《2023年-暂时的财务报表.docx》由会员分享，可在线阅读，更多相关《2023年-暂时的财务报表.docx（20页珍藏版）》请在taowenge.com淘文阁网|工程机械CAD图纸|机械工程制图|CAD装配图下载|SolidWorks_CaTia_CAD_UG_PROE_设计图分享下载上搜索。
1、FRS 34FINANCIAL REPORTING STANDARDInterim Financial ReportingFRS 34 Interim Financial Reporting was issued by the CCDG in January 2003 and consequential amendments were made in July and September 2004.This Standard is operative for financial statements covering periods beginning on or after 1st Octo
2、ber 2001.estimates, and errors are recognised and disclosed on the basis of materiality in relation to interim period data to avoid misleading inferences that might result from non-disclosure. The overriding goal is to ensure that an interim financial report includes all information that is relevant
3、 to understanding an entitys financial position and performance during the interim period.Disclosure in Annual Financial Statements26. If an estimate of an amount reported in an interim period is changed significantly during the final interim period of the financial year but a separate financial rep
4、ort is not published for that final interim period, the nature and amount of that change in estimate should be disclosed in a note to the annual financial statements for that financial year.27. FRS 8 requires disclosure of the nature and (if practicable) the amount of a change in estimate that eithe
5、r has a material effect in the current period or is expected to have a material effect in subsequent periods. Paragraph 16(d) of this Standard requires similar disclosure in an interim financial report. Examples include changes in estimate in the final interim period relating to inventory write-down
6、s, restructurings, or impairment losses that were reported in an earlier interim period of the financial year. The disclosure required by the preceding paragraph is consistent with the FRS 8 requirement and is intended to be narrow in scope-relating only to the change in estimate. An entity is not r
7、equired to include additional interim period financial information in its annual financial statements.Recognition and MeasurementSame Accounting Policies as Annual28. An enterprise should apply the same accounting policies in its interim financial statements as are applied in its annual financial st
8、atements, except for accounting policy changes made after the date of the most recent annual financial statements that are to be reflected in the next annual financial statements. However, the frequency of an enterprises reporting (annual, half-yearly, or quarterly) should not affect the measurement
9、 of its annual results. To achieve that objective, measurements for interim reporting purposes should be made on a year-to-date basis.29. Requiring that an enterprise apply the same accounting policies in its interim financial statements as in its annual statements may seem to suggest that interim p
10、eriod measurements are made as if each interim period stands alone as an independent reporting period. However, by providing that the frequency of an enterprises reporting should not affect the measurement of its annual results, paragraph 28 acknowledges that an interim period is a part of a larger
11、financial year. Year-to-date measurements may involve changes in estimates of amounts reported in prior interim periods of the current financial year. But the principles for recognising assets, liabilities, income, and expenses for interim periods are the same as in annual financial statements.30. T
12、o illustrate:(a) the principles for recognising and measuring losses from inventory write-downs, restructurings, or impairments in an interim period are the same as those that an enterprise would follow if it prepared only annual financial statements. However, if such items are recognised and measur
13、ed in one interim period and the estimate changes in a subsequent interim period of that financial year, the original estimate is changed in the subsequent interim period either by accrual of an additional amount of loss or by reversal of the previously recognised amount;(b) a cost that does not mee
14、t the definition of an asset at the end of an interim period is not deferred on the balance sheet either to await future information as to whether it has met the definition of an asset or to smooth earnings over interim periods within a financial year; and(c) income tax expense is recognised in each
15、 interim period based on the best estimate of the weighted average annual income tax rate expected for the full financial year. Amounts accrued for income tax expense in one interim period may have to be adjusted in a subsequent interim period of that financial year if the estimate of the annual inc
16、ome tax rate changes.31. Under the Framework for the Preparation and Presentation of Financial Statements (the Framework), recognition is the process of incorporating in the balance sheet or income statement an item that meets the definition of an element and satisfies the criteria for recognition*.
