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CA Intermediate · Advanced Accounting · AS 25 Interim Financial Reporting

Bharat Pumps Ltd prepares a condensed interim financial report for the quarter ended 30 June. Which of the following must it include as a minimum component under AS 25?

The minimum components are a condensed balance sheet, a condensed statement of profit and loss, a condensed cash flow statement and selected explanatory notes. AS 25 does not require a complete set of annual statements in an interim report.

  1. AOnly a condensed statement of profit and loss
  2. BCondensed balance sheet, condensed statement of profit and loss, condensed cash flow statement and selected explanatory notesCorrect
  3. CComplete set of annual financial statements with all notes
  4. DOnly a condensed balance sheet and a chairman's statement

Explanation

AS 25 says an interim financial report includes, at a minimum, a condensed balance sheet, a condensed statement of profit and loss, a condensed cash flow statement and selected explanatory notes. A full set of annual statements is not required, though it is permitted if the enterprise chooses.

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