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of <h1>AS 25: Key Principles for Interim Financial Reporting; Focus on Timeliness, Reliability & Materiality in Financial Statements</h1> Accounting Standard (AS) 25 on Interim Financial Reporting outlines the minimum content and principles for interim financial reports, which can be complete or condensed financial statements. It does not mandate which enterprises must present interim reports but requires compliance if they do. The standard emphasizes timeliness and reliability to aid stakeholders in understanding an enterprise's financial condition and performance. It requires interim financial reports to include a condensed balance sheet, profit and loss statement, cash flow statement, and explanatory notes. The same accounting policies as annual reports should be applied, and materiality is assessed in relation to interim data. The standard also provides guidance on recognition, measurement, and the use of estimates during interim periods.
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