Wiley GAAP 2008

Definitions of Terms

Discrete view	A philosophy for measuring interim period results that views each interim period separately without regard to the annual period to which it relates.
Estimated annual effective tax rate	The average annual tax rate which reflects the application of graduated income tax rates to estimates of annual earnings, adjusted for the effects of available tax credits.
Integral view	A philosophy for measuring interim period results that views each interim period as an integral part of the annual period. Expenses are recognized in proportion to revenues earned through the use of special accruals and deferrals.
Interim reporting	Financial reporting for a period of less than a year, (e.g., a month or quarter).
Last‐twelve‐months reports	Financial reporting that covers the twelve‐month period ending on a given interim date.
Liquidation of LIFO inventories	A LIFO liquidation occurs in an interim period when units sold during that period exceed the number of units purchased during that same period. This results in costs associated with one or more previous years' LIFO layers being released into cost of goods sold.
Seasonality	The normal, expected occurrence of a major portion of revenues or costs in the same one or two interim periods (on a consistent basis from year to year).
Year‐to‐date reports	Financial reporting for the period beginning on the first day of the current fiscal year and ending on a given interim date during the year.