In considering interim financial reporting, how does APB Opinion No. 28 conclude that such reporting should be viewed?
A) As reporting for a basic accounting period
B) As useful only if activity is evenly spread throughout the year so that estimates are unnecessary
C) As a "special" type of reporting that need not follow generally accepted accounting principles
D) As reporting for an integral part of an annual period

Question

Quizplus · Accepted Answer

APB Opinion No. 28 concludes that interim financial reporting should be viewed as reporting for an integral part of an annual period. This means that the interim reports should be prepared in conformity with generally accepted accounting principles and should provide relevant and reliable information about the financial position, results of operations, and cash flows for the period covered. Interim reports should be viewed as an essential component of a company's overall financial reporting and analysis, providing investors and other users of financial information with timely insight into a company's performance and prospects.

In Considering Interim Financial Reporting, How Does APB Opinion No