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Interim Financial Reporting

IAS-34, ISA-910

IASs do not prescribe a requirement for, or frequency of, the publication of


interim financial reports. However, there is an IAS on interim financial reports,
should a company prepare such a reports; the report should state that it
complies with this IAS (i.e. IAS 34) if this is the case.

IAS 34 requires items to be recognised and measured as if the interim period


were a discrete stand alone period, with the sole exception of the tax charge
which is based on the expected weighted average effective rate for the full year.
The accounting policies to be followed are those that will be applied in the next
full financial statements for the year including the interim period.

The contents required by IAS 34 are a condensed balance sheet, income


statement, statement of changes in equity (or all such changes other than
transactions with owners). Cash flow statement and certain selected
explanatory notes.

The extent of any auditors review of interim financial information will depend
on local requirements. If a review report required and the auditors follow ISAs,
then negative assurance would be the appropriate form of opinion.

APB-28,SFAS-3,FTB- 79-9,FIN- 18,173

An interim period is viewed primarily as an integral part of an annual period.


The results reported should be based on accounting principles and practices
used in a full year; however certain modifications may be required so that the
interim results better relate to the results of operations for the full year. APB 28
provides detailed guidance on the preparation of interim statements and, in
particular, requires that the interim income tax expense is based on the
estimated effective rate for the full year. Some degree of spreading of other
items, e.g. annual major repairs, may also be appropriate, even though this
would not be appropriate at a year end. In addition, declines in inventory
values, expected to be recovered by the year-end, would not be booked.

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The SEC requires that domestic registrants file a Form 10-Q on a quarterly
basis. Condensed financial statements including a balance sheet and
statements of income, change in stockholders equity and cash flows are
required on this form. The 10-Q must be reviewed by the auditors before it is
filed with the SEC. The auditors review report is not published. The SEC also
requires that public companies meeting certain criteria disclose certain
information, e.g. sales and net income, in the notes to their annual financial
statements or elsewhere within the annual report for each full quarter within
the two most recent fiscal years.

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