U.S. GAAP Codification of Accounting Standards Guide by AccountingINFO.com

U.S. GAAP Codification of Accounting Standards

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

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

Codification Topic 270
Interim Reporting

Subtopics of Codification Topic 270

270-10 Overall

Accounting Terms of Codification Topic 270-10

Publicly traded company