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Quarterly interim FS for the period ending 30 Sep 20X2 (FY-end 31 Mar). Required P&L presentation:
A6 months ending 30 Sep 20X2 only
BOnly the 3 months ending 30 Sep 20X2
CBOTH 6 months ending 30 Sep 20X2 (cumulative) AND 3 months ending 30 Sep 20X2 (quarter); each with comparatives for the equivalent prior-year periods
DFull year only
Answer & Solution
Correct answer: C. BOTH 6 months ending 30 Sep 20X2 (cumulative) AND 3 months ending 30 Sep 20X2 (quarter); each with comparatives for the equivalent prior-year periods
For quarterly reporters, Ind AS 34 requires both the current quarter (3 months) and year-to-date (6 months for Q2) statements of P&L, with comparable prior-year periods for each.
Related questions
Which of the following is INCORRECT about MATERIALITY assessment under Ind AS 34?An entity's estimate of an amount reported in an interim period changes SIGNIFICANTLY in tCONTRACTUAL volume rebates / discounts that are PROBABLE of being earned by year-end (becaAn entity recognises an inventory write-down to NRV ₹50,000 in Q2; in Q4, NRV recovers andDEPRECIATION AND AMORTISATION for an interim period is computed based on:EMPLOYER PAYROLL TAXES assessed on an annual basis with a per-employee earnings cap shouldMAJOR PLANNED PERIODIC MAINTENANCE or OVERHAUL expected to occur late in the year is, for Year-end BONUSES can be anticipated for interim reporting purposes if and only if: