Interim Financial Reporting Flashcards
1
Q
Is interim financial reporting required for IFRS or GAAP?
A
Neither
2
Q
What reports must be filed with the SEC?
A
Interim quarterly reports
3
Q
Is timeliness or reliability emphasized with interim reporting?
A
Timeliness
4
Q
Are interim reports audited?
A
No
5
Q
What should each statement of interim financials have?
A
Should be marked as “unaudited”
6
Q
IFRS allows the effective tax rate to be estimated using?
A
Enacted or substantially enacted changes in tax rates
7
Q
US GAAP allows the effective tax rate to be estimated using?
A
Enacted tax rates only
8
Q
What should the cost of sales for the interim period include?
A
Expected cost of replacement
9
Q
Should inventory estimation methods be disclosed in interim financial statements?
A
Yes
