CH1 - Notes Flashcards
(44 cards)
Single Step I/S
any revenues - expenses
GAAP verus IFRS difference in RE
IFRS has a revaluation surplus
Accumulated OCI losses and treasury stock purchase reduce
SE
Deficits are reported on F/S where
component of SE
Infrequent OR unusual events
seperate from income from continuing operations
IFRS operating activities difference
interest and dividends are included
Deferred tax balances are classified how
Between Current and noncurrent
ASSETS and LIABILITIES can be netted
Construction Cost in Excess of Billings =
Billings in Excess of Construction Costs =
ASSET
LIABILITY
Subsequent to year end but before issuance of financial statements changes
ALWAYS ADJUST
Cost sharing defined pension plan allocated liabilities and expenses how
proportionately
Appropriations are what type of revenues
NON OPERATING
Imposed Taxes
Derived Taxes
Property and wealth taxes
Personal Income Taxes
Realization
Recognition
Assets are exchanged for cash
Recordance on the books
Recorded Assets as the following
Continuing Operation
Disposal
1 - Historical Cost
2 - NRV (celing sp - disposal)
Single Source of GAAP
Financial Reporting Framework
FASB Codification; update standards makes rules
AICPA
Discontinued operations report G/L when
in the year they occur
Change in principle inseparable from a change in estimate
Prospective!!! When in doubt rely on prospective
Change in Accounting principle
Balance Sheet
I/S
Retrospective - Restate
Prior year only variance
Must go through all income statements to achieve correct RE adjustment on balance sheet
Cummulative effect of change in accounting principle
Adjust RE
Changes in an entity
Restatement
Discontinued Operations
must be the sale of a division or component; otherwise recorded in continuing operations
2 Quarters for tax
Total of both quarters * most current rate
- prior recordance
Reporting Segment need to not disclose
Segment CF
LIFO
FROM
TO
Retrospectively
Prospectively
