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AS 25 Interim Financial Reporting

Accountancy

There is no specification by the AS to prepare Interim financial report in a particular manner - Complete set or condensed. Then, as an auditor how and from where will I come to know hat company has resolved the IFR to be prepared?


Rahul Sharma

Rahul Sharma

CA Inter

3K+

21-Feb-20 23:02

435

Answers (1)

An interim financial report should include, at a minimum, the following components: (a) condensed balance sheet; (b) condensed statement of profit and loss; (c) condensed cash flow statement; and (d) selected explanatory notes. This is the minimum requirement. Now if an enterprise prepares a complete set of financial statements, the auditor has to ensure that the complete set of financial statements complies with relevant presentation and disclosure requirements.


CA Suraj Lakhotia

CA Suraj Lakhotia

Admin

24-Feb-20 06:19

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