Can anyone explain the practical application of AS25 Interim Financial Reporting.. The standard does not apply to the Quarterly result as per Clause 41 of the LA. Give example of its applicability pls.
3 Replies
madhur gupta
(student/article )
(1022 Points)
Replied 21 March 2009
AS 25 is applicable to assesee who prepares interim financilal statements whether required by under any law or prepares voluntarly.......
Raj
(Article)
(72 Points)
Replied 22 March 2009
| Originally posted by :madhur gupta | ||
| " | AS 25 is applicable to assesee who prepares interim financilal statements whether required by under any law or prepares voluntarly....... | " |
It is not applicable to Clause 41 - Quarterly reporting by listed cos... In such cases to whom is it applicable?
pratik upadhyay
(AUDIT COMPLIANCE OFFICER)
(469 Points)
Replied 14 March 2012
The revised Clause 41 specifically stipulates that the quarterly and year-to-date results are to be prepared and presented in
accordance with the recognition and measurement principles laid down in Accounting Standard (AS)-25, Interim financial Reporting.
AS-25 stipulates the accounting principles and methods forthe preparation and presentation of interim financial reports. AS-25
requires the preparation and presentation of an interim financial report containing at least a set of condensed financial statements.
Therefore, a quarterly financial report that a company presents in accordance with the requirements of Clause 41 is not an interimfinancial report.
Therefore, only that part of AS-25 which deals with recognition and measurement principles is applicable.
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