In considering interim financial reporting, how did the Accounting Principles Board conclude that each reporting should be viewed?
A) As a "special" type of reporting that need not follow generally accepted accounting principles.
B) As useful only if activity is evenly spread throughout the year so that estimates are unnecessary.
C) As reporting for a basic accounting period.
D) As reporting for an integral part of an annual period.

Question

Quizplus · Accepted Answer

The Accounting Principles Board concluded that interim financial reporting should be viewed as reporting for an integral part of an annual period, meaning it is a continuation of financial reporting for the fiscal year, rather than a separate or special report that could follow different rules.

In Considering Interim Financial Reporting, How Did the Accounting Principles