U.S. GAAP Codification of Accounting Standards

U.S. GAAP Codification IFRS International Standards Accounting Standards, ASC

U.S. GAAP Accounting Standards
Codification Topic 270: Interim Reporting


Principles of Accounting Intermediate Financial AccountingU.S. GAAP Textbook
IFRS,  IFRS Dictionary IFRS U.S. GAAP Comparison IFRS Texbook
Securities Law Library,  Accounting by Topic Accounting Terms Dictionary


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


50 Questions on
   Accounting Journal Entries
   2012 Edition for iPhone and iPad
Create your own eBooks
   from iPhone and iPad
   (for iBooks and Kindle)




   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

IFRS, IAS by Topic
U.S. GAAP by Topic
Accounting Topics








Copyright © CPAClass.comTM  All Rights Reserved.