Chapter 21. INTERIM REPORTING (ASC 270)

OBJECTIVE

The purpose of ASC 270, Interim Reporting, is to provide guidance on accounting and disclosure requirements for interim financial reports of publicly traded companies.

U.S. generally accepted accounting principles (GAAP) itself does not mandate interim financial reporting; however, the Securities and Exchange Commission (SEC) requires public companies to file quarterly financial information on Form 10-Q, which is due no later than 45 days after period-end (with shorter filing deadlines for larger entities).

FORM AND CONTENT OF INTERIM REPORTS

ASC 270 defines the minimum content of an interim financial report as including condensed financial statements and selected explanatory notes. An entity should establish the level of ...

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