F1

Question 1

Materiality Test –> Reportable Segments

Answer 1

To be significant enough to be reported separately from other segments, a segment must be at least:

1) 10% of COMBINED revenues (internal/intersegment sales and unaffiliated sales)
2) Operating income OR
3) Identifiable assets

Question 2

IFRS minimum comparative reporting requirement

Answer 2

When an entity reports a change in accounting principle, it must present at least:

• 3 Balance Sheets (end of current year/period, end of last year/period, and beginning of last year/period)
• 2 of the other F/S’s

Cumulative change is an adjustment to the earliest beginning R/E shown

Question 3

What’s a Form 10-K

Answer 3

Annual report for public US corporations… includes F/S

Question 4

What is a Form 11-K

Answer 4

The annual report of a public US companies employee benefit plan. Includes the F/S for that plan.

Question 5

What is a Form 20-F

Answer 5

The annual report for a foreign private issuer registered with the SEC. Contains annual F/S’s

Question 6

What are Forms 3, 4, and 5

Answer 6

These are required to be filed by directors, officers, or beneficial owners of a class of equity securities of a registered company
- Do NOT include F/S