Interim Reporting

Question 1

Interim Financial Statements are issued

Answer 1

between annual reports

Question 2

Interim statements are or not audited?

Answer 2

Not audited

Question 3

Required by US GAAP or SEC?

Answer 3

no for US GAAP but yes SEC

Question 4

Interim Reporting is on which SEC Report?

Answer 4

10-Q

Question 5

Major differences in interim reporting with US GAAP and IFRS

Answer 5

1. US based on integral view, IFRS on discrete view
2. US allocate expenses on period of benefit, IFRS does not
3. US defer cost variances, IFRS cannot
4. US defer decline in inventory value if recovery is expected, IFRS cannot

Question 6

Exceptions to integral approach

Answer 6

1. inventory
2. accounting principle change and error corrections
3. gains and losses on disposals
4. Discontinued ops