This guide has been produced by the KPMG International Standards Group (part of KPMG IFRG Limited). The guide is intended to help entities to prepare and present condensed consolidated interim financial statements in accordance with IAS 34 Interim Financial Reporting by identifying the potential disclosures required. In addition, it includes the minimum disclosures required in the condensed interim financial statements of a first-time adopter of IFRS Standards.
The disclosure requirements in IAS 34 assume that users of an entity’s interim financial statements will have access to the last annual financial statements of that entity. Therefore, the notes to the condensed interim financial statements provide only significant updates to the information that was reported in the notes to the last annual financial statements.
However, the entity has to ensure that the interim financial statements include all information that is relevant to an understanding of its financial position and performance during the interim reporting period. This may result in the disclosure of information beyond the minimum requirements when it is necessary for such an understanding.
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