The objective of FRS 34 Interim Financial Reporting is to prescribe the minimum content of an interim financial report and to prescribe the principles for recognition and measurement in complete or condensed financial statements for an interim period. Timely and reliable interim financial reporting improves the ability of investors, creditors, and others to understand an entity's capacity to generate earnings and cash flows and its financial condition and liquidity. FRS 34 Interim Financial Reporting generally requires that all events and transactions are recognised and measured as if the interim period were a discrete stand-alone period. The COVID-19 pandemic had impacted the recognition and measurement of assets and liabilities as well as income and expense for many companies. Given the rapidly changing economic outlook and trading conditions, information in the interim financial statements may, for many companies, comprise more than the usual update since the last annual financial statements.