Chapter 14. Interim Reporting
Definitions of Terms
- discrete view
The measurement of interim-period financial results without regard to the annual reporting period of which it is a part.
- estimated annual effective tax rate
The tax rate expected to be recognized at the end of the annual reporting period that reflects any graduated income tax rates and available tax credits.
- integral view
The measurement of interim-period financial results that considers the results to be an integral part of the annual reporting period of which it is a part. As such, expenses are accrued or deferred in proportion to revenues expected to be recognized for the full annual reporting period.
- interim reporting
Any financial report that covers a period of less than one full year.
- Liquidation of last-in, first-out (LIFO) inventories
The excess use of inventories over purchases during an interim reporting period that results in the release of LIFO layers into the cost of goods sold.
- seasonality
A recurring pattern of revenue generation and associated expense recognition that occurs primarily in a small number of interim reporting periods.
Concepts and Examples
Interim reporting refers to a requirement by the Securities and Exchange Commission for all publicly held companies to file quarterly information on the Form 10-Q. The intent of this requirement is to provide users of the financial statements with more current ...
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