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Jan 15, 2008

IAS 34 Interim Financial Reporting

(Edited by freelance Chinese translator li – English to Chinese translation or Chinese to English translation services- financial translation)

IAS 34 Interim Financial Reporting(期中[临时]报告)

The objective of this Standard is to prescribe the minimum content of an interim financial report and to prescribe the principles for recognition and measurement in complete or condensed(压缩;简化) financial statements for an interim period. Timely and reliable interim financial reporting improves the ability of investors, creditors(债权人), and others to understand an entity’s capacity to generate earnings and cash flows and its financial condition and liquidity.

This Standard applies if an entity is required or elects to publish an interim financial report in accordance with International Financial Reporting Standards.

Interim financial report means a financial report containing either a complete set of financial statements (as described in IAS 1 Presentation of Financial Statements) or a set of condensed financial statements (as described in this Standard) for an interim period. Interim period is a financial reporting period shorter than a full financial year.
In the interest of timeliness and cost considerations and to avoid repetition of information previously reported, an entity may be required to or may elect to provide less information at interim dates as compared with its annual financial statements(年度财务报告). This Standard defines the minimum content of an interim financial report as including condensed financial statements and selected explanatory notes(注释). The interim financial report is intended to provide an update on the latest complete set of annual financial statements. Accordingly, it focuses on new activities, events, and circumstances and does not duplicate information previously reported.

Nothing in this Standard is intended to prohibit or discourage an entity from publishing a complete set of financial statements (as described in IAS 1) in its interim financial report, rather than condensed financial statements and selected explanatory notes. If an entity publishes a complete set of financial statements in its interim financial report, the form and content of those statements shall conform to the requirements of IAS 1 for a complete set of financial statements.

An interim financial report shall include, at a minimum, the following components:
(a) condensed balance sheet; (b) condensed income statement; (c) condensed statement showing either (i) all changes in equity(权益变动) or (ii) changes in equity other than those arising from capital transactions with owners and distributions(分配) to owners; (d) condensed cash flow statement; and (e) selected explanatory notes.

If an entity publishes a set of condensed financial statements in its interim financial report, those condensed statements shall include, at a minimum, each of the headings and subtotals that were included in its most recent annual financial statements and the selected explanatory notes as required by this Standard. Additional line items(所列项目) or notes shall be included if their omission would make the condensed interim financial statements misleading.

In deciding how to recognise, measure, classify, or disclose an item for interim financial reporting purposes, materiality shall be assessed in relation to the interim period financial data. In making assessments of materiality(实质性), it shall be recognised that interim measurements may rely on estimates to a greater extent than measurements of annual financial data.

An entity shall apply the same accounting policies in its interim financial statements as are applied in its annual financial statements, except for accounting policy changes made after the date of the most recent annual financial statements that are to be reflected in the next annual financial statements. To achieve that objective, measurements for interim reporting purposes shall be made on a year-to-date(本年迄今;年初至今) basis.

The measurement procedures to be followed in an interim financial report shall be designed to ensure that the resulting information is reliable and that all material financial information that is relevant to an understanding of the financial position or performance of the entity is appropriately disclosed. While measurements in both annual and interim financial reports are often based on reasonable estimates, the preparation of interim financial reports generally will require a greater use of estimation methods(估计方法) than annual financial reports.

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