Term
| ways to present Other Comprehensive Income |
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Definition
1) single statement of comprehensive income (GAAP also)
2) two statements: a separate income statement and statement of OCI (GAAP also)
3) in the statement of shareholders' equity (GAAP only) |
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Term
| what is the statement of other comprehensive income called for IFRS |
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Definition
| Statement of Recognized Income and Expenses |
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Term
| shareholders' equity is broken down into 2 components |
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Definition
1) Share Capital
2) Reserves |
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Term
| components of the new financial statements |
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Definition
1) business
2) financing
3) income taxes
4) discontinued operations
5) equity (statement of financial position and statement of cash flows)
6) other comprehensive income (statement of comprehensive income) |
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Term
| what does the business section consist of |
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Definition
- operating income, expenses, assets, liabilities and cash flows
- investing income, expenses, assets, liabilities and cash flows |
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Term
| recognition of deferred tax asset for stock options |
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Definition
1) IFRS- DTA is not recognized until the shares have intrinsic value (tax rate*[%*intrinsic value])
2) GAAP- (compensation expense*tax rate) allocate over life |
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Term
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Definition
| if it is not practical to report the information retrospectively then report in current period (not allowed in GAAP) |
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Term
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Definition
1) US GAAP
- operating activities: dividends received, interest paid, and interest received
- financing: dividends paid
2) IFRS
- operating
- financing
- investing: dividends received, interest received
- financing: dividends paid, interest paid |
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