Which of the following are required disclosures in interim financial statements? a. Footnote discussions of seasonal revenue, costs or expenses b. Footnote discussions of contingent items c. Footnote discussions of changes in accounting principles d. All of the above e. Both a and c

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18-10-2022
Business

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Which of the following are required disclosures in interim financial statements? a. Footnote discussions of seasonal revenue, costs or expenses b. Footnote discussions of contingent items c. Footnote discussions of changes in accounting principles d. All of the above e. Both a and c

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Qwmaggi Qwmaggi · Answer 1 · 2022-10-26T07:24:07+02:00

Here the answer is all of the above. Condensed financial statements describing the company's financial condition, income, cash flows, and equity changes are included in these, along with notes providing further information.

Condensed balance sheet, condensed statement of profit and loss, condensed cash flow statement, and selected explanatory notes should all be included as a minimum in an interim financial report.

A financial statement's disclosures, which share non-financial information to set the financials in context, come towards the end. Lenders, investors, and other parties can make the best choices possible with the use of this information.

The financial results of any period that is not a fiscal year are reported in interim reporting. Any publicly traded firm must normally provide interim reporting, which entails the publication of three quarterly financial statements every year.

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