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FAR
Module 7
107
Accounting
Professional
07/21/2012

Additional Accounting Flashcards

 


 

Cards

Term
entry at end of 1st period of consolidation
Definition

D- depreciation expense

D- amortization expense

C- accumulated depreciation

C- intangible assets

Term
entry at end of subsequent periods after consolidation
Definition

D- Retained Earnings p-beginning

D- Depriciation Expense

D-Amortization expense

C-accumulated depreciation

C- intangible assets (not GW)

Term
IFRS differences for consolidation process
Definition
  1. all affiliated entities must use same accounting policies
  2. all affiliated entities must have same reporting period (GAAP can be < or = 3 months different)
Term
parent uses cost method
Definition
  • must recognize its share of dividends declared by sub as dividend income ( D- dividend receivable, C- dividend income) but don't adjust investment account because of dividends
  • investment is adjusted at years end for change in subs RE
Term
entry to adjust investment account at years end under cost method
Definition

D- investment in sub

C- retained earnings

Term
entry to eliminate investment under cost method
Definition

D- common stock

APIC

R/E (of sub since acq.)

assets

GW

C-liabilities

investment in sub

NCI (if needed)

 

Term
3 adjustments for parent in "investment" account under equity method
Definition
  1. parent share of income/loss
  2. parent share of dividends declared by sub
  3. amortization (depreciation) of FV of NA-BV of NA
Term
elimination entry for investment account with equity method
Definition

D- C/S of sub

APIC of sub

RE of sub

identifiable assets (sub)

GW 

C- Liabilities (sub)

Investment in sub (1/01/0X)

Term
effects of NCI on consolidated IS
Definition
  1. NCI claim to consolidated NI will be shown
  2. NCI claim= NCI% of subs NI, depletion/amortization on FV difference from BV and any other G/L attributable to subsidiary recognized on consolidating WS
Term
effects of NCI on consolidated BS
Definition
  1. NCI recognized as separate line item
  2. =NCI% claim to sub: BV @ acquisition date +/- GW recognized @ acquisition date +/- other revenue/expenses or G/L attributable to sub on consolidated WS
Term
intercompany transfers
Definition
must be eliminated from consolidated FSs
Term

intercompany inventory transfers

downstream (Parent-->Sub)

Definition
  • intercompany sales and purchases downstream dont affect consolidated NI but still must be eliminated

D- Sales, C- Purchase


  • Profit and loss must also be eliminated

D- COGS, C- Inventory

  • if some is then sold to non-affiliate, reverse that portion of the above elimination entry
Term

intercompany inventory transfers

upstream (Sub-->Parent)

Definition
  • If Parent owns 100%, all intercompany P/L and sales/purchase are eliminated 
  • if Parent owns < 100%, all intercompany sales/purchases are eliminated. P/L allocated to P and NCI inproportion to ownership %
    • D- RE (parent), NCI. C- inventory
Term
eliminate profit/loss in beginning inventory
Definition
  • because intercompany inventory profit or loss eliminated from ending inventory only occurs on solidated WS, the intercompany profit/loss will remain on books of (A) selling company as an element of P/L closed to RE and on (B) the books of the buying company as an overstatement (or under) of BI in subsequent period
    • BI must be eliminated on subsequent consolidated WS:
    • D- RE, C- beginning inventory
Term
elimination entry for intercompany fixed asset transactions
Definition

D- Fixed Asset (bring back to original cost)

Gain on sale (eliminate from parent)

C-accumulated depreciation (new amount)

Term
elimination of over/understated depreciation expense and accumulated depreciation from downstream sale (initial and subsequent periods)
Definition

EX: Overstatement of depreciation

D- accumulated depreciation

C- Depreciation expense


subsequent period, gain in RE must be eliminated, asset carrying value must be reinstated to original cost, and AD must be reinstated

D- Retained Earnings

Fixed Asset

C- accumulated depreciation


 

then, AD and depreciation expense must be reduced for period again

D- AD

C- depreciation expense

 

 

