alleryStart learning →A new company's first annual reporting period is only 8 months long. Under AS 25, how is this period treated?
AA transition period
BAn interim period
CNot an interim period
DA quarterly period
Answer & Solution
Correct answer: C. Not an interim period
A shorter first annual period is that year's annual period, so it is not an interim period.
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Related questions
Each interim period of a quarterly reporter uses what?Can items that fail the asset or liability definition be shown in an interim balance sheetWhat must a liability at an interim date represent?A cost fails the asset test at year end. At an interim date?A half-yearly reporter revises an estimate. First-half figures?Regulator sets its own format. What still applies?AS 25 says timely interim reporting helps users to understand what?In which year was AS 25 on interim reporting issued?