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Flashcards in FAR Mnemonics Deck (11):

Primary Qualitative Characteristics for Relevance

Relevance (Roger is PC) but never Material Predictive Value Confirmatory Value Materiality


Primary Qualitative Characteristics for Faithful Representation

Faithful Representation (Roger is never on the FENCe) free from Error Neurtality Completeness


Enhancing Qualitative Characteristics

Related to relevance and faithful representation. (Roger is CUT like a V) Comparibility Understandibility Timeliness Verifiability


Income Statement


O- Operating Income (net of tax)

N- Non Operating Income

T- Provision for Income Tax

I - Income From Continuing Operations

De- Discontinued Component Unit

N- Net Income

O- Other Comprehensive Income


Derivative cash flow hedge gain/loss

Excess adjustment of PBO and FV of plan assets at year end

Net unrealized holding gains of AFS during period

Translation adjustment of foreign currency

C- Comprehensive Income


Pension Expense (Pension Cost)


 + Service Cost

Prior Service Cost Amortization

Interest Cost

- Actual Return on Plan Assets

Deferred Gain (unrecognized pension plan G/L)

Excess Amortization of Deferred G/L

+/- Amortization of Existing Net Obligation or Net            Asset at Implementation 

= Pension Expense



Presentation of Stockholders' Equity Section


Preferred Stock

Common Stock


Noncontrolling Interest in "S"

Retained Earnings (Appropriated/Unappropriated)

Accumulated OCI (DENT)

Treasury Stock


Derivative Characteristics


No net investment - no initial investments

Underlying and a Notional amount - notional amount is the number of units (bushels, pounds) and the underlying is the factor that affects the derivitive's value (interest rate, exchange rate)

Net Settlement - the derivitave can be settled in a net amount (receiving or paying a difference between agreed upon exchange rate or market rate)


Foreign Investees

This Fucking Report

Transactional Currency (local/recording currency) is remeasured (I/S) to the Functional Currency (currency in which generates and spends cash)

Functional Currency is translated (B/S) to the Reporting Currency (currency that prepares F/S)




Statement of Operations(Activities) - Hospital


Patient Service Revenue (hotel type, medical, lab)

(Provision for Contractual adj.) -Medicare, empl disc

Net Patient Service Revenues

+Other Operating Rev, G/L (earned)

     Non-medical- parking, gift shop, food

     Donated medicine and supplies

     Restricted grants

     NARFR used for operations

(Operating Expenses)- bad debts, drugs, doctors , G&A

Results from operations

+Non-Operating Revenues (Other Inc.) (unearned)

     Unrestricted donations, gifts, bequests

     Unrestricted interest & dividend income

     Unrestricted grants

     Donated services

Excess of Rev/Gain over Exp/Loss (Performance Indicatior) - operating inc., perf earnings, earned inc.

Items reported seperately from performance ind

     Restricted dontations/contributions

     Assets released from donor restrictions for PP&E

     Restricted investment income

     Change in net unrealized G/L (other than trading)

     on unrestricted investments

     Transfers to parents

     Discontinued Operations

Increase in Unrestricted Net Assets (UNA)