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Reduced disclosures are permitted in condensed financial statements of interim periods. However, if a complete set of financial statements is presented in an interim period, then the full disclosure requirements of ASC 280 apply.
ASC 280-10-50-32 and ASC 280-10-50-33 provide the disclosure requirements for condensed financial statements of interim periods.

ASC 280-10-50-32

A public entity shall disclose all of the following about each reportable segment in condensed financial statements of interim periods:

  1. Revenues from external customers
  2. Intersegment revenues
  3. A measure of segment profit or loss
  4. Total assets for which there has been a material change from the amount disclosed in the last annual report
  5. A description of differences from the last annual report in the basis of segmentation or in the basis of measurement of segment profit or loss
  6. A reconciliation of the total of the reportable segments’ measures of profit or loss to the public entity’s consolidated income before income taxes and discontinued operations. However, if a public entity allocates items such as income taxes to segments, the public entity may choose to reconcile the total of the segments’ measures of profit or loss to consolidated income after those items. Significant reconciling items shall be separately identified and described in that reconciliation.

ASC 280-10-50-33

Interim disclosures are required for the current quarter and year-to-date amounts. Paragraph 270-10-50-1 states that when summarized financial data are regularly reported on a quarterly basis, the information in the previous paragraph with respect to the current quarter and the current year-to-date or the last 12 months to date should be furnished together with comparable data for the preceding year.

Entity-wide disclosures, including disclosures about major customers, are not required in interim periods. However, if a reporting entity were to transact a significant amount of business with a new (or previously insignificant) customer during an interim period that was expected to continue in future periods, management should consider providing the disclosures required by ASC 280-10-50-42.
During an interim period, a reporting entity may change its organizational structure, or a previously immaterial segment may become material. See FSP for guidance.

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