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

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

Ind AS 34 permits only the single statement approach for the statement of profit and loss, consistent with Ind AS 1. The option in IAS 34 to use two statements has been removed, so Zenith Textiles must present one statement in its interim reports.

  1. ABoth approaches are allowed, as in IAS 34, if the Board approves
  2. BOnly the two-statement approach is allowed for interim periods
  3. COnly the single-statement approach is allowed, consistent with Ind AS 1Correct
  4. DThe choice depends on whether the interim report is condensed or complete

Explanation

Ind AS 34 allows only the single statement approach, in line with Ind AS 1. The IAS 34 option (paragraphs 8A and 11A) is deleted. The two-statement approach is therefore not available, whether the interim report is condensed or complete.

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