Which of the following statements is correct regarding FASB ASC Topic 270,"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 FASB ASC Topic 270 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

IAS No.34 views each interim period as a separate accounting period, while FASB ASC Topic 270 views interim periods as integral parts of the annual period.

Which of the Following Statements Is Correct Regarding FASB ASC