Interim reported is required by US GAAP and IFRS?
No. However, both provide guidance when interim information is presented.
-SEC require interim reporting.
How should be the matching of revenues and expenses?
should be matching by quarter.
How it seem the interim reporting?
as an integral part of annual reporting.
-each statement presented should be marked “ unaudited”
how it report the income taxes in interim reporting ?
-is estimate each quarter.
What is the formula of income tax in interim reporting?
SUM: (Year to date Income)
Less: (result of provision included in the previous quarter)
Inventory estimation method in interim reporting?
should disclose the method used at the interim date and any material difference
How it treat the liquidation of the LIFO?
- should be valued at the expected cost of replacement
- the cost will include the expected cost of replacement.
Howl it treat the permanent declines in market value?
- -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.
Howl it treat the temporary declines in market value?
- not reverse before the end of the annual period
- should not to be recognize
How it treat unusual and/or infrequent transactions?
- should be material
- should be reported separately
How it treat discontinued transactions?
- should be material
- should be reported separately
