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answer for all of these please thankyou 2 points Interim period: a financial reporting period shorter than a full financial year (most typically a half-year
answer for all of these please thankyou
2 points Interim period: a financial reporting period shorter than a full financial year (most typically a half-year or full year). O True O False 2 points Which statement about interim reporting is true? * The integral view is the appropriate O approach in preparing interim financial report. A complete set of financial O statements must be presented for an interim period. The same accounting principles O used for the annual report should be employed for interim report. All entities that issue an annual O report must issue interim financial report. 2 points If the annual financial statements were consolidated (group) statements, the interim statements should be group statements as well. * True O False 2 points Which of the following is correct regarding the provisions of PAS 34?* PAS 34 encourages publicly listed entities to prepare at least three O quarterly financial reports to be issued not later than 45 days after the end of each interim period PAS 34 requires publicly listed entities to prepare at least a semi- O annual financial report to be issued not later than 60 days after the end of the interim period. PAS 34 encourages publicly listed entities to prepare at least a semi- O annual financial report to be issued not later than 60 days after the end of the interim period. O PAS 34 requires both publicly and non-publicly listed entities to prepare at least a semi-annual financial report to be issued not later than 60 days after the end of the interim period. 2 points IAS 34 mandates how soon after the interim period a company should submit its Interim Financial Report. * True O False 2 points If a complete set of financial statements is published in the interim report, those financial statements need not be in full compliance with IFRSs. * O True O False 2 points Which of the following is not an objective of IAS 34?* To prescribe the principles for recognition and measurement in complete or condensed financial statements for an interim period To prescribe which entities are required to publish interim financial O reports, how frequently and how soon after the end of the reporting period O To prescribe the minimum content of an interim financial report O None of these 2 points If the company's business is highly seasonal, IAS 34 encourages disclosure of financial information for the latest 12 months, and comparative information for the prior 12-month period, in addition to the interim period financial statements. * O True O False 2 points What does the International Accounting Standards Committee encourage publicly traded entities to do? * O To make their interim financial reports available not later than 60 days after the end of the interim period O All of these To apply the same accounting policies in its interim financial report as are applied in its annual financial statements, including accounting O policy changes made after the date of the most recent annual financial statements that are to be reflected in the next annual financial statements To provide interim financial reports O at least as of the end of the first quarter of their financial year 2 points What does the International Accounting Standards Committee encourage publicly traded entities to do? O To make their interim financial reports available not later than 60 days after the end of the interim period O All of these To apply the same accounting policies in its interim financial report as are applied in its annual financial statements, including accounting O policy changes made after the date of the most recent annual financial statements that are to be reflected in the next annual financial statements To provide interim financial reports O at least as of the end of the first quarter of their financial year Interim financial report means 2 points a financial report containing for an interim period. * A complete set of financial statements An adjusted set of financial statements O A set of condensed financial statements O EITHER FIRST OPTION OR SECOND OPTION O EITHER FIRST OPTION OR THIRD OPTIONStep by Step Solution
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