About this publication
This checklist assists in preparing interim financial reports in accordance with IAS 34 Interim Financial Reporting. It lists the minimum disclosures required by IAS 34 and, in limited circumstances, includes the requirements from other standards for ease of reference. In addition, it includes the minimum disclosure required in the interim financial report of a first-time adopter of IFRS.
The disclosure requirements in IAS 34 assume that users of an entity's interim financial report will have access to the most recent annual financial statements of that entity. Therefore, unless the entity presents its interim financial report in the form of a complete set of financial statements as described in IAS 1 Presentation of Financial Statements, it is unnecessary for the notes to the interim financial report to provide relatively insignificant updates to the information that was reported in the notes to the most recent annual financial statements. However, the entity has to ensure that the interim financial report includes all information that is relevant to understanding the entity's financial position and performance during the interim reporting period. This may result in the disclosure of information beyond the minimum requirements when it is necessary for such an understanding.
When preparing interim financial reports in accordance with IAS 34, an entity should have regard to the disclosure requirements of other IFRSs where necessary as well as its local legal and regulatory requirements. This interim disclosure checklist does not consider the requirements of particular jurisdictions.
This interim disclosure checklist contains disclosures only. It does not specify the scope of the IFRSs referred to or their recognition and measurement requirements. It also does not explain the terms that are used in IFRS and contained in this interim disclosure checklist.
The checklist reflects IFRS in issue at 15 April 2013 that are required to be applied by an entity with an annual reporting period beginning on 1 January 2013. It is possible that standards and interpretations could be amended after 15 April 2013, with the amendment applicable to financial statements for periods beginning on or after 1 January 2013. Any such changes and additional requirements will need to be considered when preparing interim financial reports in accordance with IAS 34.
This checklist should not be used as a substitute for referring to IFRS itself.
Major changes from the May 2012 edition of the Disclosure checklist: Interim financial reports derive from the consequential amendments to IAS 34 arising from:
- IFRS 13 Fair Value Measurement
- Presentation of Items of Other Comprehensive Income (Amendment to IAS 1)
- Annual Improvements to IFRSs 2009–2011 Cycle.
Major changes are highlighted by a double line running down the left margin of the text.
In addition to the above, the IASB has issued a number of other IFRSs and amendments to IFRSs, which are required to be applied for the first time by an entity with an annual reporting period beginning on 1 January 2013. Any new or revised disclosures arising from these other IFRSs or amendments are not specifically required in condensed interim financial reports, unless they are necessary to explain events and transactions that are significant to an understanding of the changes in the entity's financial position and performance since the end of the last annual reporting period. Accordingly, these new or revised disclosure requirements have not been included in this publication. Our publication In the Headlines – Reminder: Effective dates of IFRS, March 2013, provides an overview of these other IFRSs and amendments; our Disclosure checklist, August 2012, identifies the disclosure requirements for annual periods, which may be referred to when additional disclosures are considered necessary to explain significant events and transactions during the interim reporting period.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.