Which of the following statements is correct regarding APB Opinion No. 28, "Interim Financial Reporting," and IAS No. 34, "Interim Financial Reporting"?
A) Both pronouncements view each reporting interval as a separate accounting period.
B) Only IAS No. 34 views each reporting interval as a separate accounting period.
C) Only APB Opinion No. 28 views each reporting interval as a separate accounting period.
D) Only IAS No. 34 views each interim period as an integral part of each annual period.

Question

Quizplus · Accepted Answer

Only IAS No. 34 views each reporting interval as a separate accounting period. APB Opinion No. 28, on the other hand, recommends that interim financial statements be presented as part of the annual financial statements.

Which of the Following Statements Is Correct Regarding APB Opinion