{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/270/10/#15-scope-and-scope-exceptions","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":"15","label":"15 Scope and Scope Exceptions","anchor":"15-scope-and-scope-exceptions","is_sec":false,"groups":[{"block":null,"heading":"Overall Guidance","paragraphs":[{"citation":"270-10-15-1","para":"15-1","html":"
The Scope Section of the Overall Subtopic establishes the pervasive scope for the Interim Reporting Topic.
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The guidance in the Interim Reporting Topic applies to all entities.
Transition date:(P) December 16, 2027; (N) December 16, 2028Transition guidance:
270-10-65-1The guidance in the Interim Reporting Topic applies to all entities that provide interim financial statements and notes in accordance with generally accepted accounting principles (GAAP), regardless of whether those interim financial statements and notes in accordance with GAAP are prepared at the same level of aggregation as the annual financial statements and annual notes or as condensed statements.
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The guidance in the Interim Reporting Topic applies whenever entities issue interim financial information. It provides guidance on the applicability of generally accepted accounting principles (GAAP) to interim financial information and indicates types of disclosures necessary to report on a meaningful basis for a period of less than a full year. This Topic is not intended to deal with unresolved matters of accounting related to annual reporting.
Transition date:(P) December 16, 2027; (N) December 16, 2028Transition guidance:
270-10-65-1The guidance in the Interim Reporting Topic applies to interim financial statements and notes in accordance with GAAP. This Topic also provides disclosure requirements necessary to report on a meaningful basis for a period of less than a full year. This Topic is not intended to deal with annual reporting.
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Transition date:(P) December 16, 2027; (N) December 16, 2028Transition guidance:
270-10-65-1For the purposes of applying the guidance in this Topic, financial statements and notes in accordance with GAAP include those financial statements that are a full set of financial statements in accordance with the guidance in paragraph 205-10-45-1A. For example, if an entity issues only an income statement, that would not be considered a full set of financial statements and therefore would not be subject to the guidance in this Topic. For the purposes of applying this Topic, financial statements and notes in accordance with GAAP for not-for-profit entities are those that are equivalent to the statements listed in paragraph 205-10-45-1A, except for investments by and distributions to owners during the period.
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