Interim Financial Reporting

not required under US GAAP/IFRS, but both provide guidance to be used when interim reporting is presented - GAAP used in most recent report should be used effective tax rate should be used Matching of Revenues/expenses s/b properly allocated to periods affected revenue recognized in period in which earned & realized/realizable total for CI in condensed FS of interim periods issued to shareholders s/b reported Timeliness Over reliability only applies to interim reporting does not give company to commit fraud An integral part of annual FS Since they're not audited must be marked as "unaudited" US GAAP does nt establish presentation minimums, although guidance is provided by the SEC Interim inventory valuation- inventory rstimation methods - companies using gross profit/retail inventory method or any method different the one used for annual invetory valuation should disclose method used