True or False

1- When a company operates in the US and also in other countries, domestic and foreign revenues and long-lived assets must be disclosed by country if the company is reporting information by business segment.

2- Companies with individual customers that provide 10 percent or more of the company's revenues are required to identify each customer and the amount of revenue generated by the customer.

3-When reporting on an interim basis, one of the complications that arises concerns companies whose revenues and expenses are seasonal. Companies are allowed to adopt either the discrete accounting period or the integral portion accounting method to account for seasonal annual revenue and expenses.

4- Companies are allowed to treat interim periods as discrete accounting periods in their own right, rather than integral parts of an annual period .

5- The standards allow companies to include less information in interim financial reports, so long as certain minimum information is disclosed.