Question

1. Go to the Electronic Code of Federal Regulations

   1. What Part of Title 17 (Code of Federal Regulations – CFR) applies to interim financial reporting? Do interim financial statements need disclosures? Use appropriate citation.

   2. Go to the FASB Codification. Provide the Codification citation that refers to SEC interim financial statements?

   3. Go to the Electronic Code of Federal Regulations. Do LIFO reserves need to be disclosed in financial statements or in the footnotes? Be sure to include the specific reference in your answer.

Answer 1

Question:What Part of Title 17 (Code of Federal Regulations – CFR) applies to interim financial reporting? Do interim financial statements need disclosures? Use appropriate citation.

Answer: eCFR Title 17 is concerned with Commodites & Securities Excchanges. Chapter II.

Section 210.8-03 provides the requirement of Interim financial statement disclosures. The companies covered under said disclosure have to disclose in the condensed manner with proper footnote all details relating to financial results with any changes in accounting policies even, significant equity investees, significant dispositions, while giving comparisons with the previous year datas.

Question: Go to the FASB Codification. Provide the Codification citation that refers to SEC interim financial statements?

Answer: FASB Codification : Regulation S-X Rule 10-01 covers, Interim Financial Statement codified 270-10-s99-1. S-X Rule 10-01 Interim Financial Statement (17CFR210.10-01). Section 210.8-03 provides the requirement of Interim financial statement disclosures.

Question Go to the Electronic Code of Federal Regulations. Do LIFO reserves need to be disclosed in financial statements or in the footnotes? Be sure to include the specific reference in your answer.

Answer: As per provisions of eCFR Title 26 covers the LIFO systems of Inventory valuation. LIFO reserve need not be disclosed in the financial statement, but the system of accounting is given as a footnotes . We need to give the system of our Inventory valuations either lifo, fifo or average or weighted average method.