Quarterly financial reporting is a requirement under GAAP as promulgated by the FASB and its predecessor organizations.

Question

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Quarterly financial reporting is not a requirement under GAAP (Generally Accepted Accounting Principles) as promulgated by the FASB (Financial Accounting Standards Board); it is a requirement by the SEC (Securities and Exchange Commission) for publicly traded companies.

Quarterly Financial Reporting Is a Requirement Under GAAP as Promulgated