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7 Cards in this Set
- Front
- Back
- 3rd side (hint)
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On the Stmt of Financial Condition (B/S), what order do we follow for the main components?
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Assets = listed by LIQUIDITY
Liabs = listed by MATURITY Net worth = Equity = leave as is |
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What must be provided in addition to just the financial data presented on the face of FS?
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References on the face of FS to the notes and state that the notes are integral to the FS
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HINT - How are users of FS supposed to find more details beyond the face of the FS?
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What is a complete set of FS?
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A complete set under any BoA is:
Stmt of Financial Condition Stmt of Changes in Net Worth SCF are optional |
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What are the basic financial elements that are reported?
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Assets
Liabilities Equity / Net Assets (for nonprofits) Gains/Losses REV/EXP Contributions by owners W/drawals by owners Distributions of R/E to owners Comprehensive Income |
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What is the difference between net income and comprehensive income?
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NI is the net result of IDEA
Comprehensive income represents result of tranxs not related to IDEA activities. |
NI + CI = TOTAL Income on I/S
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What are the components of OCI? How are they moved f/ the BS to the IS?
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OCI = PUFE
(P)ension adj (U)nrealized G/L on AFS (F)oregin currency translation G/L (E)ffective portion of CF Hedges (initially) When the anticipate event for PUFE items finally occur, they are realizable and moved out of ACOI (B/S item under Equity section) into I/S |
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What are the usual D/S in FS?
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SAP + GROSS
Summary of (S)ig (A)cctg (P)olicies (G)oing concern (R)elate dparty tranxs (O)bligations = liabs, LTD, including contingencies (S)ignificant Risks/Uncertainities (S)ubsequent events |
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