5 Flashcards
deck 5
how do you calculate cash provided by CFO?
NI + DE + GW IL = cash from CFO
how do you calculate trouble debt restructuring G/L?
CV payable - FV asset = gain (loss)
what are special purpose frameworks?
*CR and CD’s basis of acct
- basis of acct used by an entity to file its IT return
- basis of acct used by an entity to comply w/ the FR’ing req’s of a gov regulatory agency
when are costs of termination benefits recorded?
it is recognized and measured at its FV on the communication date
what is a difference b/w US and IFRS with respect to the BS?
IFRS BS’s may present PPE as the first item
where does DE go on the multi-step IS?
SGA exp
what is the cumulative effect when inventory is obsolete and written off?
a change in estimate
when do you recognize sale on consignment?
only after the consignment period ends along with other specifications (until return or when consignee sells the goods)
how do you recognize revenue for a sales contract with multiple products or services?
FV of contract must be allocated to the sep. contract elements; rev. is recog’d as each element is completed
how are revaluation surpluses (IFRS) accounted for in the year following a revaluation loss?
reval surplus reduces reval loss to 0, then OCI/AOCI
what is req’d reporting for OCI?
changes in accu’d balances of each component of OCI are req’d to be presented either on face or notes
is the reporting of CI in the statement of changes in SE permitted?
not permitted under GAAP anymore and never permitted in IFRS
how should tax reporting be for OCI items?
the individual components (PUFER) may be reported on a before-tax basis with an aggregate tax amount reported after these items OR individually on a net of tax basis
how is AOCI presented in a company’s BS?
as an item of equity following RE’s
where does foreign currency remeasurement go?
it goes IS(translation goes to OCI)
