What is a 5 year statutory review?

The purpose of the Five-Year Review generally is to determine whether the remedy at a site is/remains protective of human health and the environment and to evaluate the implementation and performance of the selected remedy.

What is a five-year report?

Five-Year Reviews are documents prepared by EPA to evaluate the implementation and performance of site remedies to determine if they remain protective of human health and the environment. Use the sortable column, text-searchable table below to access Five-Year Review documents.

What do you mean by interim report?

An interim report, sometimes referred to as an interim statement, is a financial statement for a period shorter than one financial year. Interim reports are used to provide an overview of the company’s financial performance before the end of the financial reporting cycle.

What is an interim statement?

An interim statement is a financial report covering a period of less than one year. Interim statements are used to convey the performance of a company before the end of normal full-year financial reporting cycles. Unlike annual statements, interim statements do not have to be audited.

What are 3 key features of interim reports?

What is Interim Reporting?

• Balance sheet. As of the end of the current interim period and the immediately preceding fiscal year.
• Income statement. For the current interim period, and the fiscal year-to-date, and the corresponding periods for the immediately preceding fiscal year.
• Statement of cash flows.

What are difficulties in interim reporting?

Problems in Interim Reporting There are issues related to inventory like the determination of inventory quantity, adjustments of valuation, and valuation of inventories with interim reports making it invariably impractical to count and price inventory every quarter or every month.

Can interim financial statements be audited?

Unlike annual statements, interim statements do not have to be audited. Interim statements increase communication between companies and the public and provide investors with up-to-date information between annual reporting periods. These may also be referred to as interim reports.

What is an interim review?

Interim Review means a formal discussion and documentation of such at the mid-point of the performance cycle between a manage or supervisor and an employee to review the employee’s progress and make any necessary adjustments, including the initiation of an Individual Development Plan or a Performance Improvement Plan …

Do interim financial statements need to be audited?

What two accounting principles most directly drive the adjusting process?

What two accounting principles most directly drive the adjusting process? The revenue recognition principle and the expense recognition (matching) principle lead most directly to the adjusting process.

What is the difference between interim reports and final reports?

Interim financial statements are financial statements that cover a period of less than one year. The final reporting period of the year is encompassed by the year-end financial statements, and so is not considered to be associated with interim financial statements.

Do interim financial statements need to be reviewed?

Here’s a reminder from the SEC: interim financial statements included in Forms 10-Q are required to be “reviewed” by outside auditors. Here’s a reminder from the SEC: interim financial statements included in Forms 10-Q are required to be “reviewed” by outside auditors.

What is EPA’s five-year review guidance?

EPA’s Comprehensive Five-Year Review Guidance, OSWER Directive 9355.7-03B-P, dated June 2001, promotes consistent implementation of the five-year review process.

What is the five-year review requirement for remedial actions?

The five-year review (FYR) requirement applies to all remedial actions selected under CERCLA §121. Therefore, sites with CERCLA remedial actions may be subject to a five-year review. Consistent with Executive Order 12580, other federal agencies are responsible for ensuring that five-year reviews are conducted at sites where required or appropriate.

Who is responsible for the five-year review period?

Five-year reviews can be performed by EPA or the lead agency for a site. EPA retains responsibility for determining the protectiveness of the remedy.

Are CERCLA remedial actions subject to a five-year review?

Therefore, sites with CERCLA remedial actions may be subject to a five-year review. Consistent with Executive Order 12580, other federal agencies are responsible for ensuring that five-year reviews are conducted at sites where required or appropriate.