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Codification Topic 270 Interim Reporting Interim Financial Reporting APB Opinion 28, May 1973 "Interim Financial Reporting" Accounting principles Accounting principles for interim reports should be --> same as those for the annual financial statements 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 Code of Federal Regulations (CFR) Title 17: Commodity and Securities Exchanges Part 210: Form and content of and requirements for financial statements Regulation S-X 17 CFR Part 210.10-01 Rule 10-01: Interim Financial Statements 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 (1) (1) 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 (2) (2) individual amount > 10% of (2a) (2a) average net cash flows from operating activities --> for recent 3 fiscal years International Financial Reporting Standards (IFRS)    IAS 34: Interim Financial Reporting

Codification Topic 270    Interim Reporting

Subtopics of Codification Topic 270      270-10 Overall

Accounting Terms of Codification Topic 270-10      Publicly traded company

Other Topics at the Codification 200

Accounting Standards Codification, ASC, Overview

ASC Codification Topic 205: Presentation of Financial Statements

ASC Codification Topic 210: Balance Sheet

ASC Codification Topic 215: Statement of Shareholder Equity

ASC Codification Topic 220: Comprehensive Income

ASC Codification Topic 225: Income Statement

ASC Codification Topic 230: Statement of Cash Flows

ASC Codification Topic 235: Notes to Financial Statements

ASC Codification Topic 250: Accounting Changes and Error Corrections

ASC Codification Topic 255: Changing Prices

ASC Codification Topic 260: Earnings per Share

ASC Codification Topic 270: Interim Reporting

ASC Codification Topic 272: Limited Liability Entities

ASC Codification Topic 274: Personal Financial Statements

ASC Codification Topic 275: Risks and Uncertainties

ASC Codification Topic 280: Segment Reporting

U.S. GAAP Codification of Accounting Standards

Accounting Standards Codification, ASC, Overview

ASC Codification 200: Presentation

ASC Codification 300: Assets

ASC Codification 400: Liabilities

ASC Codification 500: Equity

ASC Codification 600: Revenue

ASC Codification 700: Expenses

ASC Codification 800: Broad Transactions

ASC Codification 900: Industry

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