Term
elimination of over/understated depreciation expense and accumulated depreciation from upstream sale
Definition
  • parent owns 100%- same entries as downstream
  • parent owns < 100%- same entries except g/l eliminated, depreciation expense and net asset adjustments must be allocated between CI and NCI
Term
intercompany bond treatment on consolidated FS
Definition
  • treated as though retired
  • bond payable eliminated against investment in bonds held by affiliate
  • premium/discount on BP eliminated and results in gain or loss (premium = gain, discount=loss)
  • premium or discount on investment in bonds -premium=loss, discount = gain
Term
elimination entry immediately after intercompany bond transactions on consolidated FS
Definition

D- Bond payable

premium on bond payable

                   loss on retirement

C-investment in bond payable

premium on investment in bonds

Term
elimination entry after year 1 intercompany bond transactions on consolidated FS
Definition

D- Bond payable

-premium on bond payable

                   -loss on retirement

-interst income

C-investment in bond payable

-premium on BP

-interest expense

 

Term
elimination entry after year 2 intercompany bond transactions on consolidated FS
Definition

D- Bond payable

-premium on bond payable

                   -retained earnings

-interest income

C-investment in bond payable

-premium on BP

-interest expense

Term
intercompany bonds issued by sub
Definition
  • parent owns 100%- same as others except G/L is attributable to sub and RE is of sub, not parent
  • parent owns < 100%- same as others, but G/L allocated between parent and NCI
Term
3 times combined financial statements are appropriate
Definition
  1. common control
  2. common management
  3. unconsolidated subsidiaries
Term
process for combined FS
Definition
  1. eliminate intercompany balances and transactions
  2. "unusual" matters treated same as consolidated FSs

*unlike consolidation, FSs that result do not represent financial position of a single entity

