Interim Financial Reporting

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not required under US GAAP/IFRS, but both provide guidance to be used when interim reporting is presented

- GAAP used in most recent report should be used

effective tax rate should be used

Matching of Revenues/expenses

s/b properly allocated to periods affected

revenue recognized in period in which earned & realized/realizable

total for CI in condensed FS of interim periods issued to shareholders s/b reported

Timeliness Over reliability

only applies to interim reporting

does not give company to commit fraud

An integral part of annual FS

Since they're not audited must be marked as "unaudited"

US GAAP does nt establish presentation minimums, although guidance is provided by the SEC

Interim inventory valuation

- inventory rstimation methods - companies using gross profit/retail inventory method or any method different the one used for annual invetory valuation should disclose method used