CERTYNEX IFRS ACADEMY

In its quarterly report at 30 September 20X5, Sorvil SA (financial year = calendar year) compares its statement of financial position with that at 30 September 20X4. What is the error?

The correct comparative is the end of the previous interim period of the same year, that is 30 June 20X5, so as to show the movement of the quarter.

The comparative for the statement of financial position is the end of the preceding annual year, that is 31 December 20X4.

No comparative is required for the interim statement of financial position, which presents just the interim closing date of the report.

The comparative must include both 31 December 20X4 and 30 September 20X4, two comparative columns being required for the financial position.