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

Lotus Retail Ltd's board asks what an 'interim financial report' means under Ind AS 34 for its quarterly filing. Which description matches the definition in the standard?

An interim financial report is a financial report that contains either a complete set of financial statements as described in Ind AS 1 or a set of condensed financial statements as described in Ind AS 34, in each case for an interim period.

  1. AOnly a set of condensed financial statements for an interim period
  2. BOnly a complete set of financial statements as described in Ind AS 1 for an interim period
  3. CA financial report containing either a complete set of Ind AS 1 financial statements or a set of condensed financial statements for an interim periodCorrect
  4. DA management commentary covering a period shorter than a financial year

Explanation

Paragraph 4 defines an interim financial report as a financial 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 Ind AS 34) for an interim period. Limiting it to just one form is incorrect.

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