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

Orchid Foods Ltd wants to publish an interim financial report for the half-year. Its accountant believes only condensed statements are allowed. Which statement about what an interim financial report may contain under Ind AS 34 is correct?

An interim financial report under Ind AS 34 means 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 Ind AS 34, so Orchid Foods may choose either form.

  1. AIt must always contain a complete set of financial statements
  2. BIt may contain 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 34Correct
  3. CIt may contain only condensed financial statements
  4. DIt may contain only a statement of cash flows

Explanation

The definition of interim financial report in Ind AS 34 says it contains either a complete set of financial statements per Ind AS 1 or a set of condensed financial statements per Ind AS 34. Hence condensed-only is too narrow and complete-only is too narrow.

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