2013 update on half-yearly financial reporting
Following on from Deloitte’s 2012 survey of half-yearly financial reporting, Split and Polish, a 2013 update has been published. The publication includes an updated illustrative half-yearly financial report and disclosure checklist, both suitable for use for June 2013 half-years.
Preparers of half-yearly financial reports in 2013 will have considerably more changes to accounting standards to contend with than in 2012. As there were so few changes for 2012 half-yearly financial reports, we have not surveyed half-yearly financial reports published during that time. However, many of the findings from Split and Polish, the Deloitte 2012 survey of 2011’s half-yearly financial reports, will have continued relevance and significant shifts in industry practice are unlikely to have emerged since then.
Main changes for 2013
The main changes for those preparing IAS 34 interim financial statements for a 30 June 2013 half-year are:
- IAS 34 Interim Financial Reporting has been amended to require, for financial instruments, certain fair value disclosures contained in IFRS 13 Fair Value Measurement and IFRS 7 Financial Instruments: Disclosures;
- IFRS 13 Fair Value Measurement and IAS 19 (revised 2011) Employee Benefits are both effective;
- IAS 1 Presentation of Financial Statements amendments on presentation of items of other comprehensive income is effective; and
- changes could still emerge in relation to going concern and the FRC’s proposals in light of the Sharman Inquiry.