How does IAS 34 (Interim Financial Reporting)differ from U.S.GAAP?
A)U)S.GAAP has no guidance for interim financial reporting.
B)U)S.GAAP takes the position that interim periods are an integral part of the full year.
C)U)S.GAAP is the same as IAS 34.
D)U)S.GAAP requires that an interim period be projected pro rata for the entire year.

Question

Quizplus · Accepted Answer

Unlike IAS 34, which provides specific guidance for reporting interim financial information, U.S. GAAP takes the position that interim periods are an integral part of the full year. The SEC requires separate financial statements for interim periods and does not allow projections pro rata for the full year. Thus, companies are required to report complete interim financial statements that follow the same recognition and measurement rules as annual financial statements.

How Does IAS 34 (Interim Financial Reporting)differ from U