Interim Financial Reporting

Question 1

Interim financial reports are designed to provide users with

Answer 1

timely information, useful in the making of decisions, at the sacrifice of reliability.

Question 2

Interim financial statements are designed to provide information

Answer 2

on a current and timely basis. Each interim period is viewed as an integral part of the annual period, rather than as a period that is independent to itself, however.

Question 3

requirements regarding interim financial statements under IFRS

Answer 3

If interim financial statements are presented, four basic financial statements and selected notes are required

IFRS does not require an entity to prepare interim financial statements. It does, however, specify that, if an entity does provide interim financial statements, it will include a minimum of four condensed financial statements and selected notes. Those include statements of financial position; profit or loss and other comprehensive income, or separate statements; changes in equity; and cash flows

Question 4

what if there’s a decline in market value of inventory in first quarter, but it’s expected to be recovered in the forth. but it never gets recovered. when do we recognize the loss?

Answer 4

If the loss is not recovered as of the end of the annual period, however, it is recognized in the earliest interim period in which it is determined that it will not be recovered.

Question 5

interim financial statements can be described as emphasizing

Answer 5

Timeliness

Relevance