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IASC proposes guidance on interim financial reporting.

The International Accounting Standards Committee (IASC) has published for comment a draft statement of principles (DSOP) on accounting for interim financial reports. The IASC approved the set of proposals for recognizing, measuring and disclosing assets, liabilities, income and expenses for quarterly, biannual and other types of interim reports. The DSOP is expected to form the basis of an IASC exposure draft of an international accounting standard (lAS) on interim financial reporting.

Interim financial information is used by investors and creditors, and securities regulators and stock exchanges in more than 30 countries currently require interim reporting. However, there are no lASs that specifically address reporting financial information for interim periods. The DSOP proposes that such reports include, at a minimum, a condensed income statement, balance sheet and cash flow statement and selected note disclosures.

Copies of the Draft Statement of Principles on Interim Financial Reporting can be obtained for approximately $8 by calling the IASC in London at +44 (171) 353-0565.
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Title Annotation:International Accounting Standards Committee
Publication:Journal of Accountancy
Article Type:Brief Article
Date:Dec 1, 1996
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