of the interim period.

These disclosure needs should able the users to glean a fair amount of information regarding to the financial progress of the business.

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