Skip to content

CA Final · Financial Reporting · Ind AS 34 Interim Financial Reporting

Kaveri Engineering Ltd issues a half-yearly report. It wants to include a condensed set of financial statements instead of a full set. Under the definition in Ind AS 34, what is an interim financial report?

An interim financial report is a financial report containing either a complete set of financial statements under Ind AS 1 or a set of condensed financial statements, as described in Ind AS 34, for an interim period. Kaveri can therefore choose the condensed form.

  1. AOnly a complete set of financial statements under Ind AS 1 for a period shorter than a year
  2. BOnly a set of condensed financial statements for an interim period
  3. CA financial report containing either a complete set of financial statements or a set of condensed financial statements for an interim periodCorrect
  4. DA report containing only the statement of profit and loss for the interim period

Explanation

Ind AS 34 defines an interim financial report as a report containing either a complete set of financial statements as described in Ind AS 1 or a set of condensed financial statements as described in the Standard, for an interim period. Both forms qualify, so options limiting it to one form are wrong.

Did you get it right without looking?

One question tells you little. A timed set on Ind AS 34 Interim Financial Reporting shows your real accuracy, how long you take and where you lose marks.

Practise Ind AS 34 Interim Financial ReportingFree diagnostic mock

More Ind AS 34 Interim Financial Reporting questions