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1 This Standard does not mandate which entities should be required to publish interim financial reports, how frequently, or how soon after the end of an interim period. However, governments, securities regulators, stock exchanges, and accountancy bodies often require entities whose debt or equity securities are publicly traded to publish interim financial reports. This Standard applies if an entity is required or elects to publish an interim financial report in accordance with Australian Accounting Standards. The International Accounting Standards Committee[1] encourages publicly traded entities to provide interim financial reports that conform to the recognition, measurement, and disclosure principles set out in this Standard. Specifically, publicly traded entities are encouraged:

(a) to provide interim financial reports at least as of the end of the first half of their annual reporting period; and

(b) to make their interim financial reports available not later than 60 days after the end of the interim period.

2 Each financial report, annual or interim, is evaluated on its own for conformity to Australian Accounting Standards. The fact that an entity may not have provided interim financial reports during a particular annual reporting period or may have provided interim financial reports that do not comply with this Standard does not prevent the entity’s annual financial statements from conforming to Australian Accounting Standards if they otherwise do so.

Aus2.1 This Standard does not apply to interim financial reports for the General Government Sector of each government.

3 If an entity’s interim financial report is described as complying with Australian Accounting Standards, it must comply with all of the requirements of this Standard. Paragraph 19 requires certain disclosures in that regard.