17、 The definitions of assets, liabilities, income, and expenses are fundamental to recognition, both at annual and interim financial reporting dates.32. For assets, the same tests of future economic benefits apply at interim dates and at the end of an enterprises financial year. Costs that, by their n
18、ature, would not qualify as assets at financial year end would not qualify at interim dates either. Similarly, a liability at an interim reporting date must represent an existing obligation at that date, just as it must at an annual reporting date.33. An essential characteristic of income (revenue)
19、and expenses is that the related inflows and outflows of assets and liabilities have already taken place. If those inflows or outflows have taken place, the related revenue and expense are recognised; otherwise they are not recognised. The Framework says that expenses are recognised in the income st
20、atement when a decrease in future economic benefits related to a decrease in an asset or an increase of a liability has arisen that can be measured reliably. The Framework does not allow the recognition of items in the balance sheet which do not meet the definition of assets or liabilities1*.34. In
21、measuring the assets, liabilities, income, expenses, and cash flows reported in its financial statements, an enterprise that reports only annually is able to take into account information that becomes available throughout the financial year. Its measurements are, in effect, on a year-to-date basis.3
22、5. An enterprise that reports half-yearly uses information available by mid-year or shortly thereafter in making the measurements in its financial statements for the first six-month period and information available by year-end or shortly thereafter for the twelve-month period. The twelve-month measu
23、rements will reflect possible changes in estimates of amounts reported for the first six-month period. The amounts reported in the interim financial report for the first six-month period are not retrospectively adjusted. Paragraphs 16(d) and 26 require, however, that the nature and amount of any sig
24、nificant changes in estimates be disclosed.36. An enterprise that reports more frequently than half-yearly measures income and expenses on a year-to-date basis for each interim period using information available when each set of financial statements is being prepared. Amounts of income and expenses
25、reported in the current interim period will reflect any changes in estimates of amounts reported in prior interim periods of the financial year. The amounts reported in prior interim periods are not retrospectively adjusted. Paragraphs 16(d) and 26 require, however, that the nature and amount of any
26、 significant changes in estimates be disclosed.Revenues Received Seasonally, Cyclically, or Occasionally37. Revenues that are received seasonally, cyclically, or occasionally within a financial year should not be anticipated or deferred as of an interim date if anticipation or deferral would not be
27、appropriate at the end of the enterprises financial year.38. Examples include dividend revenue, royalties, and government grants. Additionally, some enterprises consistently earn more revenues in certain interim periods of a financial year than in other interim periods, for example, seasonal revenue
28、s of retailers. Such revenues are recognised when they occur.Costs Incurred Unevenly During the Financial Year39. Costs that are incurred unevenly during an enterprises financial year should be anticipated or deferred for interim reporting purposes if, and only if, it is also appropriate to anticipa
29、te or defer that type of cost at the end of the financial year.Applying the Recognition and Measurement Principles40. Appendix B provides examples of applying the general recognition and measurement principles set out in paragraphs 28-39.Use of Estimates41. The measurement procedures to be followed
30、in an interim financial report should be designed to ensure that the resulting information is reliable and that all material financial information that is relevant to an understanding of the financial position or performance of the enterprise is appropriately disclosed. While measurements in both an
31、nual and interim financial reports are often based on reasonable estimates, the preparation of interim financial reports generally will require a greater use of estimation methods than annual financial reports.42. Appendix C provides examples of the use of estimates in interim periods.Restatement of
32、 Previously Reported Interim Periods43. A change in accounting policy, other than one for which the transition is specified by a new Standard or Interpretation, should be reflected by:(a) restating the financial statements of prior interim periods of the current financial year and the comparable int
33、erim periods of prior financial years that will restated in the annual financial statements in accordance with FRS 8; or(b) when it is impracticable to determine the cumulative effect at the beginning of the financial year of applying a new accounting policy to all prior periods, adjusting the finan
