[Illustrative Checklist] Disclosure requirements under Ind AS 34 | Interim Financial Reporting

The objective of Ind AS 34, Interim Financial Reporting, is to prescribe the minimum content of an interim financial report and to prescribe the principles for recognition and measurement in complete or condensed financial statements for an interim period. Timely and reliable interim financial reporting improves the ability of investors, creditors, and others to understand an entity’s capacity to generate earnings and cash flows and its financial condition and liquidity.

As per the requirement of this standard, an entity is required to follow the below-mentioned disclosure requirements:

I. Whether the entity has included, following items in an interim financial report:

(a) a condensed Balance Sheet;

(b) a condensed statement of profit and loss;

(c) a condensed Statement of Changes in Equity;

(d) a condensed statement of cash flows; and

(e) selected explanatory notes.

II. Check whether:

(a) the entity publishing a set of condensed financial statements (CFS) in its interim financial report has included at a minimum, each of the headings and subtotals that were included in its most recent annual Financial Statements and the selected explanatory notes as required by this Standard in those condensed statements.

(b) the entity has included additional line items or notes if their omission would make the CFS misleading.

III. Whether the reporting enterprise in the statement that presents the components of the statement of profit or loss for an interim period has presented basic and diluted EPS for that period when the entity is within the scope of Ind AS 33.

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