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    Interim Financial Statements Must Be Presented With The Most Recent Annual Financial Statements

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    Dip Per
    IFRS suggests that when a business is seasonal, additional notes should be included in interim reports about the seasonal nature of the business and disclosure of financial information for the latest 12-month period and comparative information for the prior 12-month period in addition to the interim report. For interim financial statements, IFRS requires at a minimum a statement of financial position and a statement of comprehensive income, but not necessarily the four basic financial statements. When preparing interim financial statements for a six month period ended June 30, 2020, all statements for the current six month period should be presented along with the statement of financial position from December 31, 2019, but not the statement of financial position or statement of comprehensive income from June 30, 2019.

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    Interim Financial Statements Must Be Presented With The Most Recent Annual Financial Statements

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    Dip Per
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    IFRS suggests that when a business is seasonal, additional notes should be included in interim reports about the seasonal nature of the business and disclosure of financial information for the latest 12-month period and comparative information for the prior 12-month period in addition to the interim report. For interim financial statements, IFRS requires at a minimum a statement of financial position and a statement of comprehensive income, but not necessarily the four basic financial statements. When preparing interim financial statements for a six month period ended June 30, 2020, all statements for the current six month period should be presented along with the statement of financial position from December 31, 2019, but not the statement of financial position or statement of comprehensive income from June 30, 2019.

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    IFRS suggests that when a business is seasonal, additional notes should be included in interim reports about the seasonal nature of the business and disclosure of financial information for the latest 12-month period and comparative information for the prior 12-month period in addition to the interim report. For interim financial statements, IFRS requires at a minimum a statement of financial position and a statement of comprehensive income, but not necessarily the four basic financial statements. When preparing interim financial statements for a six month period ended June 30, 2020, all statements for the current six month period should be presented along with the statement of financial position from December 31, 2019, but not the statement of financial position or statement of comprehensive income from June 30, 2019.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    24 views3 pages

    Interim Financial Statements Must Be Presented With The Most Recent Annual Financial Statements

    Uploaded by

    Dip Per
    IFRS suggests that when a business is seasonal, additional notes should be included in interim reports about the seasonal nature of the business and disclosure of financial information for the latest 12-month period and comparative information for the prior 12-month period in addition to the interim report. For interim financial statements, IFRS requires at a minimum a statement of financial position and a statement of comprehensive income, but not necessarily the four basic financial statements. When preparing interim financial statements for a six month period ended June 30, 2020, all statements for the current six month period should be presented along with the statement of financial position from December 31, 2019, but not the statement of financial position or statement of comprehensive income from June 30, 2019.

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    6. When the business is seasonal, what does IFRS suggest?

    a. Additional notes be written in the interim reports


    about seasonal nature of the business
    b. Disclosure of financial information for the latest 12-
    months and comparative information for the prior
    comparable 12-month period in addition to the interim

    report
    c. Additional disclosure in the accounting policy note
    d. No additional disclosure
    7:Which statement is true regarding interim financial
    statements?
    a. Interim financial statements are required.
    b. If interim financial statements are pfesented, four
    basic financial statements are required.
    c. If interim financial statements are presented, only a
    statement of financial position and a statement of
    comprehensive income are required.
    d. Interim financial statements must be presented with the most recent
    annual financial statements.

    8. An entity is preparing interim financial statements for


    six months ended June 30, 2020. In the interim financial
    statements for six months,. a statement of financial position
    on June 30, 2020, a statement of comprehensive income
    for six months ended June 30, 2020 and statement of cash
    flows for six months ended June 30, 2020 shall be
    presented. In addition, all of the following shall be
    presented, except
    a. Statement of financial position on June 30, 2019
    b. Statement of financial position on December 31, 2019
    c. Statement of comprehensive income for six
    months ended June 30, 2019
    d. Statement of cash flows for six months ended June
    30, 2019

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