According to GAAP, the conceptual view of interim reporting is that interim reporting
A)should be viewed primarily as an integral part of an annual period
B)should be viewed as if the interim report was an annual accounting period
C)need not follow most generally accepted accounting principles
D)is an optional form of disclosure for most companies

Question

Quizplus · Accepted Answer

According to GAAP, interim reporting should be viewed primarily as an integral part of an annual period. This means that the interim financial statements should be prepared and presented in a way that allows investors to understand the financial performance and position of the company during the period leading up to the interim date, as well as the expected performance for the remainder of the year. This view recognizes that interim periods are part of a larger financial reporting period and should therefore be consistent with the annual financial statements.

According to GAAP, the Conceptual View of Interim Reporting Is