This FRS does not mandate which entities should publish interim financial reports, how frequently or how soon after the end of an interim period

  1. FRS 134 defines interim period as a financial period that is shorter than a full financial period
  2. An interim financial report can contains either a complete or condensed set of financial statements for the interim period
  3. If an entity’s interim financial statements are in compliance with FRS, that fact should be stated.
  4. Entities can either present (a) complete set of financial statements, or (b) condensed financial statements
  5. For complete set of financial statements, they should comply with the requirements of FRS 101
  6. Other factors to considered in preparing interim financial statements are materiality, recognition and measurement, accounting policies and seasonal, cyclical or occasional revenue and costs.
  7. Interim financial reports can generally be half-yearly or quarterly. The report cover the current period year-to-date and comparatives


The minimum components of a condensed financial statement comprise the following:

  • Condensed balance sheet
  • Condensed income statement
  • Condensed statement of changes in equity or changes in equity
  • Condensed cash flow statements
  • Selected explanatory notes

 As a minimum, the condensed financial statements should include:

  • Each of the headings and sub-totals included in its most recent annual financial statemets
  • Selected explanatory notes as required by the standard
  • Basic and diluted earnings per share on the face of the income statement

Additional line items or notes are included if they are significant in the overall context of the entity. If not included, the condensed financial statement report will be misleading. 


The following are some of the items to be disclosed:

  • Statement of accounting policy changes
  • Explanatory comments about seasonality or cyclicality of interim operations
  • Exceptional items
  • Change in estimates
  • Issuances, cancellations, repurchases, resale and repayments of debt and equity securities
  • Dividend paid(aggregate or per share) separately for ordinary shares and other shares
  • Segment revenue and segment result
  • Material events subsequent to the end of the interim period
  • Changes in structure of the entity, including business combinations
  • Changes in contingent liabilities or contingent assets since the last annual balance sheet date



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