Which reading interim financial reporting shall

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Reference no: EM132769529

Problem 1: PAS 34 states that a presumption that anyone reading interim financial reporting shall

a. Understand all Philippine Financial Reporting Standards

b. Have access to the records of the entity.

c. Have access to the most recent annual report

d. Not make decisions based in the report

Problem 2: An entity owns a number of farms that harvest produce seasonally. Approximately 80% of the entity's sales are in the period August to October. Because the entity's business is seasonal. PAS 34 suggests

a. Additional notes to be written in the interim reports about seasonal nature of business.

b. Disclosure of financial information for the latest and comparative 12-month period in addition to the interim report

c. Additional disclosure in the accounting policy note.

d. No additional disclosure

Reference no: EM132769529

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