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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 2023 IAS 34 2021 Required Standards and Disclosure of Accounting Policies* Includes amendments 1, 2, 3 and 4*
1 January 2020 IAS 34 2021 Required Standards
Includes amendments 1-3
1 January 2018 – 31 December 2019
IAS 34 2018 Required Standards
Includes amendment 1
I January 2016 – 31 December 2017
IAS 34 2017 Required Standards
Does not include the amendments

*Not UK endorsed as at 23 June 2021. Read more on UK endorsement of IFRS standards. Not EU endorsed as at 23 June 2021. Read more on EU endorsement of IFRS standards.

The 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 2021 Required Standards and Disclosure of Accounting Policies.

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. 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. 

3. 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.

4. Disclosure of Accounting Policies amendment to IAS 34*

To be applied to periods beginning on or after 1 January 2023. Earlier adoption is permitted.

Disclosure of Accounting Policies amends IAS 1 to require the disclosure of material accounting policy information. A consequential amendment to IAS 34 requires the disclosure of material accounting policy information rather than significant accounting policies in interim reports.

*Not UK endorsed as at 23 June 2021. Read more on UK endorsement of IFRS standards. Not EU endorsed as at 23 June 2021. Read more on EU endorsement of IFRS standards

The following interpretations refer to IAS 34

Current proposals

  1. ED/2019/7 General Presentation and Disclosures was issued in December 2019. This is the exposure draft of a proposed new standard that would replace IAS 1. The standard would carry forward most of the current requirements of IAS 1 and add supplementary requirements, including a requirement to disclose unusual items and management performance measures. Consequential amendments to IAS 34 would reflect this.

This page was last updated 22 June 2021