 Show QUESTION 19-11 Multiple choice (IFRS) 1.Interim financial reports shall be published a.Once a year at any time during the year. b.Within a month of the half year-end. c.On a quarterly basis. d.Whenever the entity wishes. 2.If an entity does not prepare interim financial reports a.The year-end financial statements are deemed not to comply with IFRS. b.The year-end financial statements' compliance with IFRS is not affected. c.The year-end financial statements shall not be acceptable under local jurisdiction. d.Interim financial reports shall be included in the year-end financial statements. 3.Interim financial reports shall include as a minimum a.A complete set of financial statements. b.A condensed set of financial statements and selected notes. c.A condensed statement of financial position and an income statement. d.A condensed statement of financial position, income statement and statement of cash flows. 4.An interim financial report shall include as a minimum all of the following components, except a.Condensed statement of financial position and statement of comprehensive income b.Condensed statement of cash flows c.Condensed statement of changes in equity d.Accounting policies and explanatory notes 5.There is a presumption that anyone reading interim financial reports shall a.Understand all International Financial Reporting Standards. b.Have access to the records of the entity. c.Have access to the most recent annual report. d.Not make decisions based on the report. 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 notes 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 presented, 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. Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. What are the minimum components of interim financial report?An interim financial report should include, at a minimum, the following components: (a) condensed balance sheet; (b) condensed statement of profit and loss; (c) condensed cash flow statement; and (d) selected explanatory notes.
What is included in interim financial statements?Understanding Interim Statements
These include a series of condensed statements covering the company's financial position, income, cash flows, and changes in equity along with notes of explanation.
Which basic financial statements are prepared as a minimum for interim?interim reports require the preparation of only an income statement and a statement of financial position.
What are 3 key features of interim reports?Interim reporting is usually required of any company that is publicly held, and it typically involves the issuance of three quarterly financial statements each year.. Balance sheet. ... . Income statement. ... . Statement of cash flows.. |
