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  Measuring Interim Profit

Introduction to Measuring interim profit

The function of interim financial statements has significant implications for the measurement of interim profit. Two techniques of measuring interim profit have been proposed, with each imitating one side of the debate. The main method of profit measurement sees the interim period like being just part of the annual reporting period.

It seeks to give a measure of interim profit that can be employed to assist predict the annual profit. To accomplish this, annual expenses are expected and then a proportion of these are allocated to the interim period relies on the proportion of annual sales revenue produced in that period. Within this approach, interim and annual profit margins are kept at a fairly consistent level. The separate method of profit measurement, alternatively, treats the interim period like quite separate and different from the annual period. It is not mainly concerned with predicting annual profit and adopts accounting techniques and policies for measuring interim profit which are similar as those employed to measure annual profit.

The International Accounting Standards Board (IASB) has generated a standard for interim financial statements (IAS 34 Interim Financial Reporting). It applies to every business that is either needed, or want, to get ready these statements in line along with international standards. The standard favours the separate method to income measurement and states that accounting policies and techniques adopted at the interim stage should be in line with those adopted at the annual stage. Though, one problem is that specific items, like tax, can only be referred in the context of the year as a whole. The standard deals along with the tax problem through stating that the tax rate applied to interim profit should be relies on the average, effectual tax rate for the year as a whole.

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