Term
| Authoritative Literature Included in the Codification |
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Definition
(FEDPRIA)
1. FASB
a. statements of FAS
b. intepretations
c. technical bulletins
d. staff positions
e. staff implementation guides
2. EITF
3. Derivative Implementation Group Issues
4. Accounting Principles Board Opinions
5. Accounting Research Bulletins
6. Accounting Interpretations
7. AICPA
a. stmts of positions
b. audit and accounting guides
c. practice bulletins
d. technical inquiry service |
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Term
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Definition
| to develop a single set of high quality global accounting standards |
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Term
| IFRC (int'l fnan reporting interpretations committee) |
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Definition
| appointed by trustees of ifrs foundation to assist iasb. provides guidance on newly identified financial reporting issues not addressed in IFRS and assists iasb in achieving international convergence of accounting standards |
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Term
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Definition
| conceptual framework created by FASB that serves as a basis for all FASB pronouncements. NOT part of GAAP but provide basis for fnan acct concepts |
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Term
| Qualitative Characteristics of Useful Financial Statements |
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Definition
| Relevance and Faithful Representation |
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Term
| Enhancing Qualitative Characteristics |
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Definition
| Compare and verify in time to understand |
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Term
| Secondary categories of relevance |
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Definition
| (passing confirms money)predictive value, confirming value, materiality |
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Term
| Secondary characteristics of faithful representation |
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Definition
| completely neutral free from error |
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Term
| Full set of financial statements |
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Definition
1. statement of financial position
2. statement of earnings
3. statement of comprehensive income, 4. statement of cash flows
5. statement of changes in owners equity |
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Term
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Definition
1. entity assumption
2. going concern
3. monetary unit
4. periodicity
5. historical cost
6. revenue recognition
7. matching
8. accrual
9. full disclosure
10. conservatism |
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Term
| IFRS fundamental assumptions |
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Definition
| accrual basis and going concern |
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Term
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Definition
| Probable future sacrifices of economic benefits arising from a present obligation of the company to transfer assets or provide services to other entities in the future as a result of past transactions or events |
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Term
| 5 elements of PV measurement |
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Definition
1. estimate of future cash flow
2. expectations about timing variatiions of FCF
3. TVM
4. Price for bearing uncertainty
5. Other factors (liquidity, market) |
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Term
| Major components of an income and retained earnings statement |
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Definition
(IDEA)
Income from continuing operations
Income from Discontinued Operations
Extraordinary Items
Cum. Effect of change in Acct Principle |
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Term
| Loss from discontinued operations calculation |
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Definition
Results of operations of the component gain or loss on disposal
impairment loss |
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Term
| Classified as Held for Sale if |
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Definition
ALL:
1. MGMT commits to a plan to sell component
2. component is available for immediate sale in present condition
3. Active program to locate buyer initiated
4. Sale of component is probable and expected to be within 1 yr
5. Actively marketed
6. Unlikely to be withdrawn |
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Term
| Costs associated with exit or disposal costs |
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Definition
involuntary employee termination benefits
costs to terminate a contract that is not a capital lease,
costs to consolidate facilities or relocate employees |
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Term
| Liability associated with an exit or disposal activity should be recognized (at FV)when: |
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Definition
1. obligating event occurred
2. event results in present obligation to transfer assets/svcs
3. entity has little or no discretion to avoid future tfer of assets or providing of services |
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Term
| Error Correction: IFRS v GAAP |
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Definition
IFRS: when impracticable to determine either the pd specific effect or cumulative effect, entity required to restate prospectively from earliest date practical.
GAAP: NO impracticality exemption. Restate. Retro. |
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Term
| Elements of Comprehensive Income |
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Definition
PUFE
Pension adjustments
Unrealized holding g/l (AFS)
Foreign currency items
Effective part of CF hedges
*R* Revaluations surplus (IFRS only) |
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Term
| Summary of significant accounting policies |
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Definition
measurement bases
acctg principles and methods
criteria
policies
pricing |
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Term
| GAAP related party disclosures |
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Definition
| material related party transactions, EXCLUDING compensation arrangements, expense allowances, and other similar items in the ordinary course of buisness |
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Term
| IFRS related party disclosures |
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Definition
material related party transactions including compensation arrangements, separately for each category of related party
*allowance for bad debts related rel parties
**bad debt expense and/or write offs |
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Term
| Segment reporting required disclosures |
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Definition
| operating segments, products and svcs, geographic areas,major customers |
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Term
| Quantitative thresholds for reportable segmentsq |
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Definition
10% test
1. revenue, including intersegment activity, is 10% of all combined revenue of all segments
2. profit or loss, the greater, in the absolute amount of the combined profits or combined losses
c. Assets
2. 75% test: total EXTERNAL revenue reported by operating segments must be at least 75% |
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Term
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Definition
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