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

Sundaram Textiles Ltd prepares its annual financial statements under Ind AS. For its quarterly reporting it wants to present a condensed set of statements. Under Ind AS 34, what does the term 'interim financial report' mean?

An interim financial report is a report containing either a complete set of Ind AS 1 financial statements or a set of condensed financial statements, prepared for an interim period. It is not limited to one statement and does not cover the full year.

  1. AA 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
  2. BA financial report containing only a condensed Balance Sheet for an interim period
  3. CA financial report containing a complete set of financial statements for the full financial year
  4. DA financial report containing only the Statement of Profit and Loss for a period of less than twelve months

Explanation

Ind AS 34 defines an interim financial report as one containing either a complete set of financial statements (as described in Ind AS 1) or a set of condensed financial statements (as described in the Standard) for an interim period. The other options narrow the content to a single statement or change the period, which the definition does not do.

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