Balance Sheet and Disclosures Overview

Question 1

What must be included in both U.S. GAAP and IFRS as an integral part of the financial statements?

Answer 1

Description of all significant policies

Question 2

Does IFRS require an explicit and unreserved statement of compliance with IFRS in the notes to the financial statements?

Answer 2

Yes

Question 3

What does remaining notes to the financial statements contain?

Answer 3

All other information relevant to decision makers

Question 4

Does U.S. GAAP and IFRS require disclosure of related party transactions?

Answer 4

Yes

Question 5

What related party is not mentioned in IFRS?

Answer 5

Principal owners

Question 6

What disclosures of material related party transactions does U.S. GAAP exclude?

Answer 6

Compensation arrangements, expense allowances, and other similar items in the ordinary course of business

Question 7

Does IFRS include compensation arrangements disclosures?

Answer 7

Yes

Question 8

What are other things regarding related party transactons US GAAP does not require to be disclosed?

Answer 8

Allowane for bad debts, bad debt expense, or write-offs related to amounts due from related parties

Question 9

Does SEC regulations require disclosure of key management compensation arrangements?

Answer 9

Yes

Question 10

Concentrations should be disclosed if all of the following criteria are met?

Answer 10

Exists at the financial statement date, makes the entity vulnerable, and reasonably possible that the events could cause the severe impact will occur in the near term