The Handbook to IFRS Transition and to IFRS U.S. GAAP Dual Reporting

7.1 CHAPTER PREVIEW

This chapter analyzes and compares interim reporting under IFRSs, U.S. GAAP, and SEC rules and regulations. It should be read in conjunction with Paragraph 2.15 previously, which focuses on first IFRS interim financial statements.

The chapter first explains where interim reports depart from generally accepted accounting principles. This way, it distinguishes recognition and disclosure from presentation and disclosure, and the election for complete versus summarized financial information.

Then, it goes in depth into the effects of using IAS 34, concerning the simplified reporting under IFRSs and the effects on Form 20-F for foreign private issuers, on the U.S. GAAP reconciliations, the use of the U.S. GAAP condensed information option in the year of transition to IFRSs, and the application of Section 270-10-S99 (Rule 10-01 of Regulation S-X).

It explains the use of interim information in reports to shareholders, quarterly reports, and Form 20-F according to the age requirements and the update of more current information.

Furthermore, the chapter catalogs different types of entities and their use of interim information. It compares the definition of a publicly held company in several IFRSs, U.S. GAAP, and SEC pronouncements. It also explains the effect for companies reporting under IFRS for small and medium-sized entities that make up part of a group reporting under full IFRSs. It compares interim reporting in consolidated versus separate versus entity's financial ...