IAS 34 – Interim Financial Reporting – Theory – 2

Which of the following is true with regards to the disclosure of compliance with IFRSs provided in IAS 34?

In deciding how to recognise, measure, classify, or disclose an item for interim financial reporting purposes, __________ shall be assessed in relation to the interim period financial data.

If an estimate of an amount reported in an interim period is changed significantly during the final interim period of the financial year but a separate financial report is not published for that final interim period, the nature and amount of that change in estimate shall be disclosed in a note to the annual financial statements for that financial year.

The frequency of an entity’s reporting shall not affect the measurement of its annual results. How shall this objective be achieved?

Year-to-date measurements may involve changes in estimates of amounts reported in prior interim periods of the current financial year, but the principles for recognising assets, liabilities, income, and expenses for interim periods shall be the same as in annual financial statements.

Which of the following is an example of revenues that shall not be anticipated or deferred as of an interim date if anticipation or deferral would not be appropriate at the end of the entity’s financial year?

What will be the consequences of allowing accounting changes to be reflected as of an interim date within the financial year?