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IAS 34 Interim Financial Reporting Issues

Date recorded:

The staff introduced the topic by reminding Board members why this issue had been raised. It noted that some constituents have asked the Board to mandatorily require particular IFRS 7 disclosures (for example, fair values) in interim reports.

The staff identified four possible courses of action:

  • Approach A: Do nothing
  • Approach B: Mandate specific information to be disclosed in interim financial statements
  • Approach C: Provide further guidance on how to comply with IAS 34
  • Approach D: Mandate the same disclosure requirements for interim and annual financial statements

The staff recommended Approach C.

The Board had some debate over ways to improve interim reporting in the short-term and long-term. The majority of Board members was in favour of providing more examples in IAS 34 as a short-term solution and agreed with the staff proposal. Many believed a fundamental review of the disclosure framework and interim reporting was necessary, but that this could not be pursued at this point in time.

The staff was asked to prepare possible additional examples for interim reporting disclosures and to report back to the Board.