IAS 34, Interim Financial Reporting, established new requirements for interim reporting, while not making the reporting of interim results mandatory. While the draft preceding this standard’s promulgation essentially endorsed a discrete approach (applying measurement principles to each interim period on a stand-alone basis), the final standard represents a judicious mix of integral and discrete viewpoints. IAS 34 adopts an integral viewpoint with regard to income tax expense, as indeed was necessitated by the fact that taxing authorities almost universally apply [...]