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

Kaveri Textiles Ltd issues a quarterly report that contains a complete set of financial statements as described in Ind AS 1, rather than condensed statements. Under the definition in Ind AS 34, how should this report be described?

The report is an interim financial report. Ind AS 34 defines the term as a financial report containing either a complete set of Ind AS 1 financial statements or a set of condensed financial statements for an interim period, so a complete set for a quarter qualifies.

  1. AIt is not an interim financial report because only condensed statements qualify
  2. BIt is an interim financial report, since the definition covers either a complete set or condensed statements for an interim periodCorrect
  3. CIt is an interim financial report only if it is audited
  4. DIt becomes an annual financial report because it contains a complete set

Explanation

Ind AS 34 defines an interim financial report as one containing either a complete set of financial statements under Ind AS 1 or a set of condensed statements for an interim period. Kaveri's report is for an interim period, so it qualifies. Restricting the term to condensed statements is wrong.

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