The same policies as annually

Learning objectives

• Explain that the interim financial report applies the same accounting policies as the most recent annual financial statements, except for changes made since then that are to be reflected in the next annual financial statements.L1, L2

Normative references

• IAS 34 §28Interim financial statements apply the same accounting policies as the annual financial statements, except for changes made after the date of the most recent annual financial statements that are to be reflected in the next annual financial statements. The frequency of reporting (annual, half-yearly or quarterly) must not affect the measurement of annual results: interim measurements are therefore made on a year-to-date basis.

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

2 questions

• To lighten the preparation of its half-year report, an entity may apply simplified accounting policies, different from those of its latest annual financial statements.L1
• Which statements about the accounting policies of an interim report are correct? More than one answer is possible.L2