Interim Reporting

Question 1

Info

Answer 1

Started on 01 September 2014 @6.25PM
Total questions 16
To do at a time 16
Practice session 95 or so Wiley not recording

Question 2

Does IFRS mandate interim reporting.

Answer 2

No

Question 3

Any inherent difficulty in the determination of the results of operations on an interim basis?

Answer 3

Costs expensed in one interim period may benefit other periods.

Question 4

For interim financial reporting, which of the following may be accrued or deferred to provide an appropriate cost in each period?

Answer 4

Interest Rent

Yes Yes
costs and expenses other than product costs (i.e., interest and rent) should be charged to income as incurred or allocated among interim periods if they benefit more than one interim period. Therefore, interest and rent expenses may be accrued or deferred.