Interim financial report is a financial report Accounting essay
1. Interim financial reporting IFR interim financial reporting is reporting on periods shorter than a full financial year, usually over a period of three months, or on quarterly results. An interim financial statement consists of the following elements: An abbreviated balance sheet, which provides details about a company's financial position. An abbreviated statement of comprehensive income alone or an abbreviated income statement together with the former. An abbreviated statement specifying changes in equity. In the world of accounting and financial reporting, the IND plays a crucial role in providing relevant information to stakeholders in a timely manner. This standard focuses on interim financial reporting, allowing entities to present abbreviated financial statements that cover shorter periods. In this article we will discuss the most important aspects of this. Interim financial statements are financial statements that cover periods of less than a full fiscal year. The basic purpose of interim financial reporting is to provide frequent and timely assessments of an entity's performance. Two different views on interim reporting have emerged, representing alternative philosophies of financial reporting. Materiality. Materiality considerations also apply to interim financial statements, as described on a separate page. Recognition and measurement. Interim and annual financial statements shall apply the same accounting policies, excluding any changes made and applied under, which also affect annual reports 28, The illustrative condensed interim financial statements prepared in accordance with SFRS I 1-Financial reporting . The Company is listed on the Mainboard of the Singapore Exchange and has presented its financial statements in accordance with Singapore Financial Reporting Standards International, SFRS I, as US GAAP provides minimum guidance regarding interim financial reporting. The main source of guidance is the interim reporting, which describes the minimum disclosures required for interim financial statements of publicly traded companies. In particular -10-50- those abbreviated interim financial statements,