Term
IFRS differences for combined FSs
Definition
SMEs can only combine FS when there is common control
Term
Transaction costs for financial instruments
Definition
  • assets/liability measured at FV- transaction costs excluded
  • investment in debt/lending securities- transaction costs usually expensed when incurred
  • debt issuance- transaction costs treated as deferred charges
Term
impairment assessment for financial instruments
Definition
  • financial asset classified as A4S- must be assessed b/c changes in FV otherwise wont go through net income. impairment loss goes through net income
  • financial asset classified as a debt security- treatment of loss depends on whether or not entity plans to dispose before CV is recovered
    • dispose before recovered--> loss goes to current income
    • dispose after recovered--> loss separated into 2 components
      • portion of loss in FV attributable to credit standing of issuer-->income
      • other loss in FV--> comprehensive income, net of tax
Term
IFRS differences for financial asset impairment
Definition
  1. when there is objective evidence that a financial asset is impaired, its recoverable amount must be determined
  2. recoverable amount - CV=impairment loss
  3. impairment loss--> net income
Term
5 disclosures required for all financial instruments
Definition
  1. fair value
  2. carrying amount
  3. asset or liability
  4. "practicable to estimate" (if FV etimate can't be made w/ out incurring excessive costs, discolse why impractical and info that lead to this conclusion
  5. credit risk if significant concentration exists
Term
items that FV disclosures are not required for when dealing with financial instruments
Definition
  1. PBOs
  2. retirment benefits
  3. employee benefits
  4. stock options and purchase plans
  5. deferred compensation arrangements
  6. substantially exstinguished debt
  7. insurance Ks
  8. leases
  9. warranties
  10. unconditional purchase Ks
  11. instruments accounted for under equity method
  12. NCI in consolidated sub
  13. equity instruments issued and classified in SH equity
  14. trade AR of AP when CV is about = to FV
Term
2 disclosure items not required, but incouraged for financial instruments
Definition
  1. market risk 
  2. qualitative (required for SEC registrants along with quantitative)
Term
derivative
Definition
  • a financial instrument other than a K w/ all 3 of the following elements
    1. 1 or more underlyings and 1 or more notional amount
    2. requires no intial net investment or one that is smaller than one for a similar K
    3. terms require or permit a net settlement
Term
underlyings
Definition
specific price, rate, or other variable
Term
notional amount
Definition
specified unit of measure
Term
settlement amount = 
Definition
= underlying X nominal amount
Term
embedded derivative instruments
Definition
  • a term or component attached to a derivative instrument that acts like a derivative as well
  • hybrid instrument- has host K and embedded derivative
Term
3 requirements to separate embedded derivative from host K and account for it separately
Definition
  1. economic characteristics and risks not clearly and closely related to that of host K
  2. hybrid instrument is not itself remeasured to FV w/ changes reported in NI 
  3. as a separate instrument, it would meet derivative requirements
Term
allocation of CV of hybrid instrument
Definition
  1. derivative is intially recorded at FV
  2. CV OF HYBRID - FV OF DERIVATIVE=initial value of host K
Term
recognition and measurement for derivatives
Definition
  • measured at either asset or liability at FV
  • G/L will result
  • treatment of G/L depends on if derivative is hedge or not, and if so, purpose of headge
Term
non-derivative financial instruments
Definition
can't be used to hedge an A, L, unrecognized firm committment, or forecasted transaction (except for foreign currency denoted instrument)
Term
perfect hedge
Definition
no possibility of future G or L
Term
3 IFRS differences for derivatives
Definition
  1. definition doesn't include "notional amount" concept or specify a net settlement must be provided
  2. doesn't require documentation if part of a normal purchase or sale
  3. embedded derivative is not separated from host
Term
4 uses for derivatives
Definition
  1. non-hedging
  2. FV hedge
  3. cash flow hedge
  4. foreign currency hedge
Term
2 elements of hedges
Definition
  1. hedged item- recognize A, L, commitment, or planned transaction that is at risk of loss and hedge against that loss
