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In the public sector, quarterly reporting is meant to highlight a government's revenues and expenditures for a quarter of the fiscal year as it is defined for that entity (in the United States, the fiscal year is different for the federal government than it is for other levels of government). According to McKinney, "governments stress how ...
The auditor must state in the auditor's report whether the financial statements are presented in accordance with generally accepted accounting principles. The auditor must identify in the auditor's report those circumstances in which such principles have not been consistently observed in the current period in relation to the preceding period.
Annual report pursuant to section 13 and 15(d) (and amendment thereto) 10-KT, 10-KT/A Transition report pursuant to Rule 13a-10 or 15d-10 (and amendment thereto) 10-Q, 10-Q/A Quarterly report pursuant to section 13 and 15(d) (and amendment thereto) 10-QT, 10-QT/A Transition report pursuant to Rule 13a-10 or 15d-10 (and amendment thereto)
This concept is used to align the reporting of financial transactions with the periods in which they are earned or incurred, according to the matching principle and revenue recognition principle. Deferrals are recorded as either assets or liabilities on the balance sheet until they are recognized in the appropriate accounting period .
In the United States, a more-detailed version of the report, called a Form 10-K, is submitted to the U.S. Securities and Exchange Commission. [2] A publicly held company may also issue a much more limited version of an annual report, which is known as a "wrap report." A wrap report is a Form 10-K with an annual report cover wrapped around it. [3]
In the latter case, the guiding principle is that segment reporting should be based on the information as provided to a company's management, also known as the 'management approach' or the 'through-the-eyes-of-management' principle. At the time IAS 14 was revised, the US Financial Accounting Standards Board adopted the management approach.
The 4–4–5 calendar is a method of managing accounting periods, and is a common calendar structure for some industries such as retail and manufacturing.It divides a year into four quarters of 13 weeks, each grouped into two 4-week "months" and one 5-week "month".
Federal Reserve Bank of Boston, Report 65 (December 1978) The Collected Papers of Franco Modigliani (editor), M.I.T. Press, Cambridge, Massachusetts, Volumes I, II, and III (1980) Macroeconomics, Addison-Wesley Publishing, Reading Massachusetts, with Ben S. Bernanke (1992); sixth edition with Dean Croushore