F1-InterimReporting

Question 1

Interim reported is required by US GAAP and IFRS?

Answer 1

No. However, both provide guidance when interim information is presented.
-SEC require interim reporting.

Question 2

How should be the matching of revenues and expenses?

Answer 2

should be matching by quarter.

Question 3

How it seem the interim reporting?

Answer 3

as an integral part of annual reporting.

-each statement presented should be marked “ unaudited”

Question 4

how it report the income taxes in interim reporting ?

Answer 4

-is estimate each quarter.

Question 5

What is the formula of income tax in interim reporting?

Answer 5

SUM: (Year to date Income)
Less: (result of provision included in the previous quarter)

Question 6

Inventory estimation method in interim reporting?

Answer 6

should disclose the method used at the interim date and any material difference

Question 7

How it treat the liquidation of the LIFO?

Answer 7

• should be valued at the expected cost of replacement

- the cost will include the expected cost of replacement.

Question 8

Howl it treat the permanent declines in market value?

Answer 8

• -are reflected in the period in which they occur
• yes it will be recognize
• market increase should be recognize but cannot exceed the prior interim periods.

Question 9

Howl it treat the temporary declines in market value?

Answer 9

• not reverse before the end of the annual period

- should not to be recognize

Question 10

How it treat unusual and/or infrequent transactions?

Answer 10

• should be material

- should be reported separately

Question 11

How it treat discontinued transactions?

Answer 11

• should be material

- should be reported separately