  2. hedging instrument- K or other arrangement that is entered into to eliminate or mitigate risk of loss
Term
2 general types of risks
Definition
  1. cash flow risk
  2. FV risk
Term
hedgeable risks
Definition
  • financial A/L- price, interest rate, foreign x-change rate, credit
  • nonfinancial A/L- FV of cash flows, functional currency equivalent cash flows
  • foreign currency risk with net investment w/ foreign operations
Term
3 IFRS differences for accounting for derivatives
Definition
  1. foreign currency risk attached to business combo can be hedged
  2. can hedge part-term
  3. non-derviative FIs can be used as hedging instruments
Term
accounting for derivatives not used as hedges
Definition
  1. initially recognize at FV (D- Investment in derivative, C- Cash)
  2. change in FV results in:
      • adjusting CV to FV
      • recognizing G/L in income
      • D- stock option, C- gain in stk option
Term
3 qualifications of derivatives as FV hedges
Definition
  1. formal documentation at inception of hedging relationship, objective and strategy, identification of hedge instrument and item, nature of risk and how effectiveness of hedge will be assessed
  2. hedge is expected to be highly effective in offsetting changes in FV of hedged item, with an assessment of effectivenesss required when FSs are prepared and atleast every 3 months
  3. item is identified as a recognized A, L, or firm committment, presents exposure to FV changes, isn't carried at FV, not accounted for with equity method, not a NCI or equity interest in consolidated sub and if debt security classified at H2M, risk being hedged is creditwortiness of obligor
Term
interest rates
Definition
only benchmark interest rates can be hedged
Term
changes in FV for FV hedges
Definition
accounted for as G/L in current income and adjust CV of derivative and hedged item
Term
2 IFRS differences for cash flow hedges
Definition
  1. interest rates don't have to be a benchmark rate
  2. permits FV hedging of portion of a specified risk and/or portion of a time period until majority
Term
3 qualifications for cash flow hedges
Definition
  1. formal documentation at inception of hedging relationship, objective and strategy, identification of hedge instrument and item, nature of risk and how effectiveness of hedge will be assessed
  2. hedge is expected to be highly effective in offsetting changes in FV of hedged item, with an assessment of effectivenesss required when FSs are prepared and atleast every 3 months
  3. specifically identfiied as single transaction or group of transactions w/ same risk exposure, probable of occuring with an external party, capable of affecting CFs that would affect earnings 
Term
if cash flow hedge is from a forecasted transaction
Definition
  • if qualified as H2M, risk being hedged is risk of change in cash flow attributable to credit risk, foreign exchanged risk, or both.
  • CAN'T involve a business combo, parent's equity interest in a sub, or entities own equity instruments
Term
5 rules for changes in FV of cash flow hedge derivatives
Definition
  1. find each period change in FV and PV of future cash flows
  2. find cumulative change in FV and cumulative change in PV of cash flows
  3. each period change in FV results in increase or decrease in carrying value
  4. cumulative change in PV of cash flows in OCI ("effective portion")
  5. G/L in current income if cumulative change in FV isn't same as cumulative change in PV ("Ineffective portion")
Term
CF hedge can no longer be a cash flow hedge if criteria no longer met
Definition
  • deferred g/l remaining in AOCI should continue to be reclassified in income 
  • if a forecasted transaction is no longer expected to occur, dfined g/l is reclassified from AOCI to income
Term
cash flow hedges relating to A/L
Definition
  • A/L should continuously be assessed for impairment
  • impairment loss incurs, deferred gain in AOCI should be reclassified to offset loss
Term
2 IFRS differences for cash flow hedges
Definition
  1. G/L on hedge of forecasted transaction may be used (at option of entity) to adjust basis of hedged item
  2. for consolidated purposes, only instruments with parties external to reporting entity can be designated as hedging instruments
Term
5 types of foreign currency hedges
Definition
  1. forecasted foreign-currency-denominated transactions 
  2. unrecognized foreign-currency-denominated firm committments 
  3. foreign-currency-denominated recognized A or L
  4. investments in A4S securities
  5. net investments in foreign operations

