Under the discrete view, an interim period is viewed as a self-contained segment of history that must stand on its own, just as an annual period must stand on its own.

Question

Quizplus · Accepted Answer

Under the discrete view, each interim period is considered an independent reporting period, meaning it should be treated as if it were a separate entity, with its financial performance and position reported as if the period were the end of the business's fiscal year.

Under the Discrete View, an Interim Period Is Viewed as a Self-Contained