Asked by Daniel Yoshuvayev on Jun 27, 2024
Verified
Which of the following statements about interim financial statements for public companies is true?
A) Interim financial statements must be audited.
B) Interim financial statements should be in a format consistent with the year-end financial statements.
C) Interim financial statements must have the same level of detail as the annual financial statements.
D) Interim financial statements do not have to be in full compliance with IFRS.
Interim Financial Statements
Financial reports covering a period less than a full fiscal year, typically quarterly, providing a continuous view of a company’s financial position.
- Comprehend the requirements for interim financial statements for public companies as per IFRS.
Verified Answer
IG
Israel GonzalezJun 30, 2024
Final Answer :
B
Explanation :
Interim financial statements should be in a format consistent with the year-end financial statements. However, interim financial statements do not have to be audited, and they may provide less detail than the annual financial statements. Although interim financial statements should be prepared in accordance with IFRS, they do not have to be in full compliance with IFRS.
Learning Objectives
- Comprehend the requirements for interim financial statements for public companies as per IFRS.