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Section 2400: Interim Reporting
[U.S. GAAP Codification Topic]
270 Interim reporting
270-10 Overall
[U.S. GAAP before the Codification]
APB Opinion 28, May 1973, Interim Financial Reporting
1. Accounting principles
Accounting principles for interim reports should be
--> same as those for the annual financial statements
2. Disclosure requirements
Minimum disclosure requirements for the interim financial reports
(1) sales or gross revenue
(2) income taxes
(3) extraordinary items
(4) net income
(5) comprehensive income
(6) seasonal revenue and expenses
(7) significant changes in financial position
(8) contingencies
(9) changes in accounting principles
(10) changes in accounting estimates
(11) segment information
(12) other items as required by Codification Topic 270-10-50-1
3. Regulation S-X
17 CFR Part 210.10-01
Rule 10-01: Interim Financial Statements
4. Condensed statements
(1) Interim financial statements --> may be unaudited
(2) Interim balance sheets
--> include major captions only
(3) In the balance sheet, captions that satisfy both (A) and (B) may be combined
(A) caption amount < 10% of total assets
(B) change in caption amount since preceding fiscal year ≤ 25% of beginning balance
(4) In the statement of income, captions that satisfy both (C) and (D) may be combined
(C) caption amount < 15% of average net income for recent 3 fiscal years
(D) change in caption amount ≤ 20% of corresponding interim period of preceding fiscal year
(5) Statement of cash flows
5a. it may begin with (a)
(a) a single figure of net cash flows from operating activities
5b. cash changes from investing and financing activities are reported individually
--> only in the case of (b)
(b) individual amount > 10% of (c)
(c) average net cash flows from operating activities
--> for recent 3 fiscal years
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