INTERIM FINANCIAL STATEMENTS IAS 34 explained (30 June 2019)
24 July 2019
IFRS does not require the preparation of interim financial statements. Paragraph 36 in IAS 1 Presentation of Financial Statements only requires that: ‘An entity shall present a complete set of financial (including comparative information at least annually’.
IAS 34 Interim Financial Reporting also does not mandate which entities are required to publish interim financial statements, how frequently they should be produced, or how soon interim reports should be released after each reporting date. However, the standard encourages publicly traded entities to provide interim financial reports at least as of the end of the first half of their financial year, no later than 60 days after the interim reporting date. Securities regulators, stock exchanges, and other stakeholders often require entities to publish interim financial statements. An entity is required to apply IAS 34 if it elects (or must) prepare interim financial statements in accordance with IFRS as a result of local legislation.