*accounting is same as FV and CF hedges

Term
IFRS differences for foreign currency hedges
Definition
more limited in terms of types of intercompany transactions subject to hedging of foreign currency exchange risk
Term
 2 evaluation stages for hedges
Definition
  1. prospective consideration- looks forward. generally involves a probability-weighted analysis of possible changes.
  2. Retrospective evaluation- relationship between an instrument and an item must continue to be assessed for effectiveness and measured for ineffectiveness whnever FS are reported and at least every 3 months
Term
3 special assessment issues
Definition
  1. ineffective treatment- measured as extent to which there is no exact offset in hedging relationship, must be included in earnings in period of ineffectiveness
  2. time value- entity must specify whether or not all of part of the time value of the hedging instrument will be inclyded in assessment. excluded elements of time value from assessment must be included in earning in period of change.
  3. short-cut method- applies to hedging relationships of interest rate risk that involves a recognized, interest bearing, financial A or L
Term
short-cut method
Definition
  • assumes that change in value of interest-rate swap is a perfect proxy for change in value of instrument
  • can be used by an entity if all aspects of hedging relationship exactly match
  • entity must assume no ineffectiveness and does not have to carryout assessment
  • not allowed under IFRS
Term
general disclosure requirements for derivatives (for interim and anual FS)
Definition
  • objectives for issuing/holding, strategies
  • distinguish between investments used for risk management and those used for other purposes
  • info distinguishing CV, fv, foreign currency and others
  • info about volume of activity
  • quantitative: tabular format
  • cross-reference footnotes
Term
6 types of transferring
Definition
  1. factoring
  2. transferring with recourse
  3. securitizeations
  4. repurchase agreements
  5. loan participation
  6. banker's acceptance
Term
factoring
Definition
means of discounting AR on a non-recourse basis by outright sale to a factor
Term
transferring with recourse
Definition
discounting AR by sale w/ seller providing buyer w/ full or limited recourse in the form of an obligation to make payments or repurchase under contingency
Term
securitizations
Definition
originator of a securitization transfers portfolio of financial assets to an SPE
Term
repurchase agreements
Definition
one party transfers securities in exchange for cash and agrees to repurchase at a later date for original cash + interest
Term
loan participation
Definition
bank transfers portion of a loan to other banks that participate in the lending
Term
banker's acceptance
Definition
  • bank agrees to pay a client's liability to a vendor w/ propper evidence of documentations
  • once client's draft is approved by bank, it become a negotiable instrument
Term
3 underlying concepts for transfering and servicing
Definition
  1. control determination
  2. financial-component concept
  3. participating interest concept
Term
4 requirements to meet participating interest concept
Definition
  1. there is no pro-rata ownership interest in an entire financial asset
  2. all CFs received from asset are divided pro rata among participating interest holders in proportion to ownership share
  3. CFs allocated such that rights of each holder have same priority and holders have no recourse to transferor except standard representations and warranties, service organizations, and contractual obligations to share benefits
  4. no party has right to pledge/exchange entire financial asset unless all holders agree
Term
IFRS differences for transfers
Definition
  • financial assets are derecognized when control is lost of contractural benefits tha compromise asset
  • loss of control focussed on risks and rewards associated with asset
Term
3 general requirements for transfer of financial assets
Definition
  1. criteria for surrender of control are met, A has not been divided into components prior to transfer, transfer accounted for as a sale, and asset derecognized by transferor
  2. criteria for surrender of control met, A has been divided into components prior to transfer, the transfer accounted for as a sale only if conponents involve participating interest
  3. criteria for surrender not met or components of transferred A don't involve participating interest, transfer accounted for as a secured borrowing w/ pledge of collateral and A is derecognized by transferor
Term
2 criteria for transfers to be treated as secured borrowings with pledge of collateral
Definition
  1. transfer is of entire A but criteria for surrender of control are not met
  2. transfer is portion of A that is not a participating interest
Term
3 accounting guidelines for transfers accounted for as saled and secured borrowings
Definition
  1. derecognize A (or portion) for which transfer qualifies as sale
  2. carry in BS any retained interest in the transferred A
  3. recognize any A/L that results from transfer
Term
IFRS differences for transfers of assets
Definition
  • finanial asset derecognized in full if...
    • transferred outside consolidated group and
    • transferor gets rid of substantially all risk and rewards of ownership
  • when A transferred and substantially all risk/reward have neither been transferred, nor retained, an assessment of control is necessary
    • transferor determines transferee has unilateral ability to sell; control deemed transfered
    • transferee doesn't have power to sell; control deemed to be transferor's and A may need partial derecognization
Term
transfers as sales
Definition
  • write off old CV
  • write on new FV as proceeds from sale
  • G/L reported in current earnings (CV of old A/L - FV of new)
Term
2 IFRS differences for transfers as sales
Definition
  • consolidation occurs before determination of whether a transfer of a financial A is considered a sale
  • derecognition is assessed @ consolidated level (entity level for GAAP)
Term
2 instances to treat transfer as a secured borrowing
Definition
  1. entire financial asset or participating interest in a financial asset that doesn't meet conditions of sale
  2. portion of entire financial asset and doesn't meet definition of participating interest, whether or not control is surrendered
Term
accounting for transferred collateral by transferor
Definition
  • initial- recognize A received or L transferred
  • subsequent-
    • tranferor has not defaulted, continue to recognize collateral on books as an A 
    • transferee has right to sell or repledge, reclassify and report separate from other assets on BS
    • transferor has defaulted and can't redeem, write-off pledged A
Term
accounting for transferred collateral by transferee
Definition
  • initial- recognize a receivable from transferor and reduction in A transferred to transferor
  • subsequent-
    • transferor has not defaulted, don't recognize
    • transferee has right to sell and exercises right; recognize (D- proceeds, C- Liability to transferor)
    • transferor defaults, recognize collateral as A at FV, or derecognize its liability if already sold
Term

