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Interim Financial Reporting - Essay Example
Finance & Accounting
Pages 8 (2008 words)
Interim Financial Reporting Table of Contents Introduction 3 Interim Financial Reports 3 IAS 34 & Interim Financial Reporting 3 Recognition, Measurement, Presentation and Disclosure 4 Comparison of IFRS with the US GAAP in terms of Interim Reporting 7 Overview of IFRSs 7 Overview of US GAAP 7 Example Interim Reports 9 Discussion and Conclusion 12 Reference List 14 Introduction Interim Financial Reports The financial statements of an organisation that cover a period of less than one financial year are known as interim financial reports…
The fundamental goal of interim financial reporting is to present regular and timely evaluations of a business’s performance. There are certain intrinsic limitations of interim reporting. Owing to the shortened time periods involved, inaccuracies in assessment and allocation are amplified. The consequences of seasonal fluctuations, as well as momentary market circumstances, further limit the dependability, comparability and extrapolative significance of interim reports (Motiwalla, 2003). IAS 34 & Interim Financial Reporting The IFRS had formulated several accounting standards that are supposed to be observed by business organizations while preparing their accounting reports. The accounting standard IAS 34 delineates the requirements for the preparation of interim financial reports. IAS 34 is applicable when a business organisation chooses to issue an interim financial report that is compliant with the IFRSs. ...
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