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U.S. GAAP Codification of Accounting Standards |
| U.S. GAAP Codification | Accounting Standards, ASC |
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U.S. GAAP
Codification of Accounting Standards |
| U.S. GAAP Codification Updates |
| Principles of Accounting, Intermediate Accounting, Advanced Accounting |
| Accounting Terms |
| 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 |
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Codification Topic 270 Interim Reporting |
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Subtopics of Codification Topic 270 270-10 Overall |
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Accounting Terms of Codification Topic 270-10 Publicly traded company |
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