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26 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Relevance |
-Predictive Value -Confirmatory Value |
Roger is PC |
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Faithful Representation ( Reliab) |
-Free from Error - Neutral ( w/b Bias) -Completness |
FENCE |
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Qualitative Characteristics |
- Comparability ( Consistency) -Understandability - Timeliness - Verifiability ( constraint) cost/benefit
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CUT like a V |
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Enhancing quality that relates to both RELEVANCE and FAITHFULLY REPRESENTATION |
- Comparability -Understandability -Timeliness - Verifiability
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CUT like a V |
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Comprehensive Income |
Derivative Excess adj PBO and FV of Plan Assets Net unrealized gain & losses (AFS) Translation Adjustments |
DENT |
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Physical Capital MC |
Recognize an event when an asset is sold or liability settled |
$ |
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Financial Capital MC |
Recognize as a change in the value of asset or liability occurs |
Current GAAP |
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FAIR VALUE MEASUREMENT |
Identify the asset/liability Det principal/most advantageous mkt Det the valuation premise Det appropriate valuation technique Obtain inputs for valuation Calculate the fair value of asset |
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Level 1 inputs FAIR VALUE |
Most reliable, involves the use of ACTUAL, ACTIVE market |
Best |
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Level 2 |
- Transactions did NOT occur in an active market - The transactions relate to similar assets or liabilities |
50-50 |
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Level 3 |
Involves the use of unobservable data and are largely based on management’s judgement |
Worst |
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Expected approach |
Weighted Average of different possibilities |
WhA |
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IFRS Components |
Assets Liabilities Equity Income Expenses Capital Management Adjustments |
No Revenues/Gains or Losses |
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Capital Maintenance Adjustments |
-result from the evaluation or restatement of assets and liabilities that cause an increase or decrease in equity ( Fixed Assets) , but not from income or expenses |
CMA |
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IFRS - Revenue Recongnition |
Probability Reliable measurement |
PR |
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IFRS - measurement approaches |
-Historical cost - Current cost - Realizable or settlement value - Present value |
FASB + PV |
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IFRS- capital concepts |
- Financial Capital -Physical Capital |
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Debt Securities Overview |
Back (Definition)
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COD |
Cash Ownership Derivative contracts |
Financial instruments |
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NUNS |
No net investment An Underlying and a Notional amount Net Settlement |
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Derivative Summary |
Back (Definition) |
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Foreign Investees |
Back (Definition) |
Trans Function Report |
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FIFO, LIFO |
Back (Definition) |
LISH, FISH |
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Conventional Retail Inventory Method |
Back (Definition) |
Net mark-ups Net mark-downs |
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Inventory US GAAP vs IFRS |
Back (Definition) |
Differences |
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A/R and Allowance for Doubt Accounts |
Back (Definition) |
Calculation |
