Wiley Interpretation and Application of IFRS Standards

34 INTERIM FINANCIAL REPORTING

• Introduction
• Scope
• Definitions of Terms
• Objectives of Interim Financial Reporting
• Application of Accounting Policies
  • Consistency
  • Consolidated Reporting Requirement
  • Restatement of Accounting Policies
  • Materiality as Applied to Interim Financial Statements
• Presentation
  • Content of an interim financial report
  • Minimum components of an interim financial report
  • Form and content of interim financial statements
  • Significant events and transactions
  • Other disclosures
  • Comparative interim financial statements
• Recognition and Measurement Issues
  • General concepts
  • Application of the recognition and measurement basis
  • Revenues received seasonally, cyclically or occasionally
  • Recognition of annual costs incurred unevenly during the year
  • Income taxes
  • Difference in financial reporting year and tax year
  • Multiplicity of taxing jurisdictions and different categories of income
  • Tax credits
  • Tax loss tax credit carrybacks and carryforwards
  • Volume rebates or other anticipated price changes in interim reporting periods
  • Depreciation and amortisation in interim periods
  • Inventories
  • Foreign Currency Translation Adjustments at Interim Dates
  • Use of estimates in interim periods
  • Impairment of assets in interim periods
  • Interim financial reporting in hyperinflationary economies
• US GAAP Comparison

INTRODUCTION

Interim financial reports are financial statements covering periods of less than a full financial year. Most commonly such reports will be for a period of six months ...