34、cial statement of prior interim periods of the current financial year, and comparable interim periods of prior financial years to apply the new accounting policy prospectively from the earliest date practicable.44. One objective of the preceding principle is to ensure that a single accounting policy
35、 is applied to a particular class of transactions throughout an entire financial year. Under FRS 8, a change in accounting policy is reflected by retrospective application, with restatement of prior period financial data as far back as it practicable. However, if the cumulative amount of the adjustm
36、ent relating to prior financial years is impracticable to determine, then under FRS 8 the new policy is applied prospectively from the earliest date practicable. The effect of the principle in paragraph 43 is to require that within the current financial year any change in accounting policy is applie
37、d either retrospectively or, if that is not practicable, prospectively, from no later than the beginning of the financial year.45. To allow accounting changes to be reflected as of an interim date within the financial year would allow two differing accounting policies to be applied to a particular c
38、lass of transactions within a single financial year. The result would be interim allocation difficulties, obscured operating results, and complicated analysis and understandability of interim period information.Effective Date46. FRS 34 Interim Financial Reporting is operative for financial statement
39、s covering periods beginning on or after 1st October 2001.Appendix AIllustration of Periods Required to Be PresentedThis Appendix, which is illustrative and does not form part of the standards, provides examples to illustrate application of the principle in paragraph 20. The purpose of the appendix
40、is to illustrate the application of the standards to assist in clarifying their meaning.Enterprise Publishes Interim Financial Reports Half-Yearly1. The enterprises financial year ends 31 December (calendar year). The enterprise w川 present the following financial statements (condensed or complete) i
41、n its half-yearly interim financial report as of 30 June 2001:Balance Sheet:AtIncome Statement:6 months endingCash Flow Statement:6 months endingStatement of Changes in Equity:6 months ending30 June 200130 June 200130 June 200130 June 200131 December 200030 June 200030 June 200030 June 200030 June 2
42、00130 June 200130 June 200130 June 200131 December 200030 June 200030 June 200030 June 200030 June 2000Enterprise Publishes Interim Financial Reports Quarterly2. The enterprises financial year ends 31 December (calendar year). The enterprise will present the following financial statements (condensed
43、 or complete) in its quarterly interim financial report as of 30 June 2001:Balance Sheet:AtIncome Statement:6 months ending3 months endingCash Flow Statement:6 months endingStatement of Changes inEquity:6 months ending 30 June 2001Appendix BExamples of Applying the Recognition and Measurement Princi
44、plesThis Appendix, which is illustrative and does not form part of the standards, provides examples of applying the general recognition and measurement principles set out in paragraphs 28-39 of this Standard. The purpose of the appendix is to illustrate the application of the standards to assist in
45、clarifying their meaning.Employer Payroll Taxes and Insurance Contributions1. If employer payroll taxes or contributions to government-sponsored insurance funds are assessed on an annual basis, the employers related expense is recognised in interim periods using an estimated average annual effective
46、 payroll tax or contribution rate, even though a large portion of the payments may be made early in the financial year. A common example is an employer payroll tax or insurance contribution that is imposed up to a certain maximum level of earnings per employee. For higher income employees, the maxim
47、um income is reached before the end of the financial year, and the employer makes no further payments through the end of the year.Major Planned Periodic Maintenance or Overhaul2. The cost of a planned major periodic maintenance or overhaul or other seasonal expenditure that is expected to occur late
48、 in the year is not anticipated for interim reporting purposes unless an event has caused the enterprise to have a legal or constructive obligation. The mere intention or necessity to incur expenditure related to the future is not sufficient to give rise to an obligation.Provisions3. A provision is
49、recognised when an enterprise has no realistic alternative but to make a transfer of economic benefits as a result of an event that has created a legal or constructive obligation. The amount of the obligation is adjusted upward or downward, with a corresponding loss or gain recognised in the income statement, if the enterprises best estimate of the amount of the obligation changes.4. This