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Basic Question 8 of 18
Interim financial statements ______
II. are in condensed form.
III. are not subjected to a full audit.
I. include less detail than the annual report.
II. are in condensed form.
III. are not subjected to a full audit.
User Contributed Comments 9
| User | Comment |
|---|---|
| Dinosaur | what is meant by condensed form? |
| rethan | Interim financial statements are not FULLY audited. i.e. there is some auditing, but not full. |
| rethan | Dinosaur: Condensed- Abbreviated/is lesser in detail |
| pappoo | yes less details |
| johntan1979 | In finance, condensed means summary. In food, condensed means concentrated. |
| ldfrench | You are so wise^ |
| rabihCH | i love these comments. make studying less painful! :) |
| ibrahim18 | @rabihCH. I agree. I always look forward to the comments |
| SeanReam | There is no such thing as "some auditing", if its audited it has an auditors report. It gets reviewed which means the accounting is checked but the substance of it isn't tested. |
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Learning Outcome Statements
describe the importance of regulatory filings, financial statement notes and supplementary information, management's commentary, and audit reports
describe information sources that analysts use in financial statement analysis besides annual and interim financial reports
CFA® 2025 Level I Curriculum, Volume 2, Module 1.