Wiley Practitioner's Guide to GAAP 2022

11ASC 270 INTERIM REPORTING

• Perspective and Issues
  • Subtopic
  • Overview
    • Objective
    • Integral Approach
    • Discrete Approach
    • Integral/Discrete Pros and Cons
    • Other Issues
• Definitions of Terms
• Concepts, Rules, and Examples
  • Differentiation between Public and Nonpublic Entities
• 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
  • Seasonality
  • Fair Value of Financial Instruments
  • Unusual or Infrequent Items and Disposals of Components
    • Example of Disposal of a Component and Unusual or Infrequently Occurring Items
  • Contingencies
    • Example of Interim Reporting of Contingencies
  • Accounting Changes
    • Change in Accounting Principle
    • Change in Accounting Estimate
    • Change in Reporting Entity
    • Corrections of Errors
• Requirements Applicable to Public Reporting Entities
  • Quarterly Reporting to the SEC
    • Summarized Interim Financial Data
    • 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. The Codification does not mandate interim reporting. However, the SEC requires ...