US GAAP versus IFRS
Interim financial reporting
ASC 270, Interim Reporting, and IAS 34, Interim Financial Reporting, are substantially similar except for the treatment of certain costs described below. Both require an entity to apply the accounting policies that were in effect in the prior annual period, subject to the adoption of new policies that are disclosed.
Both standards allow for condensed interim financial statements and provide for similar disclosure requirements. Neither standard requires entities to present interim financial information.
That is the purview of securities regulators such as the SEC, which requires US public companies to comply with Regulation S-X.
As part of the joint financial statement presentation project, the FASB will address presentation and display of interim financial information in US GAAP and the IASB may reconsider the requirements of IAS 34. This phase of the project has not started.
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