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26 Cards in this Set
- Front
- Back
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Single source of authoritative nongovernmental U.S GAAP |
FASB Accounting Standard codification = GAAP |
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Authoritative literature included in the codification |
FEDPRIA |
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FEDPRIA |
1. FASB 2. Emerging issues Task Force(EITF) abstracts and topic D 3. Derivative implementation Group Issues 4. Accounting Principle Bard Opinions 5. Accounting Research Bulletins 6. Accounting Interpretations 7. AICPA |
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International Financial Reporting Standards |
IFRSs, IASs and interpretations developed by the IFRIC and the former SIC |
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fundamental Qualitative characteristic |
Relevance Faithful presentations ( reliability ) |
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Relevance include |
predictive value confirming value materiality |
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Faithful representation |
completeness neutrality freedom from error |
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enhancing qualitative characteristics (4) |
comparability variability timeliness understandability |
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fundamental assumptions under IFRS |
accrual basis accounting going concern |
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Five element of Present Value Measurement |
1. estimate of future cash flow 2. expectation about timing variations of future cash flows 3. time value of money 4. the price for bearing uncertainty 5. other factors |
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component of an entity (for discounting rules)(5) |
a. operating segment b. reportable segment c. reporting unit d. subsidiary e. asset group |
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discontinued operations calculation |
a. result of operations of the component b. gain or loss on disposal of the component c. impairment loss (and subsequent increases in fair value) of the component |
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comprehensive income |
PUFER |
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PUFER |
Pension adjustment Unrealized gain and loss from AFS Foreign currency items Effective portion of cash flow hedge Revaluation surplus (IFRS only) |
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discontinue operations calculations |
a. results of operations of the component b. gain or loss on disposal of the component c. impairment loss ( and subsequent increases in fair value) of the component. |
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Change in reporting entity |
all year financial statement should be restated |
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IFRS Change in retrospective restatement requirment |
3 years in balance sheet a. end of current period, b. end of previous period c. beginning of previous period |
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net income include
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a. income from continuing operations b. discontinued operations c. extraordinary items |
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comprehensive income |
net income + other comprehensive income |
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Amount of bonds reported in B/S related to transaction
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the face value not NPV
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Loan original fees
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should be reduced to the face amount (like discount)
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Criteria for recognizing a liability associated with exit or disposal activities
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1.an obligating event has occurred. 2. The event result in a present obligation to transfer assets or to provide services in the future. 3. The entity has little or no discretion to avoid the future transfer of asset or providing of services.
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Union strike of a company should not be recognize as extraordinary items.
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as front |
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quantitative thresholds for reportable segments 10% size test |
a. revenue b. reported profit or loss c. assets |
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quantitative thresholds for reportable segments 75% reporting sufficiency test |
we need to report enough segments to be over 75% of revenue (limited to 10 segments) |
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Opening IFRS financial statements for accounting changes |
BS -3 period (current period, end of prior period, beginning of prior period) all others -2 |
