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.
Contents
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- Synopsis (including link to unaccompanied version of IAS 34)
- Related IFRICs
Financial Reporting Faculty members only
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?
'Which version of the standard?' is only available to members of the Financial Reporting Faculty. Please note that to access electronic versions of IFRS through the links in these standard trackers you need to have first logged into eIFRS.
| 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
Full access to details of all the amendments is only available to Financial Reporting Faculty members. Find out how to join the faculty.
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1. IFRS 15 Revenue from Contracts with Customers amendments to IAS 34
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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.
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2. Annual Improvements to IFRSs 2012-2014 Cycle
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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
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3. Disclosure Initiative – Amendments to IAS 1
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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
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4. Amendments to References to the Conceptual Framework in IFRS Standards – amendment to IAS 34*
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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.
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5. Definition of Material amendments to IAS 34*
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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
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IFRIC 10 Interim Financial Reporting and Impairment
Addresses a conflict between the requirements of IAS 34 and other standards as regards impairment losses on goodwill and financial assets.
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Provides guidance on when to recognise a liability for a levy imposed by a government.
This page was last updated 26 March 2019