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

Sagar Textiles Ltd, listed in India, is preparing its quarterly report. The CFO asks which statement correctly describes an 'interim financial report' as defined in Ind AS 34.

An interim financial report is 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. It is not limited to half-yearly periods or to a single statement, so the definition covers both complete and condensed sets.

  1. AA report that contains only a condensed balance sheet and no other statements
  2. BA financial report containing either a complete set of financial statements under Ind AS 1 or a set of condensed financial statements, for an interim periodCorrect
  3. CA report that is prepared only for a period of exactly six months
  4. DA report that contains only the statement of profit and loss for the period since the last annual report

Explanation

Ind AS 34 defines an interim financial report as a financial report containing either a complete set of financial statements (as in Ind AS 1) or a set of condensed financial statements for an interim period. The length of the period is not fixed at six months, so that option is wrong. A single statement alone does not make up an interim financial report.

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