For annual periods commencing on or after 1 January 2009, IAS 1 Presentation of Financial Statements (Revised 2007) applies and makes significant changes to the presentation of the primary financial statements. Furthermore, interim reports for annual periods beginning on or after 1 January 2009 are affected by IFRS 8 Operating Segments which changes significantly the requirements on segment reporting. The revised standards impact on 2009 interim reports as the presentation will need to be consistent with that adopted at the full year. The Publication illustrates interim consolidated financial statements for a Group that produces half-yearly interim reports in accordance with IAS 34 at 30 June 2009.
Our objective in preparing Example Interim Consolidated Financial Statements 2009 was to illustrate one possible approach to interim reporting by an entity engaging in transactions that are 'typical' across a range of non-specialist sectors. However, as with any example, this illustration does not envisage every possible transaction and cannot therefore be regarded as comprehensive. For example, IAS 34 requires that the interim financial statements should explain significant events and transactions that have occurred in the interim period. The required disclosures will therefore depend on the specific circumstances. The interim financial statements should be amended, amplified or abbreviated according to the importance of the area to the financial statements as a whole. Management is responsible for the fair presentation of financial statements and therefore may find other approaches more appropriate in their specific circumstances.
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