F1 - Pm

Front 1

Note

Back 1

The joint FASB & IASB conceptual FW project does not establish GAAP. The intent of the joint conceptual FW project is to establish a common set of objectives & fundamental concepts to be used as a basis for developing financial accounting & reporting guidance.

Front 2

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Back 2

Revenues & gains are realized when assets are exchanged for cash or claims to cash.

Front 3

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Back 3

If a company plans to end operations & dispose of its assets within short time period, then the appropriate measurement basis for equipments on its B/S should be the NRV, but Historical cost is appropriate if operations were continuing.

Front 4

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Back 4

US public companies are required to follow US GAAP.

Front 5

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Back 5

Replacement cost is defined as the amount of cash or its equivalent that would be paid to acquire or replace an asset currently. Replacement cost is an acquisition cost.

Front 6

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Back 6

Effective July 1, 2009, the FASB Accounting Standards Codification became the single source of authoritative nongovernmental US GAAP. Accounting & financial reporting practices not included in the Codification are not GAAP.

Front 7

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Back 7

The IASB generally publishes a discussion paper as its first publication on a major new topic, although discussion papers are NOT required.

Front 8

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Back 8

Interest expense is classified as a separate line item on the I/S. Advertising is classified as a selling expense. They are not G&A expenses

Front 9

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Back 9

The correction of the failure to accrue warranty costs is treated as a correction of an error & thus as a prior period adjustment.

Front 10

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Back 10

A change from direct recognition to the installment method is a change in accounting principle inseparable from a change in accounting estimate that is treated like a change in accounting estimate, prospectively.

Front 11

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Back 11

The expropriation of plant by a foreign government & the discovered illegality of its product represent extraordinary items.

Front 12

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Back 12

Comprehensive income can be reported in a "separate statement of comprehensive income" or in a "statement of income & comprehensive income".

Front 13

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Back 13

The method of determining which assets are considered to be cash equivalents is a significant accounting policy.

Front 14

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Back 14

Under IFRS, loans to officers & key management compensation would require disclosure.

Front 15

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Back 15

Significant estimates should be disclosed when it is reasonably possible (not probable) that the estimate will change in the near term & that the effect of the change will be material. Immaterial items are not disclosed.

Front 16

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Back 16

For a related party transaction, both the amount due to the affiliate & the dollar amount of the purchases during the year must be disclosed.

Front 17

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Back 17

For interim financial reporting, a company's income tax provision for the second quarter should be determined using the Effective tax rate expected to be applicable for the full year as estimated at the end of the second quarter.

Front 18

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Back 18

For interim reporting purposes, costs that benefit multiple periods should be allocated equally to those periods.

Front 19

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Back 19

To adequately capture the impact of DCOs & extraordinary items, both should be included (prorated) in NI & disclosed in the interim FS notes.

Front 20

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Back 20

Equity in NI of another company, general corporate expenses, interest, income tax expense, & gains or losses on DCOs are all not included in segment profit unless they are included in the determination of segment profit reported to the "CODM."

Front 21

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Back 21

Segment cash flow is not reported under IFRS (or US GAAP).

Front 22

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Back 22

The primary difference between "established operating enterprises" & "development stage enterprises" is that development stage enterprises must provide additional disclosures not required of established operating enterprises.

Front 23

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Back 23

In single step I/S gain on disposal of component from DCOs should be included in DCOs, not in revenues.

Front 24

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Back 24

Losses arising from a company's first (& probably " Last") "antitrust" action are unusual & extraordinary & should be reported as an extraordinary item.

Front 25

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Back 25

A change in the composition of the elements of cost such as changing from the individual item approach to the aggregate approach in applying the lower of FIFO cost or market to inventories is an example of a change in accounting principle.

Front 26

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Back 26

Advertising costs may be accrued or deferred to provide an appropriate expense in each period for both "interim" & "year-end" financial reporting.

Front 27

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Back 27

Segment revenue is 10% or more of COMBINED revenue of all the company segments.

Front 28

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Back 28

Deficits accumulated during the development stage of a company should be reported as a part of stockholders' equity section of the B/S

Front 29

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Back 29

Accelerated Filers are:
1- With a public float of greater than or equal to $75 million,
2- Subject to the SEC's Act reporting requirements for greater than or equal to 12 months,
3- Previously filed at least 1 report,
4- Not eligible to file quarterly & annual reports on Forms 10-QSB & 10-KSB.

Front 30

Note

Back 30

The MD&A is not required to be presented in an exhibit prepared using XBRL. The SEC's Interactive Data Rule requires a U.S. public company submitting a Form 10-K to present FSs, including the B/S, statement of comprehensive income, & all footnotes, & any applicable FS schedules, in an exhibit prepared using XBRL.

Front 31

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Back 31

XBRL exhibits submitted to the SEC are subject to modified liability for 24 months from the time the filer first is required to submit interactive data files. The modified liability provision will terminate completely on October 31, 2014, but will end sooner than this date for most entities.

Front 32

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Back 32

Form 11-K is the annual report of an entity's employee benefit plan & would include the FSs of the benefit plan.

Front 33

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Back 33

Interim financial reporting should be viewed as reporting for an integral part of an annual period.

Front 34

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Back 34

Unrealized gains and losses on available for sale securities are included in OCI , but un realized gains and losses on trading securities are part of income from continuing operations.

Front 35

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Back 35

Front 36

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Back 36

A change in method of accounting for demo costs is a change in accounting principle inseparable from a change in estimate.

Front 37

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Back 37

When preparing interim FSs, income tax expense is estimated each quarter using the effective tax rate expected to apply to the entire year.