balance sheet and disclosures interim financial reporting segment reporting

Question 1

Both GAAP and IFRS require that a description of all significant policies be included as an integral part of the financial statments

Answer 1

yes

Question 2

first or second note to the financial statement

Answer 2

summary of significant accounting policies

Question 3

IFRS requires an explicit and unreserved statement

GAAP?

Answer 3

of compliance with IFRS

GAAP does not have a similar requirement

Question 4

IFRS requires disclosure of judgments and estimates that management has made in the process of applying accounting policies GAAP?

Answer 4

NO

Question 5

both GAAP and IFRS require the disclosure of related party transactions

Answer 5

1. affiliates of an entity
2. entities accounted for using the equity method
3. parent or subsidiary entities or subsidiaries of a common parent
4. trusts for the benefit or employees
5. management of an entity and their immediate family members
6. owners of more than 10% of the voting interest of an entity and their immediate family members.

Question 6

interim financial reporting

Answer 6

not required under GAAP or IFRS but if you are public company, SEC required it

Question 7

Interim financial timeliness is emphasized over reliability

Answer 7

so unaudited

Question 8

IFRS has required to include a minimum on Interim financial statememt

Answer 8

GAAP dont

Question 9

income tax information on interim

Answer 9

best information available at that time

Question 10

IFRS allows the effective tax rate to be estimated using enacted or substantially enacted

Answer 10

GAAP only enacted tax rate

Question 11

All public enterprises need disclosure (both GAAP and IFRS)

Answer 11

1. operating segments(annual and interim)
2. products and service
3. geographic areas
4. major customers.

Question 12

Inter company transaction between the segments

Answer 12

are not eliminated in a consolidated between the parent company and subsidiaries

Question 13

definition of operating segments

Answer 13

1. has its own revenues and expenses

2. discrete financial information is available( traceable cash flow)

Question 14

Headquarters

Answer 14

not operating segment

Question 15

pension plan

Answer 15

not operating segment

Question 16

reportable segment criteria

Answer 16

Any one

1. revenue including both external and intersegment is 10% or more of the combined revenue, internal and external of all operating segments
2. reported profit or loss 10 % or more of greater of combined reported profit did not report a loss or combined reported loss did report a loss
3. 10% or more asset pf all combined assets

and

75% reporting sufficiency test: total reporting external revenue need be 75% or more of total external (consolidated) revenue.

Question 17

not reportable

Answer 17

combined and disclosed in an “ all other segments”

Question 18

formula of segment profit or loss

Answer 18

revenue
- directly traceable costs
-reasonably allocated costs
=operating profit (EBIT)

Question 19

10 K

Answer 19

annually audited

Question 20

10-Q

Answer 20

quarterly unaudited

Question 21

20-F 40F

Answer 21

annually by foreign private issuers

Question 22

6-k

Answer 22

semiannually foreign private issuers

Question 23

8-K

Answer 23

major corporate events

Question 24

review requirement for interim financial statements

Answer 24

US-quarterly
Foreign-Semiannually
must be reviewed by an independent public accountant
should include: B/S I/S SCF

Question 25

review requirement for annually financial statements

Answer 25

Audited BS 2 IS/CF 3

IFRS All 2

Question 26

XBRL(Extensible business reporting language) tag?

Answer 26

a machine-readable code

Question 27

interim financial reporting should be viewed primarily in which of the following ways

Answer 27

as reporting for an integral part of an annual period

Question 28

interim inventory valuation

permanet

Answer 28

reflected in the interim period in which they occur, recovery interim period not to exceed the losses included in prior interim period

Question 29

interim inventory valuation temporary

Answer 29

should not be recognized

Question 30

how are discontinued operations and extraordinary items that occur at midyear initially reported

Answer 30

included in net income and disclosed in the notes to interim financial statements

Question 31

public company present about revenue from its reporting segment

Answer 31

disclose separately the amount of sales to unaffiliated customers and the amount of intracompany sales

Question 32

segment reporting 只针对

Answer 32

public entities

1. operating segments
2. products and services
3. geographic areas
4. major customers

Question 33

a company is an accelerated filer that is required to file from 10-K how many days

Answer 33

75

Question 34

an XBRL financial statement exhibit is required to be submitted with all of the following sec fillings except

Answer 34

20-F need
10-K need
6-K need
forms 3,4,5 dont need