Professional Documents
Culture Documents
LECTURE AID
2019
Learning Objectives
• Define an interim financial report.
• State the scope and applicability of PAS 34.
• Briefly describe the income and expense recognition
principles followed in interim financial reporting.
• Describe how income tax expense is computed in the interim
financial statements.
• Costs and expenses (income) that benefit the entire year or are incurred
(earned) over the year are spread out over the interim periods, e.g.,
depreciation, amortization; property taxes; insurance expense; interest
expense (income); 13th month pay and other year-end bonuses.