Interim Reporting Flashcards
1
Q
Is Interim Financial Reporting is not required?
A
No, neither in U.S. GAAP or IFRS
2
Q
How are Revenues & Expenses Matched for IR?
A
by quarter
3
Q
Interim reporting emphasizes:
A
timeliness over relability - unaudited
4
Q
Difference between IFRS & GAAP for Interim Reporting?
A
IFRS has mnimum Requirements, US GAAP does not
5
Q
How are income taxes calculated for Interim reporting?
A
Estimate the effective tax rate for the year.
6
Q
Liquidation of LIFO Base Layer (Interim reporting)
A
Expect it to be correction, then value @ replacement cost
7
Q
Permanent Vs. Temporary Declines in Mkt value IR
A
Permanent losses should be reflected, temporary are not
8
Q
Interim Reporting Issues
A
- Seasonality 2. Unusual/infrequent transactions 3. Minimum disclosure requirements
