Some firms experience material seasonal variations in revenues. U.S. GAAP requires firms to disclose the seasonal nature of their activities in their interim financial statements. Search the FASB’s Original Pronouncements using either hard copy or the Financial Accounting Research System (FARS) database to complete the following requirements.

Required 1. Identify the authoritative pronouncement and the paragraphs within that pronouncement that require disclosure of material seasonal variations in interim financial statements.

2. Summarize the requirements with respect to this issue. LO3