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of estimates
COMPILATION DETAILS
Deleted IAS 34 Text

available on the AASB website
Basis for Conclusions on IAS 34

Australian Accounting Standard AASB 134 Interim Financial Reporting (as amended) is set out in paragraphs 1 – 60.  All the paragraphs have equal authority.  Paragraphs in bold type state the main principles.  AASB 134 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations, and AASB 1057 Application of Australian Accounting Standards.  In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.

Comparison with IAS 34
AASB 134 Interim Financial Reporting as amended incorporates IAS 34 Interim Financial Reporting as issued and amended by the International Accounting Standards Board (IASB).  Australian‑specific paragraphs (which are not included in IAS 34) are identified with the prefix "Aus".  Paragraphs that apply only to not-for-profit entities begin by identifying their limited applicability.

Tier 1
For-profit entities complying with AASB 134 also comply with IAS 34.
Not-for-profit entities' compliance with IAS 34 will depend on whether any "Aus" paragraphs that specifically apply to not-for-profit entities provide additional guidance or contain applicable requirements that are inconsistent with IAS 34.

Tier 2
Entities preparing general purpose financial statements under Australian Accounting Standards – Simplified Disclosures (Tier 2) will not be in compliance with IFRS Standards.
AASB 1053 Application of Tiers of Australian Accounting Standards explains the two tiers of reporting requirements.

Accounting Standard AASB 134

The Australian Accounting Standards Board made Accounting Standard AASB 134 Interim Financial Reporting under section 334 of the Corporations Act 2001 on 7 August 2015.

This compiled version of AASB 134 applies to annual periods beginning on or after 1 January 2023.  It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 15 December 2022 (see Compilation Details).

Accounting Standard AASB 134

Interim Financial Reporting

Objective
 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.

Scope
1 This Standard does not mandate which entities should be required to publish interim financial reports, how frequently, or how soon after the end of an interim period. However, governments, securities regulators, stock exchanges, and accountancy bodies often require entities whose debt or equity securities are publicly traded to publish interim financial reports. This