Flashcards in Other Financial Statement Presentations Deck (11):
Other Comprehensive Bases of Accounting include?
Cash basis, tax basis, definite set of criteria have substantial support, and regulatory basis
What are 3 guidelines that apply to all OCBOA financial statement presentations?
Differentiate the OCBOA financial statements, explain changes in equity accounts, and a statement of cash flows is not required
What is the setup for the Statement of Cash and Equity?
Cash is the only asset, no liabilities, and equity is equal to cash
What are common modifications to the modified cash basis financial statements?
Capitalizing and depreciating fixed assets, accrual of income taxes, recording liabilities and short term borrowings and the relating interest expense, capitalizing inventory, and reporting investments at fair value and recognizing unrealized gains and losses
Nontaxable revenues and expenses in an income tax basis financial statements may be reported as?
Separate line items, additions and deductions to net income, or a disclosure in a note
What is the Statement of Financial Condition and what cost is reported as?
Balance sheet and current cost
Life insurance loans payable are netted against?
Cash surrender value of life insurance
A business interest tat constitutes a large part of an individual'sw total assets should be presented as?
A single amount at estimated current value separately from other investments
Vested pension plan benefits are reported at?
Liabilities are reported at?
Estimated current amount