4) Balance Sheet and Disclosures Overview Flashcards

1
Q

Identify the contents of the Summary of Significant Accounting Policies note to the financial statements.

A

Summary of Significant Accounting Policies

Identify and describe:

  • Measurement bases used in preparing the financial statements
  • Principles and methods
  • Criteria
  • Policies
  • Pricing
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2
Q

Describe the related party disclosures required under U.S. GAAP and IFRS.

A
  • Material related party transactions
  • Related party notes/accounts receivable
  • Control relationships

Note: IFRS requires disclosure of key management compensation. U.S. GAAP does not require this disclosure.

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3
Q

What are the U.S. GAAP disclosure requirements for risks and uncertainties?

A
  • Nature of operations.
  • Use of estimates in preparing the financial statements.
  • Significant estimates.
  • Current vulnerability due to certain concentrations.
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