Interim Financial Reporting

Who: Public & private companies
(Public companies must file with SEC but not required by GAAP)
What: An integral part of the annual financial statements 
When: Every quarter (generally)
Why: Timeliness

Income Tax Expense
Calcuation: (YTD income x estimated tax rate) - prior quarter(s) estimated tax expense
*Always use effective tax rate, not statutory tax rate

GAAP vs. IFRS Presentation Requirements:
GAAP: no presentation minimums, but SEC provides guidance

IFRS:

1. Balance Sheet as of end of the current interim period and prior year end
2. Statements of Comprehensive Income of current interim period & cumulative YTD with comparative statements for comparable periods in prior year
3. Statements of Changes in Equity for YTD current fiscal year and YTD prior year
4. Statements of Cash Flow for YTD current fiscal year and YTD prior year