7.13 Interim Disclosures
Entities that issue interim financial data, such as SEC registrants, should consider
the disclosure requirements in ASC 270. Specifically, ASC 270-10-45-11A states:
Effects of disposals of a component of an entity and unusual or infrequently
occurring transactions and events that are material with respect to the
operating results of the interim period shall be reported separately. Gains
or losses from disposal of a component of an entity and unusual or
infrequently occurring items shall not be prorated over the balance of the
fiscal year.
In addition, ASC 270-10-50-2 states, in part:
If interim financial data and disclosures are not separately reported for the
fourth quarter, users of the interim financial information often make
inferences about that quarter by subtracting data based on the third quarter
interim report from the annual results. In the absence of a separate fourth
quarter report or disclosure of the results (as outlined in the preceding
paragraph) for that quarter in the annual report, disposals of components of
an entity and unusual or infrequently occurring items recognized in the
fourth quarter, as well as the aggregate effect of year-end adjustments that
are material to the results of that quarter (see paragraphs 270-10-05-2 and
270-10-45-10) shall be disclosed in the annual report in a note to the
annual financial statements.