Wiley GAAP 2018, 16th Edition

12ASC 270 Interim Reporting

1. Perspective and Issues
   1. Subtopic
   2. Overview
      1. Objective
      2. Integral Approach
      3. Discrete Approach
      4. Integral/Discrete Pros and Cons
      5. Other Issues
2. Definitions of Terms
3. Concepts, Rules, and Examples
   1. Differentiation between Public and Nonpublic Entities
4. Part I—Requirements Applicable to All reporting Entities
   1. Revenues
   2. Product Costs and Direct Costs
      1. Example of Interim Reporting of Product Costs
   3. Other Costs and Expenses
      1. Example of Interim Reporting of Other Expenses
   4. Income Taxes
   5. Fair Value of Financial Instruments
   6. Unusual or Infrequent Items and Disposals of Components
      1. Example of Disposal of a Component and Unusual or Infrequently Occurring Items
   7. Contingencies
      1. Example of Interim Reporting of Contingencies
   8. Seasonality
   9. Accounting Changes
      1. Change in Accounting Principle
      2. Change in Accounting Estimate
      3. Change in Reporting Entity
      4. Restatements
5. Part II—Requirements Applicable to Public Reporting Entities
   1. Quarterly Reporting to the SEC
      1. Summarized Interim Financial Data
      2. Changes in Accounting Principle
      3. Fourth Quarter Adjustments
      4. Earnings Per Share
      5. Accelerated Reporting Requirements
   2. 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 ...