{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/270/10/#10-objectives","source":"FASB Accounting Standards Codification, Basic View","usage":"Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective.","topic":"270","topic_title":"Interim Reporting","subtopic":"270-10","subtopic_title":"Overall","section":{"number":"10","label":"10 Objectives","anchor":"10-objectives","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"270-10-10-1","para":"10-1","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_7F3022C9-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">The principal objectives of the Interim Reporting Topic are to provide guidance on accounting and disclosure issues peculiar to interim reporting and to set forth minimum disclosure requirements for interim financial reports of <a href=\"/glossary/p/#publicly-traded-company\" class=\"term\" title=\"A publicly traded company includes any company whose securities trade in a public market on either of the following: A stock exchange (domestic or foreign) In the over-the-counter market (including securities quoted only locally or regionally), or any company that is a conduit bond obligor for conduit debt securities that are traded in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local or regional markets). Additionally, when a company is required to file or furnish financial statements with the SEC or makes a filing with a regulatory agency in preparation for sale of its securities in a public market it is considered a publicly traded company for this purpose. Conduit debt securities refers to certain limited-obligation revenue bonds, certificates of participation, or similar debt instruments issued by a state or local governmental entity for the express purpose of providing financing for a specific third party (the conduit bond obligor) that is not a part of the state or local government's financial reporting entity. Although conduit debt securities bear the name of the governmental entity that issues them, the governmental entity often has no obligation for such debt beyond the resources provided by a lease or loan agreement with the third party on whose behalf the securities are issued. Further, the conduit bond obligor is responsible for any future financial reporting requirements.\"><span>publicly traded companies</span></a>. </span></span></div><div class=\"div pending-text\" id=\"pgroup_7F301C53-6E93-1014-A13F-6E4B94C84136__GUID-DE52ADF3-A89C-42ED-8DB9-5120E84724B7\"><div class=\"div date-effective\"><span class=\"transition-header\">Transition date:</span><span class=\"p-alphabet\">(P) December 16, 2027; (N) December 16, 2028</span><span class=\"transition-header pipe-separator\">Transition guidance:</span></div><a href=\"/asc/270/10/#270-10-65-1\" class=\"xref\">270-10-65-1</a><span class=\"sfragment\" id=\"GUID-33CDCFCE-99DD-48AA-9424-BAE9FD6FD609\"><span class=\"sfragment-source\">The principal objectives of the Interim Reporting Topic are to provide guidance on accounting and disclosure issues </span></span><span class=\"sfragment\" id=\"GUID-296B67B3-9FC4-4D3E-A108-303BB2DA1E9D\"><span class=\"sfragment-source\">specific </span></span><span class=\"sfragment\" id=\"GUID-AFB25AA9-0970-49D7-8466-7CF716B64DF2\"><span class=\"sfragment-source\">to interim reporting and to set forth disclosure requirements for </span></span><span class=\"sfragment\" id=\"GUID-B5E350F0-AE4F-496E-8225-69F44A8E25D9\"><span class=\"sfragment-source\">entities that provide </span></span><span class=\"sfragment\" id=\"GUID-56AEADAE-84F6-40E0-8AD9-5357AA2A08A0\"><span class=\"sfragment-source\">interim financial </span></span><span class=\"sfragment\" id=\"GUID-1B86CB01-4C8C-404C-B834-6F0B0F529826\"><span class=\"sfragment-source\">statements and notes in accordance with generally accepted accounting principles. </span></span></div></div>","snippet":"The principal objectives of the Interim Reporting Topic are to provide guidance on accounting and disclosure issues peculiar to interim reporting and to set forth minimum disclosure requirements for interim financial rep…","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6ccf5e54a7a67215cd9c86740e32d0234b2905cd4a5339b26c136fe704461bb7","downloaded_from":"2026-09-09T23:19:45.259Z","last_downloaded_at":"2026-09-09T23:19:45.259Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147483060","source_sha256":"0ce58cacb0c5508017b5f93183e2036a540c6c8ede1ea811dbacd3d81d0ba0cc"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c324595692c11b003f1777ad2121f00422306d1e389b9343a77007709635252a","downloaded_from":"2026-09-09T23:19:45.259Z","last_downloaded_at":"2026-09-09T23:19:45.259Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147483060","source_sha256":"0ce58cacb0c5508017b5f93183e2036a540c6c8ede1ea811dbacd3d81d0ba0cc"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:355940068e02ec080510b4cdacd80ccae9833051b6ec1d9f9368a07468dede0d","downloaded_from":"2026-09-09T23:19:45.259Z","last_downloaded_at":"2026-09-09T23:19:45.259Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147483060","source_sha256":"0ce58cacb0c5508017b5f93183e2036a540c6c8ede1ea811dbacd3d81d0ba0cc"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:355940068e02ec080510b4cdacd80ccae9833051b6ec1d9f9368a07468dede0d","downloaded_from":"2026-09-09T23:19:45.259Z","last_downloaded_at":"2026-09-09T23:19:45.259Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147483060","source_sha256":"0ce58cacb0c5508017b5f93183e2036a540c6c8ede1ea811dbacd3d81d0ba0cc"}}