BC96 IAS 34 Interim Financial Reporting states that the interim financial report is ‘intended to provide an update on the latest complete set of annual financial statements’ (paragraph 6). Thus, IAS 34 requires less disclosure in interim financial statements than IFRSs require in annual financial statements. However, an entity’s interim financial report in accordance with IAS 34 is less helpful to users if the entity’s latest annual financial statements were prepared using previous GAAP than if they were prepared in accordance with IFRSs. Therefore, the Board concluded that a first‑time adopter’s first interim financial report in accordance with IAS 34 should include sufficient information to enable users to understand how the transition to IFRSs affected previously reported annual, as well as interim, figures (paragraphs 32 and 33 of the IFRS).
BC96A In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18 includes requirements abo
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