 Ausbillahi Minash-Shaitwan, your regime, Bismillahir Rahmanir Rahim. Today's topic is Interim Financial Reporting. First of all, let's see the objective and scope. Learning outcome of students will be able to understand what is meant by Interim Financial Reporting as per IS-34. Why it is important to prepare and share financial information before the year ends. Learn what information is important to be shared, disclosed as a part of Interim Financial Reports. Now, to provide financial information as early as possible rather waiting for the year end for decision making, particularly the chief operating decision makers. That is the important thing. They need to take certain decisions so they are not supposed to wait for the whole year accounting to be finalized. They will see quarterly basis or half yearly basis that what basically they need to take a further decision. So that's why they need quarterly or half yearly statements and not only the current quarters or current year, current half year but previous year also. We must compare the two that how we performed last quarters and how we are performing this quarter and then they take a decision. The standard require only headings and subtotal. Here we are not supposed to give the details account and see detailed accounts of it. No, we need condensed statements. This means a brief that let the people understand quickly that how the trend is whether we are going better or we are going worse. We look into that and selected explanatory note, not the detailed notes of 20 pages, just few notes, which are very important for the decision makers. They want to see disclosure with particular focus on new events. Something happened, something new during the quarter that you should be having detailed about those events at the notes to the accounts activities and circumstances. You know, it happens like in particular case in Pakistan in all over the world. What is happening now because of this COVID, the things have been moving very fast here and there. So they want to see how these circumstances effects our results. The interim period could be quarterly and it can be half yearly or comparative of similar period of last year. Now there is very simple thing here that you need to prepare. Currently accounting is being done by the computer. Previously we used to prepare accounts monthly basis and it takes time, but then it comes to computer and now you simply transact a figure and then it goes straight away to the income statement, to the balance sheet. So it won't take much time basically. I mean now it doesn't take much time to prepare accounts, it takes time for us to prepare accounts. Because now the computer has facilitated a lot that you don't have to make a lot of mistakes. Straight away your figures come in front of you. So it is easy to make a quarterly statement or monthly statement and the limited company that is listed on the stock exchange, the requirement of law is that they are supposed to produce their quarterly accounts and if they don't produce it, then they do the same. That is why you have to make quarterly accounts and you have to publish them too. It is not that you have to make it and keep it with you, it is not just for decision making purpose. You need to publish it and you have to do proper publication and the details that you give should be condensed. That is, it shouldn't be in too much detail and the other thing is that if you have to make a quarterly account on the 31st of March 2020, then similarly, you have to make a quarterly account on the last year of 2019. Because they want to compare the quarter results, how last year quarters we were performed and how this year quarter we have performed, so they need a comparison. And if they feel there is something wrong somewhere, so then they take a decision there and then. So that is why we need to produce interim financial reports. And they are very much recognized all over the world that they let the people come up so that they can take earlier decision rather than waiting for the whole year. Because in a whole year time, then it is too late basically. But if you know the quarterly, then it means you can take there and then for the remaining quarters. That is why interim financial reports are important for publication purpose. Thank you very much.