Wiley GAAP 2014: Interpretation and Application of Generally Accepted Accounting Principles

12   ASC 270 INTERIM REPORTING

Perspective and Issues

Subtopic

Overview

Objective

Integral Approach

Discrete Approach

Integral/Discrete Pros and Cons

Other Issues

Technical Alert

Definitions of Terms

Concepts, Rules, and Examples

Differentiation between Public and Nonpublic Companies

Part I—Requirements Applicable to All Reporting Entities

Revenues

Product Costs and Direct Costs

Example of interim reporting of product costs

Other Costs and Expenses

Example of interim reporting of other expenses

Income Taxes

Fair Value of Financial Instruments

Discontinued Operations and Extraordinary Items

Example of discontinued operations and extraordinary items

Contingencies

Example of interim reporting of contingencies

Seasonality

Accounting Changes

Change in accounting principle

Change in accounting estimate

Change in reporting entity

Restatements

Part II—Requirements Applicable to Public Reporting Entities

Quarterly Reporting to the SEC

Summarized interim financial data

Changes in accounting principle

Fourth quarter adjustments

Earnings per share

Accelerated reporting requirements

Other Sources

PERSPECTIVE AND ISSUES

Subtopic

ASC 270, Interim Reporting, contains one subtopic:

• ASC 270-10, Overall, that provides guidance on
  • Accounting and disclosure issues for reporting on periods less than one year and
  • Minimum disclosure requirements for interim reporting for publicly traded companies.

Overview

The term “interim reporting” refers to financial reporting for periods of less than a year. ...