A. Effect of selecting the interim financial statements option:

Title page
Heading becomes “INTERIM FINANCIAL STATEMENTS”

Auditor's Report -
The standard audit report is either skipped or replaced by a “Review report”. The phrase “audited financial statements” becomes “unaudited financial statements” throughout the set and the letter of representations.

Statement of Changes in Equity
The footnote for deemed dividends is skipped.

Notes to the financial statements

1. Accounting policies are hidden and reference is made to IAS34 and the policies used in the prior annual financial statements.
2. Reference is made to the period covered by the financial statements and to the fact that they have not been audited by the external auditors of the entity.
3. Financial risk management note is skipped
4. Long notes and statement of changes in equity are split in two parts. One for the current period and one for the comparative period.

Effect of selecting the no comparatives option:
Wording throughout the set is changed so that no reference is made to comparative period.

Show accounting policies in detail (same as annual accounts)
Available only for interim financial statements - Accounting policies are displayed in full as per annual financial statements.

Source for prior period balance sheet and income statement
This allows the user to change the formula for prior period income statement amounts.
YR1:DISC - Prior year, same month as the current active period
YR1:PERx:DISC – Prior year, prior periods as specified in the Engagement Properties where x represents the period number.
YR1 - Prior year, year to date

For prior year balance sheet to work properly, it is important for Year End Date to be one year after the comparative balance sheet date. For example when preparing half yearly accounts for the period ended 30/6/2015, Year End Date is 31/12/2005 and prior period income statement formula is YR1:PER1:DISC and selections in Engagement properties are the following:

Add extra columns in P&L - entity publishes QUARTERLY ACCOUNTS:
Two extra blank columns are available in the "Income statement" for the user to enter manually the comparative period(s) dates and amounts.

< back to FAQ's