The statement of financial position and its comparative

Learning objectives

• Determine the dates of the interim statement of financial position: the end of the current interim period, with the end of the immediately preceding financial year as comparative.L1

Normative references

• IAS 34 §20Interim reports include interim financial statements (condensed or complete) for: the statement of financial position as of the end of the current interim period, compared with the end of the immediately preceding financial year; the statement of comprehensive income for the current interim period and cumulatively for the financial year to date, compared with the corresponding periods of the preceding financial year; the statement of changes in equity and the statement of cash flows cumulatively for the financial year to date, compared with the corresponding year-to-date period of the preceding financial year.

Original summaries of the paragraphs (reference register), never a quotation of the standard.

2 questions

• In the interim report at 30 June 20X5 of an entity whose financial year is the calendar year, the statement of financial position is compared with that at the end of the preceding financial year, that is 31 December 20X4.L1
• 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?L1