Australian Accounting StandardsAustralian Accounting Standards

Australian Accounting Standards

14. Minimum Components of an Interim Financial Report – AASB 134 Interim Financial Reporting, paragraph 8:

An interim financial report shall include, at a minimum, the following components:

a condensed statement of financial position;

1. a condensed statement or condensed statements of profit or loss and other comprehensive income;

2. a condensed statement of changes in equity;

3. a condensed cash flow statement; and

4. selected explanatory notes.

5. Form and Content of Interim Financial Reports – AASB 134 paragraph 9 states:

“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 AASB 101 for a complete set of financial statements”.

16. Form and Content of Interim Financial Reports – AASB 134 paragraph 10 states:

“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 report and the selected explanatory notes as required by this Standard. Additional line items or notes shall be included if their omission would make the condensed interim financial report misleading”.

17. Materiality – AASB 134 paragraph 23 states:

“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, it shall be recognised that interim measurements may rely on estimates to a greater extent than measurements of annual financial data”.