THE DipIFR philosophy & Framework!

IAS 34 Interim Financial Reporting

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LIST OF THE PRESENT APPLICABLE AND EFFECTIVE ACCOUNTING STANDARDS:
Why this course has been designed and crafted in Q & A learning Format? How will it benefit you?
How can you learn IAS 34?

IAS 34 Interim Financial Reporting-THEORY (SURFACE)

What is the scope for IAS 34 INTERIM FINANCIAL REPORTING?
What do you understand by an interim financial report?
What an interim financial report comprises of?
Describe the the form and content of an interim financial report.
What are the periods for which interim financial statements are required?
What accounting policies should be applied in the interim financial statement?
What are the important consideration to be aware of in case of Interim F/S?
What are the presentation and disclosures associated with IAS 34?

IAS 34 Interim Financial Reporting-THEORY (DEPTH)

What is the purpose of IAS 34, and why is it important for companies to comply with its requirements?
What are the key differences between interim financial statements and annual financial statements?
What are the main components of an interim financial statement, and how should they be presented?
What are the main components of an interim financial statement, and how should they be presented?
What are the disclosure requirements under IAS 34, and why are they important?
What are the key risks and uncertainties that companies should disclose in their interim financial statements?
What are the accounting policies that should be applied in the preparation of interim financial statements?
What is the role of management discussion and analysis (MD&A) in interim financial statements, and what information should be included in this section?
What are the requirements for the audit or review of interim financial statements?
How do companies ensure comparability and consistency between their interim financial statements and their annual financial statements?
What are some common challenges or issues that companies face when preparing interim financial statements, and how can they address these challenges effectively?
What are the different reporting periods for which companies are required to prepare and present interim financial statements?
What are some examples of events or transactions that may be considered material for disclosure in interim financial statements?
What are the requirements for the recognition and measurement of revenue in interim financial statements?
How do companies disclose the effects of changes in accounting policies or estimates in their interim financial statements?
What are the requirements for the presentation and disclosure of segment information in interim financial statements?
How should companies present and disclose the effects of seasonality or cyclicality in their interim financial statements?
What are the requirements for the presentation and disclosure of related party transactions in interim financial statements?
What are the requirements for the presentation and disclosure of non-GAAP financial measures in interim financial statements?
How do companies ensure that their interim financial statements comply with the applicable accounting standards and regulatory requirements in their jurisdiction?
What are some best practices for the preparation and presentation of interim financial statements, and how can companies ensure that their interim financial statements provide accurate and reliable information to stakeholders?

EVOLUTION OF ACCOUNTING STANDARD AND ITS FUTURE DEVELOPMENT

How has IAS 34 evolved over time, and what are some potential future developments in this area?

IFRS: AS AN AUDITOR!

What you need to know about IAS 34 as an auditor?
What are the key considerations for auditors in relation to IAS 34?

IFRS & ACCOUNTING RATIOS:

What all Accounting Ratios does IAS 34 connects which may get affected?
Examples of how the application of IAS 34 can impact various accounting ratios:
Examples of how the application of IAS 34 can impact various accounting ratios:

IAS INTERACTION WITH OTHER ACCOUNTING STANDARDS!

What do you understand by interaction of accounting standards and why are they important to be understood in general?
How IAS 34 does interacts with other accounting standards?
What do you understand by interaction of accounting standards and why are they important to be understood?
How can one approach towards understanding the interaction between accounting standards?
What if one fails to understand the interaction of accounting standards? How does it impact financial reporting?
Interaction of IAS 34 with other accounting standards: TABULATION!

CLIMATE IMPACT: IAS 34

Discuss the possible climate impact on IAS 34:
How can the climate impact on IAS 34 be mitigated?

TEST YOUR UNDERSTANDING-IAS 34 Interim Financial Reporting

QUIZ: TEST YOUR UNDERSTANDING-IAS 34 Interim Financial Reporting

IAS 34 INTERIM FINANCIAL REPORTING - PRACTICAL ILLUSTRATIONS

QUESTION 1 Illustration 1 Company A has reported $ 60,000 as pre-tax profit in first quarter and expects a loss of $ 15,000 each in the subsequent quarters. It has a corporate tax slab of 20 percent on the first $ 20,000 of annual earnings and 40 per cent on all additional earnings. Calculate
QUESTION 2 Illustration 2 ABC Limited manufactures automobile parts. ABC Limited has shown a net profit of $ 20,00,000 for the third quarter of 2018. Following adjustments are made while computing the net profit: i) Bad debts of $1,00,000 incurred during the quarter. 50% of which have been deferred to the next quarter. ii) Extraordinary loss of $ 3,00,000 incurred during the quarter has been fully recognized in this quarter. iii) Additional depreciation of $ 4,50,000 resulting from the change in the method of depreciation. iv) $ 5,00,000 expenditure on account of administrative expenses pertaining to the third quarter is deferred on the argument that the fourth quarter will have more sales; therefore, fourth quarter should be debited by higher expenditure. The expenditures are uniform throughout all quarters. Ascertain the correct net profit to be shown in the Interim Financial Report of third quarter.
QUESTION 3 Company A expects to earn $ 15,000 pre-tax profit each quarter and has a corporate tax slab of 20 percent on the first $ 20,000 of annual earnings and 40 per cent on all additional earnings. Actual earnings match expectations. Calculate the amount of income tax to be shown in each quarter.

IAS 34 INTERIM FINANCIAL REPORTING - EXAM RELATED TECHNICAL POINTS !

IAS 34 INTERIM FINANCIAL REPORTING - EXAM RELATED TECHNICAL POINTS !
How can one TEACH IAS 34?

IAS 34 INTERIM FINANCIAL REPORTING - PPT PRESENTATION - COURSE NOTES

IAS 34 INTERIM FINANCIAL REPORTING - PPT PRESENTATION - COURSE NOTES
A real-world example under IAS 34:

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Assignment on IAS 34

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