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CA Intermediate · Advanced Accounting · AS 25 Interim Financial Reporting

Sundaram Textiles Ltd. publishes a quarterly interim financial report as per AS 25. Which of the following is the minimum set of components that an interim financial report must contain?

An interim financial report under AS 25 must contain at minimum a condensed balance sheet, a condensed statement of profit and loss, a condensed cash flow statement and selected explanatory notes. Full statements are not required, but none of these four components can be omitted.

  1. ACondensed balance sheet, condensed statement of profit and loss, condensed cash flow statement and selected explanatory notesCorrect
  2. BComplete balance sheet, complete statement of profit and loss and complete notes only
  3. CCondensed balance sheet and condensed statement of profit and loss only, with no notes
  4. DOnly a condensed statement of profit and loss with a directors' report

Explanation

AS 25 requires an interim financial report to include, at a minimum, a condensed balance sheet, a condensed statement of profit and loss, a condensed cash flow statement and selected explanatory notes. Option B wrongly requires complete statements, and C and D omit mandatory components.

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