IAS 34: INTERIM FINANCIAL REPORTING ( QUIZ 001 )

1. Name of IAS 34 is

• Periodical financial reporting.
• Interim financial reporting.
• Special purpose financial reporting.
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2. IAS 34 interim financial reporting

• Does specify frequency of interim financial reporting.
• Does not specify frequency of interim financial reporting.
• Does specify frequency of interim financial reporting for certain sectors.
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3. IAS 34 focuses on content and form of interim financial reports

• False
• True
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4. Although IAS 34 focuses on content and form of interim financial reports but it does not encourages publicly traded entities to prepare interim financial reports

• False
• True
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5. There is not concept of statements of profit or loss, financial positions, changes in equity and cash flow in condensed form in IAS 34, these terms are used in generally accounting practice in certain countries.

• False
• True
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6. IAS 34 required to present basic and diluted earning per share (EPS) in

• Statement of financial position.
• Statement presents component of profit or loss.
• Nowhere.
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7. XYZ company preparing first time its financial statements for interim period of first three months of its financial year

• It will prepare full set of financial statements as per IAS 1.
• It will prepare condensed financial statements as per IAS 34.
• It will choose one of the both options above.
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8. An entity should use the same accounting policies in the interim accounts that it uses in the annual financial statements.

• False
• True
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9. IAS 34 guides about recognition of intangible assets that

• Entity should follow normal recognition criteria.
• Entity should follow special recognition criteria described in IAS 34 paragraphs.
• Management will choose criteria suitable to interim report.
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10. While preparing interim financial reports average estimated effective tax rate will be applied.

• False
• True
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