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The International Financial Reporting Standards, or IFRS, are a set of accounting and financial reporting principles for creating and presenting financial statementsthat are universally recognized. It maintains consistency in accounting practices, allowing financial records to be compared among reporting organizations throughout the world.

The discrete method (i.e., each intermediate interval is a stand-alone reporting period) and the integral approach (i.e., each interim interval is a continuous reporting period) are the two most common approaches to interim reporting (i.e., an interim period is an integral part of the annual period).

According to IAS 34, each financial period is treated as a separate entity in terms of accounting standards. As a result, accounting principles that apply to intermediate periods should be consistent with those that apply to yearly periods.

Therefore, interim reporting under IFRS is prepared using the discrete approach.

b) It is stated under the guidelines of IFRS that an interim report should disclose either by discrete or integral approach. The combination of discrete and integral approaches is not a valid approach for interim reporting.

c) Under IFRS guidelines for interim reporting there is no requirement for a complete set of financial statements for each interim period. It should be reported by either a discrete or integral approach

d)Interim reporting under IFRS does not permit companies to omit disclosure of material events subsequent to the interim reporting date.