CERTYNEX IFRS ACADEMY

Ostelle SA's half-year report contains a condensed statement of financial position, a condensed statement of comprehensive income and selected notes. Management considers the statement of changes in equity and the statement of cash flows unnecessary, because equity and cash have not changed significantly (case data). What is the error?

Both statements are minimum components of the condensed report: omitting them is an error, even without a significant change since the end of the year.

The selected notes should be replaced by the complete reproduction of the annual notes, to make up for the absence of these two statements.

The statement of comprehensive income cannot be condensed: it must be presented in full form in every interim report, the other statements being optional.

There is no error: an entity may omit a condensed statement when its amounts have not changed significantly since the end of the year and management judges it so.