2 Flashcards
1
Q
going concern
A
- Management evaluates within 1 year after FS issued
- if events exist that raise doubt and management plan is implemented and successful
2
Q
Alleviated
A
- disclose
- prepped under going concern
3
Q
Not alleviated
A
- disclose
- prepped under going concern
- management plan that was intended to mitiagte
4
Q
Liquidation imminent
A
GAAP = liquidation basis IFRS = nothing
5
Q
IFRS
A
recognize when management is aware of substantial doubt
6
Q
Recognize subsequent events
A
exist at BS date
must recognize, record entry, and disclose
7
Q
Nonrecognized subsequent events
A
post BS date
disclose only
8
Q
SEC evaluation period
A
through date FS are issued
9
Q
Private evaluation period
A
through date FS are available to be issued
10
Q
Segment reporting
A
- Size test = 10% of total revenue/ P and L/ assets
- Reporting Sufficiency = 75% external revenue
11
Q
Cash –> Accrual Revenue
A
+ End AR - Beg AR - End Unearned + Beg Unearned
12
Q
Cash –> Accrual COGS
A
+ End AP - Beg AP - End Inv + Beg Inv
13
Q
Cash –> Accrual Exp
A
+ End AP - Beg AP - End Prepaid + Beg Prepaid
