Interim Reporting, ASC 270

Accounting principles for interim reports should be
–> same as those for the annual financial statements

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

Title 17: Commodity and Securities Exchanges
Part 210: Form and content of and requirements for financial statements

17 CFR Part 210.10-01
Rule 10-01: Interim Financial 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