What is interim reporting?

Q: What

A: Introduction:- The following one of the conditions is required to satisfied for segment reporting as…

Q: What does the term “end-of-period convention” mean? What does it not mean?

A: End-of-period convention is an accounting concept according to which all income and outgoing payment…

Q: Describe the situations that constitute a change in reporting entity.

A: A change in the reporting entity is referred to as the change in the combination of the companies…

Q: What is preliminary prospectus?

A: Preliminary prospectus is the first document submitted by a company which plans for initial public…

Q: What minimum information must an enterprise provide in an interim report?

A: The following minimum information enterprise must provide in an interim report: A condensed…

Q: Why should distribution be limited for reports on projections, agreed-upon procedures, and…

A: Audit Report: The auditor's statement is the auditor's written letter which states if the accounting…

Q: How do the non-GAAP measures differ from related official GAAP measures?

A: Generally Accepted Accounting Principles  or GAAP  provides an uniform set of rules and formats…

Q: What is the End-of-Period Convention?

A: As per the end-of-period convention, all incoming and outgoing payments (cash flows) of an…

Q: What is a wraparound filing?

A: Financial reporting: Financial reporting is the procedure used to communicate the information…

Q: Define the term End-of-Period Convention?

A: Cash flows refer to the amount of cash that is either invested or received by the company during the…

Q: Define adjustment entries and how they are passed?

A: Adjusting entries are those entries which are made at the end of the accounting period, to record…

Q: How are FASB preliminary views and FASB exposure drafts related to FASB “statements”?

A: Financial accounting standards board (FASB): The FASB is an independent, designated, and non-profit…

Q: What is meant by Wraparound filing?

A: Financial reporting: Financial reporting is the procedure used to communicate the information…

Q: What are GAAP principles

A: The management of the company is the main responsible for preparing the financial statements which…

Q: What is a prior-period adjustment?

A: Statement of retained earnings: This is a financial statement that shows the amount of net income…

Q: What is an updated report?

A: Report: It can be defined as a document that provides the information to a specified group of people…

Q: What is an estoppel? Why is it used?

A: Estoppel is the legal principle which is helpful for any future contradiction. It means that…

Q: What is a special assessment project? How are special assessment projects reported?

A: Special assessment project: The special assessment project refers to the projects which are…

Q: What is moderate policy (current assets)?

A: Moderate policy is the policy which makes the balance between restricted and relaxed policies. It is…

Q: What is interim reporting period? Describe about it.

A: Interim financial statements are defined as a financial report containing either a complete set of…

Q: How is a change in entity recorded?

A: Change in reporting entity:   A change in reporting entity occurs when two or more previously…

Q: When is a GAAP departure appropriate?

A: Definition:   Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to…

Q: What is the importance of date of declaration, date of record, and date of payment?

A: Following are the importance of declaration date, record date and payment date in accordance with…

Q: What are the differences between GAAP and IFRS?

A: The companies are required to follow a set of guidelines and rules in the presentation of financial…

Q: The purpose of adjustments is to?

A: In simple words, adjusting entries are the changes to the journal entries that are already made in…

Q: What are reversing entries? Are they required by GAAP?

A:

Q: What is a reportable operating segment?

A: Operating segment is a segment of a company which can generate its own revenue and has its own…

Q: What disclosures are required For areas determined to be reportable operating segments?

A: Definition: Operating segment: Operating segments are different business verticals of a company that…

Q: What approaches have been suggested to overcome the seasonality problem related to interim…

A: Interim report: When the financial results are published for the year shorter than the fiscal year,…

Q: What major types of items are reported in the retainedearnings statement?

A:

Q: Define adjustment bureau

A: Adjustment bureaus generally operate under the laws of the federal government. These adjustment…

Q: Explain Change in Reporting Entity.

A: A reporting entity is an entity whose general-purpose financial report is used by its users to have…

Q: What do you mean by adjustment entries ?

A: A journal entry is being used to track a business transaction in a company's accounting records. A…

Q: pose of analysis

A: Interim reports : A accounting statement spanning a term of shorter than 1 year is known as an…

Q: Which organization is responsible for promulgating U.S.​ GAAP?

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: What is its Cumulative Bulletin citation? Is it still a valid Reveune Ruling?

A: Will Be Explained:

Q: Methods and rules to be followed in case of reconstitution?

A: Solution- It is often noticed that a partnership firm undergoes restructuring. These changes are…

Q: What are going-concern uncertainties?

A:

Q: How is the date of transition and the date of reporting determined in first-time adoption of IFRS?

A: Date of transition is the beginning of the earliest period for which an entity presents full…

Q: Differentiate between IFRS vs. U.S. GAAP.

A: International Financial Reporting Standards (IFRS): IFRS are a set of international accounting…

Q: What are the requirements for a prior period adjustment?

A: Prior period adjustment: A prior period adjustment is the result of a material error discovered in…

Q: S or amending for existing IFRS.

A: The International Accounting Standards Board (IASB) is an independent, private-zone frame that…

Q: What indexes does Target use to measure the LIFO provision?

A: Inventory:   Inventory for a business refers to stock in hand, work in process, raw materials,…

Q: What is the definition of “retrospective application”?

A: The first book that the company will prepare is the journal book in which all the transactions of…