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IAS 34 Interim Financial Reporting

IAS 34 Interim Financial Reporting prescribes the minimum content of an interim financial report, and the principles for recognition and measurement in complete or condensed financial statements for an interim period.

Published June 1998. Effective 1 July 1999.

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Synopsis

IAS 34 prescribes the minimum content for an interim financial report and the principles for recognition and measurement in such reports. It does not, however, mandate which companies should publish an interim report, how frequently or how soon after the end of an interim period.

Condensed versions of the main financial statements are required within an interim report, along with selected explanatory notes. Guidance is given within the standard for the measurement of items such as revenues affected by seasonality and income taxes.

Which version of the standard?

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Annual period starts
Effective version of standard
Notes on amendments 
On or after 1 January 2020 IAS 34 2019 Issued Standards 
Includes amendments 1-5
1 January 2018 – 31 December 2019
IAS 34 2018 Required Standards
Includes amendments 1 - 3
I January 2016 – 31 December 2017
IAS 34 2017 Required Standards
Includes amendments 2 and 3

Required Standards book for a particular year assumes that there is no early application of issued but not yet effective IFRSs; The Issued Standards book assumes early application of all issued IFRSs. For the latest version of the standard, and where the amendments are to be adopted early, refer to IAS 34 2019 Issued Standards.

Recent amendments

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1. IFRS 15 Revenue from Contracts with Customers amendments to IAS 34

Effective for annual periods beginning on or after 1 January 2017. Earlier application is permitted.

As a result of the issue of IFRS 15, IAS 34 is amended to:

  • include assets arising from contracts with customers as a transaction requiring disclosure if significant.
  • include a requirement to disclose the disaggregation of revenue from contracts with customers if not disclosed elsewhere.
2. Annual Improvements to IFRSs 2012-2014 Cycle
Effective for annual periods beginning on or after 1 January 2016.

IAS 34 is amended to clarify the meaning of ‘elsewhere in the interim report’; the amendments introduce a requirement to cross reference necessary disclosures that are given in other statements.

Read Annual Improvements to IFRSs 2012-2014 Cycle
3. Disclosure Initiative – Amendments to IAS 1
To be applied to annual periods beginning on or after 1 January 2016. Earlier application is permitted.

Minor consequential amendments to IAS 34 remove the word  ‘summary’ when  referring to the disclosure of significant accounting policies’ in the notes.

Read Disclosure Initiative – Amendments to IAS 1
4. Amendments to References to the Conceptual Framework in IFRS Standards – amendment to IAS 34*

Effective for annual periods beginning on or after 1 January 2020. Earlier application is permitted, if at the same time an entity also applies the amendments to other IFRS Standards.

IAS 34 is amended to refer to the requirements of the 2018 Conceptual Framework rather than the Framework in the context of the recognition of elements of the financial statements. 

5. Definition of Material amendments to IAS 34*

To be applied to annual periods beginning on or after 1 January 2020. Earlier application is permitted.

IAS 34 is amended to remove a definition of material and instead refer to the definition in IAS 1.

*Not EU endorsed as at 26 March 2019. Read more on EU Endorsement

The following interpretations refer to IAS 34

This page was last updated 26 March 2019