a
Introduction:
Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.
ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.
To explain: The recognition of revenue, product cost, gains, and losses for interim periods.
b
Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter, or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.
ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.
To explain: The difference in determination of cost of goods sold and inventory for interim period report versus annual reports.
c
Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter, or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.
ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.
To explain: The interim accounting treatment of period costs such as
d
Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter, or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.
ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.
To explain: The treatment of long-term contracts, advertising, seasonable revenue flood loss, and annual major repair and maintenance to plant and equipment during the last two weeks in December.
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Chapter 13 Solutions
ADVANCED FINANCIAL ACCOUNTING-ACCESS
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