Pros And Cons Of Interim Financial Reporting
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Interim financial statements, in comparison to comprehensive annual financial statements, present an abridged form of a publicly traded company’s financial information. As formerly aforementioned, the paramount onus of interim financial reporting is to convey reliable information to financial statement users in a timelier manner so that they may make imperative, knowledgeable decisions. In fulfilling this objective, there may be a tradeoff between 1) receiving information more frequently and 2) receiving more detailed explanations and/or presentations of reported figures. As a result, according to the Financial Accounting Standards Board’s (FASB) Accounting Standard Codification (ASC) 270-10-50-1, certain minimum disclosures within interim