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International Accounting Standard – IAS 34

OCH Blog NIC34

Este contenido es producido por OCH Group, Independent Member de GGI en Colombia.

In the context of the current economy, IFRS 34 becomes relevant due to the need to provide investors, analysts, and other stakeholders with timely and relevant information about the financial position and performance of the company. In a dynamic and changing economic environment, interim financial information becomes important to assess the financial health of companies in a period shorter than the full year. This is crucial for investment decision-making and to understand how entities are responding to current economic challenges, whether due to regulatory requirements or the stakeholders' interest in previous financial information.

Author: Yovan Alfredo Saavedra Cabrejo


The International Accounting Standard number 34 deals with interim financial reporting. This standard establishes the minimum disclosures that must be included in an interim financial report, such as condensed financial statements, explanatory notes, and other relevant data. Its objective is to provide users of interim financial statements with a clear view of the financial position and performance of an entity during a specific accounting period.


  • It is called interim financial information to the set of financial information, whether complete or condensed, that refers to an accounting period smaller than the company’s annual financial year.
  • The objective of this Standard is to prescribe the minimum content of an interim financial report and to prescribe the principles for recognition and measurement in complete or condensed financial statements for an interim period. Timely and reliable interim financial reporting improves the ability of investors, creditors, and others to understand an entity’s capacity to generate earnings and cash flows and its financial condition and liquidity.
  • IAS 1 defines a complete set of financial statements as including the following components:


  1. a statement of financial position as at the end of the period;
  2. a statement of profit or loss and other comprehensive income for the period;
  3. a statement of changes in equity for the period;
  4. a statement of cash flows for the period;
  5. notes, comprising material accounting policy information and other explanatory information;
  6. comparative information in respect of the preceding period as specified in paragraphs 38 and 38A of IAS 1; and
  7. a statement of financial position as at the beginning of the preceding period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements in accordance with paragraphs 40A–40D of IAS 1.

The IFRS 34 is crucial in the current economic context, as it provides transparency and clarity in the presentation of interim financial information of entities. This is crucial for investors and other stakeholders to make informed decisions in an economic environment that demands agility and precision in financial information.



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