The purpose of IAS 34 (Interim Financial Reporting) is to establish standards for the preparation and presentation of interim financial statements, which provide information about a company's financial performance and position for a period shorter than a full fiscal year. The standard sets out the minimum content and presentation requirements for interim financial statements, as well as guidelines for accounting policies, estimates, and disclosures.

Compliance with IAS 34 is important for companies for several reasons:

1. Regulatory Compliance: Many stock exchanges and regulatory bodies require companies to comply with IAS 34 in the preparation and presentation of their interim financial statements.
2. Timely Information: Interim financial statements provide stakeholders with timely information about a company's financial performance and position, which is important for making informed investment decisions.
3. Comparability: Compliance with IAS 34 ensures that interim financial statements are prepared and presented in a consistent and comparable manner, which facilitates comparison with the company's previous interim financial statements and its annual financial statements.
4. Transparency: Compliance with IAS 34 requires companies to provide sufficient disclosure about their financial performance and position during the reporting period, which enhances transparency and helps stakeholders to understand the company's operations and financial results.

Overall, compliance with IAS 34 is important for ensuring that companies provide accurate, reliable, and timely information to stakeholders about their financial performance and position during the reporting period, which is critical for maintaining investor confidence and making informed investment decisions.