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IAS 34 — Interim Financial Reporting

Effective date:

First effective as Canadian GAAP under Part I for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011 except for subsequent amendments.  Earlier application of Part I was permitted.

Published by the IASB:

June 1998

Included in Part I of CPA Canada Handbook:

January 2010

Overview

IAS 34 Interim Financial Reporting applies when an entity prepares an interim financial report, without mandating when an entity should prepare such a report. Permitting less information to be reported than in annual financial statements (on the basis of providing an update to those financial statements), the standard outlines the recognition, measurement and disclosure requirements for interim reports.

 

History of IAS 34

The following table shows the history of this standard subsequent to the adoption of IFRS in Canada.

Date1

Development

Comments

Included in Part I of the CPA Canada Handbook2

January 2010

Part I of the CPA Canada Handbook issued

Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application permitted.

January 2010

May 6, 2010

Amended by Improvements to IFRSs 2010 (significant transactions and events)

 

Paragraphs 15, 15B and 16A have been amended, paragraphs 15A and 15C added and paragraphs 16-18 deleted to emphasize the disclosure principles in IAS 34 and to add further guidance on how to apply these principles. These amendments are effective for annual periods beginning on or after January 1, 2011. Earlier application is permitted.

July 2010

May 17, 2012

Amended by Annual Improvements 2009-2011 Cycle (segment information)

 

Paragraph 16A has been amended to clarify the requirements on segment information for total assets and liabilities for each reportable segment.

The amendments are effective for annual periods beginning on or after January 1, 2013. Earlier application is permitted.

August 2012

September 25, 2014

Amended by Improvements to IFRSs 2014 (disclosure of information 'elsewhere in the interim financial report')

 

The amendments clarify the meaning of disclosure of information "elsewhere in the interim financial report."

The amendments are effective for annual periods beginning on or after January 1, 2016. Earlier application is permitted.

February 2015

Notes

  1. For further details of relevant developments prior to this, please refer to our Deloitte Global section.
  2.  Newly issued, amended or revised IFRSs are part of Canadian GAAP only after they are approved by the Accounting Standards Board in accordance with its due process.

The above summary does not include details of consequential amendments made as the result of other projects.

Related Interpretations

Related IFRIC Agenda Rejection Notices

The rejection notices are available in our Deloitte Global section.

  • IAS 34 — Interim fair value disclosures (July 2009)

AcSB’s IFRS Discussion Group meetings

  • June 21, 2018 - IAS 34: Variable Lease Payments
  • October 5, 2017 - IFRS 9, IFRS 15 and IAS 34: Disclosing the Effects of Adopting New Standards and Variable Lease Payments
  • May 30, 2017 - IFRS 16 and IAS 34: Variable Lease Payments
  • September 10, 2015 - IAS 12 and IAS 34: Income Tax Expense for Interim Periods

Amendments under consideration

  • None

Correction list for hyphenation

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