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Flashcards in Balance Sheet and Disclosures Overview Deck (10):
1

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

Description of all significant policies

2

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

Yes

3

What does remaining notes to the financial statements contain?

All other information relevant to decision makers

4

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

Yes

5

What related party is not mentioned in IFRS?

Principal owners

6

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

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

7

Does IFRS include compensation arrangements disclosures?

Yes

8

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

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

9

Does SEC regulations require disclosure of key management compensation arrangements?

Yes

10

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

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