Shared Flashcard Set

Details

CPA FAS
For the CPA Exam, FAS Section
30
Accounting
Professional
08/13/2012

Additional Accounting Flashcards

 


 

Cards

Term
Pneumonic for Present Value Measurement
Definition
UVOTE
Term
UVOTE
Definition
Uncertainty (price of bearing)

Variation (in the expected timing of Future Cash Flows)

Other Factors( Liquidity and Market Imperfections)

Time (Value of Money)

Estimate of Future Cash Flows
Term
Feedback Value
Definition
Helps users of financial statements to confirm expectations or correct decisions made in the past.
Term
Predictive Value
Definition
Information that increase the likelihood of a user successfully predicting an outcome
Term
When is a transaction Recognized?
Definition
When there is a revenue event (sale, or expense) that results in the exchange of cash (or a promise to pay cash) for assets.
Term
Pneumonic for Hierarchy of pronouncements
Definition
BOSSII
Term
BOSSII
Definition
AICPA Accounting Research BULLEITINS

Accounting Principles Board OPINIONS

FASB STATEMENTS of FAS

FASB STAFF Positions

FASB Interpretations

FASB Statement 133 IMPLEMENTATION Measures
Term
When can a FASB Standards Update be issued?
Definition
After a majority vote of the FASB members
Term
When is GAAP Used?
Definition
In External or Financial reporting, but not in Internal-Management Accounting
Term
IASB Fundamental Assumptions
Definition
Going Concern

Accrual Accounting
Term
What is the source guidance for Nongovernmental US GAAP
Definition
FASB Accounting Standards Codification
Term
What does International Accounting Standards Board (IASB) use for standards and Financial Reporting
Definition
International Accounting Standards (IAS)

International Financial Reporting Standards (IFRS)
Term
What does the International Financial Reporting Interpretations Committee do?
Definition
Provides guidance about new issues and aids convergence.
Term
What is the IASB ongoing process?
Definition
1. Discussion Paper
2.Exposure Draft with 9 votes
3. Analyze feedback issue IFRS with 9 votes
Term
How are the IASS and SFAC Frameworks different?
Definition
Reporting entities using IFRS are expected to use the framwork as guidance in the absence of an interpretation, while this is not possible for the GAAP framework.
Term
What are the qualitative characteristics of Accounting information as described by SFAC
Definition
Understandability, Relevance, Reliability, Comparable, Consistent, Material, less costly than the benefit provided.
Term
What does Relevance mean? (SFAC)
Definition
Information must be timely with predictive for feedback value
Term
What does Reliable mean? (SFAC)
Definition
Information must be verifiable, faithfully representable, and neutral.
Term
What are the constraints to the SFAC Framework?
Definition
Cost versus Benefit Analysis

Materiality
Term
With respects to constraints how does the IASS Framework differ from the SFAC Framework?
Definition
The IASS Framework states that there are three constraints: 1) timeliness, 2) balance between benefit and cost, and 3) balance between the qualitative characteristics. Under the IASS framework,
materiality is a component of relevance.
Term
What is Relevance according to the IASB Framework?
Definition
Predictive, Feedback value, and materiality.
Term
What is Reliability according to the IASB Framework?
Definition
Categories of reliability are neutrality, representational
faithfulness, substance over form, prudence, and completeness.
Term
Does the IASS/IASB Framework draw distinctions between for profits and non profits?
Definition
No. The IASB Framework does not separately consider business and nonbusiness enterprises, but instead
provides one framework that applies to all entities.
Term
Where is income from changing  accounting treatment presented?
Definition
Retained Earnings Statement
Term
Changes in Depreciation Estimates and Accounting ESTIMATES
Definition
Are prospective
Term
Changes in Accounting methods
Definition
Are Retrospective
Term
Mnemonic for Comprehensive Income
Definition
PUFER
Term
IDEA
Definition
Income of Continuing Operations
Discontinued Operations
Extraordinary events
adjustments to retained earnings
Term
PUFER
Definition
pension
unrealized gains/losses
foreign currency transaction
Effective portion of cash flows hedges
Revaluation under ifrs
Term
If there is unlimited right of return, when should revenue be recorded?
Definition
if consideration is paid, buyer assumes risk of loss, price is fixed, sales are reasonably estimated
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