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Ind-AS 34: Interim Financial Reporting (Significant & Material Items…
Ind-AS 34: Interim Financial Reporting
Applicability
Not mandatory
Listed co.s must prepare quarterly FS.
So they should follow Ind-AS 34
Form
Condensed Form
Headings/sub headings etc are maintained
but complete info is not disclosed
Only material facts are disclosed
Complete Form
Same presentation as for AFR
Content
(minimum)
Condensed B/s
Interim period with
comparative B/s in preceeding year
Condensed P/L
Interim period with comparatives
& cumulative (current) year to date with comparatives
Condensed CFS
Cumulative year to date with comparatives
Condensed Notes to Accounts
Condensed SOCE
Cumulative year to date with comparatives
Rules
Accounting policies should remain same
which are used for annual financial reporting
Revenues to be booked on actual basis.
No deferment allowed
Expenses should be charged in the same period in
which they are incurred
Provision can be created for expected loss/exp
only if there is constructive obligation for such loss
Any dividend paid should be reported in aggregate & per share
Income Tax
Weighted avg tax rate
Annual est tax/Annual est income
Should not include capital gains tax
Capital gains tax can be dealt with on actual basis,
when the specified transaction occurs
Significant & Material Items
If inventories are written down to NRV
or reversal of such write down
Impairment loss & reversal of such loss
Acquisition & disposal of PPE
Any loan default or breach of contract
Related Party transactions
Change in contingent liabilities & contingent assets
Any other material fact which can improve presentation of statements
Other Disclosures
Note should be given that accounting policies
are same in AFR & IFR
A note should be given on seasonality, cyclicality
of revenue
Issue or buy-back of securities
Operating segment info as per Ind-AS 108