|
Commission Regulation (EC) No 1725/2003
of 29 September 2003
adopting certain international accounting standards in
accordance with Regulation (EC) No 1606/2002
of the European Parliament and of the Council
Content |
|
- |
Objective
The objective of this Standard 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 enterprise's capacity to generate
earnings and cash flows and its financial condition and
liquidity.
Scope
1. This Standard does not mandate
which enterprises should be required to publish interim
financial reports, how frequently, or how soon after the end
of an interim period. However, governments, securities
regulators, stock exchanges, and accountancy bodies often
require enterprises whose debt or equity securities are
publicly traded to publish interim financial reports. This
Standard applies if an enterprise is required or elects to
publish an interim financial report in accordance with
International Accounting Standards. The International
Accounting Standards Committee encourages publicly traded
enterprises to provide interim financial reports that conform
to the recognition, measurement, and disclosure principles set
out in this Standard. Specifically, publicly traded
enterprises are encouraged:
(a) to provide interim financial
reports at least as of the end of the first half of their
financial year; and
(b) to make their interim
financial reports available not later than 60 days after the
end of the interim period.
2. Each financial report, annual
or interim, is evaluated on its own for conformity to
International Accounting Standards. The fact that an
enterprise may not have provided interim financial reports
during a particular financial year or may have provided
interim financial reports that do not comply with this
Standard does not prevent the enterprise's annual financial
statements from conforming to International Accounting
Standards if they otherwise do so.
3. If an enterprise's interim
financial report is described as complying with International
Accounting Standards, it must comply with all of the
requirements of this Standard. Paragraph 19 requires certain
disclosures in that regard.
Definitions
4. The following terms are
used in this Standard with the meanings specified:
Interim period is a financial
reporting period shorter than a full financial year.
Interim financial report means
a financial report containing either a complete set of
financial statements (as described in IAS 1, presentation of
financial statements) or a set of condensed financial
statements (as described in this Standard) for an interim
period.
Content
of an interim financial report
5. IAS 1 defines a
complete set of financial statements as including the
following components:
(a) a balance sheet;
(b) an income
statement;
(c) a statement of
changes in equity showing either:
(i) all changes in
equity, or
(ii) changes in
equity other than those arising from transactions with
equity holders acting in their capacity as equity holders;
(d) a cash flow
statement; and
(e) notes,
comprising a summary of significant accounting policies and
other explanatory notes.
Previous |
Index |
Next
|
