6) Interim Financial Reporting Flashcards

1
Q

What are the guidelines for interim reporting?

A
  • Use same accounting principles that were used in the most recent annual report.
  • Allocate expenses to the interim period benefited.
  • Revenues are recognized in the period in which they are earned and realized or realizable.
  • A total for comprehensive income in condensed financial statements of interim periods.
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2
Q

What income tax rate is used in interim financial reporting?

A

Use best estimate of effective tax rate to be applicable for full fiscal year on quarterly statements.

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