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

Sahyadri Pharma Ltd prepares its quarterly results under Ind AS 34. The finance head says the company may present its interim statement of profit and loss either as a single statement or as two separate statements, as IAS 34 permits. Which statement is correct as per Ind AS 34?

Ind AS 34 allows only the single-statement approach for the statement of profit and loss, consistent with Ind AS 1. The option available under IAS 34 to present two statements has been removed in the Indian standard, so Sahyadri Pharma cannot choose the two-statement presentation.

  1. AInd AS 34 permits both the single-statement and the two-statement approach, as IAS 34 does
  2. BInd AS 34 allows only the single-statement approach, consistent with Ind AS 1Correct
  3. CInd AS 34 allows only the two-statement approach for interim periods
  4. DThe choice is available only for condensed interim statements, not for a complete set

Explanation

The comparison with IAS 34 notes that IAS 34 gives an option between one and two statements. Ind AS 34 deletes that option and allows only the single-statement approach, in line with Ind AS 1. The option claiming both approaches are allowed reflects IAS 34, not Ind AS 34.

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