1. ABC company disclosing additional informations in its interim financial report over and above required by IAS 34 (Interim financial reporting), is it allowed by IAS 34 or not?
• Allowed, additional informations should consistent with that in full financial statements.
• Allowed, need not to be consistent with that in full financial statements.
• Not allowed.
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2. ABC Company preparing interim financial statements does change in accounting policy retrospectively required to provide third balance sheet at the beginning of earliest comparative period.
• Always required on retrospective change in accounting policy.
• Not required due to year to date approach of IAS 34.
• Only required on retrospective reclassification.
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3. Interim period as defined in IAS 34 is a financial reporting period
• Shorter than six month.
• Shorter than a full financial year.
• Of 3 months.
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4. Financial report for interim period containing complete set of financial statements as per IAS 1 rather than condensed financial statements can also be called “Interim Financial Report”
• False
• True
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5. If an entity publish condensed set of financial statements in its interim financial report, those statements shall include at minimum each of the heading and subtotal included in its most recent annual financial statements.
• True
• False
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6. For the following significant event / transaction disclosure is required as per IAS 34 on its interim period financial statements.
• The reversal of any provisions for the costs of restructuring;
• Acquisitions and disposals of items of property, plant and equipment;
• Commitments for the purchase of property, plant and equipment;
• For all above
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7. XYZ Co have not included statement in its interim report regarding method of computation and accounting policies followed are the same as in its most recent annual financial statements
• Company violated requirement of IAS 34.
• Company have not violated requirement of IAS 34.
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8. IAS 34 becomes operative for financial statements covering periods beginning on or after
• 1st January 1999
• 1st January 2000
• 1st January 2005
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