Wiley GAAP: Financial Statement Disclosure Manual

11ASC 270 INTERIM REPORTING

1. Authoritative Literature
   1. Subtopic
   2. Scope and Scope Exceptions
   3. Integral Approach
   4. Discrete Approach
2. Presentation and Disclosure Requirements
3. Requirements Applicable to All Reporting Entities
   1. Revenues
   2. Product Costs and Direct Costs
   3. Other Costs and Expenses
   4. Seasonality
   5. Fair Value of Financial Instruments
   6. Unusual or Infrequent Items and Disposals of Components
   7. Contingencies
   8. Accounting Changes
      1. Change in Accounting Principle
      2. Change in Accounting Estimate
      3. Change in Reporting Entity
      4. Corrections of Errors
4. Requirements Applicable to Public Reporting Entities
   1. Quarterly Reporting to the SEC
      1. Summarized Interim Financial Data
5. Presentation and Disclosure Examples
   1. Example 11.1: Consolidated Statement of Income and Comprehensive Income
   2. Example 11.2: Seasonal Nature of Business
   3. Example 11.3: Inventories Measured Using LIFO
   4. Example 11.4: Business Restructuring
   5. Example 11.5: Impairment—Property, Plant, and Equipment
   6. Example 11.6: Recurring Fair Value Measurements
   7. Example 11.7: Income Taxes

AUTHORITATIVE LITERATURE

The term “interim reporting” refers to financial reporting for periods of less than a year. The Codification does not mandate interim reporting. However, the SEC requires public companies to file quarterly summarized interim financial data on its Form 10‐Q. The level of detail of the information required in those interim reports is substantially less than is specified under the Codification for annual financial statements.

The objective of interim ...