Which of the following statements, if any, identifies factors that enter into determining the correct accounting treatment for a financial asset when the criteria for surrender of control are not met?

I. Whether or not the transferee has the right to sell or repledge the asset.

II. Whether or not the debtor has defaulted on the obligation.

Definition

Both whether or not the transferee has the right to sell or repledge the transferred asset and whether or not the debtor has defaulted on the obligation enter into determining the correct account treatment when the surrender of control criteria are not met.
Term
examples of servicing
Definition
  • collecting principle, interest, escrow amounts, or late fees
  • paying taxes
Term
Contracts to service financial assets
Definition
  • must be separately recognized as either a servicing asset or liability for impairment or increase in obligation based on FV, OR
  • measured at FV no matter what (initially)
  • subsequent measurement
    • amortized in proportion to and over period of estimated NI or Net loss and assess the asset or liability for impairment or increase obligation on FV or
    • adjust to FV @ each reporting date w/ G/L recognized in current income (FV option)

 

Term
IFRS differences for servicing 
Definition
  1. servicing rights considered retained interest so is recognized based on allocation of portion of CV
  2. separate servicing rights are not considered financial instruments and can be measure at amortized cost or FV
Term
2 disclosure requirements for transferor of financial assets
Definition
  1. assets pldged as collateral that aren't speartely disclosed in BS (classification and CV)
  2. securitiezed financial assets accounted for as sale: info about accounting policies, characteristics about it, G/L on it, and assumptions used in measuring
Term
disclosure requirement for transferee of financial assets
Definition
policy for requiring collateral or other security: for collateral to be sold or repledged, info about sources and uses for collateral, FV of such collateral, portion that has been resold or pledged
Term
4 disclosure requirements for entities with servicing asset or liability
Definition
  1. management's basis for determining classes, risk description and instruments used to mitigate IS effects of change in FV
  2. valuation technique, methodology, and assumptions
  3. amount of fees recognized in income
  4. details of activity relating to service accounts
Term
2 conditions for derecognizing a liability
Definition
  1. debtor pays creditor and is relieved of obligation
  2. debtor legally released from being primary obligator under the liability either by creditors or by the courts
    • creditor release: 3rd party must assume obligation and original debtor becomes secondarily liable
      • as guarantor, debtor accounts for guarantee obligtation as though it never has primary liability
      • recognize obligation at FV and use as an adjustment to any G/L on extinguishment
Term
IFRS difference for extinguishment of liabilities
Definition
liability considered extinguished if discharged, canceled or expired, or when responsibility for L is transferred toa nother party
Term
4 rules if loss contingency is probable and estimable at BS date
Definition
  1. recognize estimated loss and liability using conservatism and the definition of liability
  2. when claims are made, pro rata amount reversed from previous entry
  3. if estimate is significantly > actual claims cost, adjusting entry at year end uses smaller % to compensate (opposite is true as well)
  4. if firm is able to estimate range of possible losses, amount recognized is lowest in amount (footnote disclosure of range is a requirement) unless a higher value has a higher probability
Term
 if loss contingency is probable and isn't estimable at BS date
Definition
loss contingency disclosed in FS footnoes
Term
 if loss contingency is reasonably possible 
Definition
loss contingency is disclosed in FS footnotes
Term
 if loss contingency possibility is remote
Definition
disclose in footnotes if you want, not required
Term
unasserted claims and assessments
Definition
  • if at BS date, it is not probable that a claim will occur or if the outcome is not expected to be unfavorable, no recognition or disclosure is required
  • if probable claim or assessment will occur and reasonably possible it will be unfavorable, then claim or assessment is treated as a contingency (amount estimable=recognized L, otherwise just footnote disclosure)
Term
accounting for contingencies acquired in merger or acquisition
Definition

at acquisition

  • contractual contingency: L recognized at FV

non contractual w/ > 50% chance of becoming a L: L recognized at FV


subsequent


  • if new infor obtained, contingency reported @ greater of (1) acquisition date FV or (2) amount recognized if normal contingency rules applied
Term
accounting for gain contingencies
Definition
  • probable- just footnotes
  • reasonable possible- just footnotes
  • remote- not reccomended
Term
guarantees (2 parts)
Definition
  • obligation of guarantor to be ready to comply if triggering event occurs (@ FV)
    • debit depends on nature: 
      • guarantee is for customer to pay for products or guarantor= D-reduction in profit on sale
      • guarantee is stand alone: D=expense
      • lesee guarantee of residual value in operating lease: D- prepaid rent
  • Contingent liability: amount recognized is > of (1) initial FV or (2) amount recognized as contingency
Term
4 disclosure requirements for guarantees
Definition
  1. nature, term, cause, and triggering event
  2. max future payment amount
  3. CV of L
  4. recourse provision or available collateral description
Term
3 sources of contingent liabilities under IFRS
Definition
  1. present obligation arising from past event not recognized b/c < 50% probable
  2. present obligation arising from past event not recognized b/c not estimable
  3. possible obligation from past, whose existense can only be proved by contingent event
Term
contingent liabilities under IFRS
Definition
not recognized
Term
provisions under IFRS
Definition
  • way more uncertain than accruals
  • if entity has a present obligation as a result of an obligation that will result in probable outflow of benefits to settle L and amount can be reliably estimated, provision is recognized
Term
measuring provisions under IFRS
Definition
  • discounting required if material difference between expected amount paid and PV
  • change in PV recognized as borrowing costs
  • 1 of 2 techniques used for measuring PV
    • traditional PV- applies risk adjusted rate directly to estimates of cash flow (used with contractual cash flows)
    • expected PV- applies risk-free rate to multiple CF projections each w/ associated probability of outcome (used when wide range of possible amounts)
  • if range is equally likely amounts, middle # is used
Term
disclosure for contingent liabilities under IFRS
Definition
estimate of financial effect, info about uncertainties, possibility of any reimbursement or recourse for the entity
Term
disclosure for contingent assets under IFRS
Definition
  • one that is possible or probable but less than certain
  • if remote, not required
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