Accounting standards And Conceptual Frameworks

Question 1

FEDPRIA

Answer 1

F - FASB
E - Emerging Issues Task Force (EITF) 
D - Derivative Implementation Group Issues
P - Accounting Principles Board Opinions
R - Accounting Research Bulletins
I - Accounting Interpretations
A - AICPA

Question 2

Regulation
For
Accounting 
I
S
Emerging

Answer 2

Regulation S-X
Financial Reporting Releases
Accounting Series Releases
Interpretive Releases
Staff Accounting Bulletins
EITF Topic D & SEC Observer Comments

Question 3

Goal of the Private Company Council (PCC)

Answer 3

Establish alternatives to US GAAP to make private company financial statements more relevant, less complex, and cost-beneficial.

Question 4

Purpose of IASB

Answer 4

To develop a single set of high-quality, global accounting standards

Question 5

Fundamental Qualitative Characteristics

Answer 5

Relevance and faithful

Question 6

Relevance = Passing Confirms Money

Answer 6

Predictive Value
Confirming Value
Materiality

Question 7

Faithful Representation = Completely neutral is free from error

Answer 7

Completeness
Neutrality
Freedom from Error

Question 8

Enhancing Qualitative Characteristics = Compare and verify in time to understand

Answer 8

Comparability/consistency
Verifiability
Timeliness
Understandability

Question 9

SFAC No. 6 “Elements of Financial Statements”

REGL ALE needs ID

Answer 9

Comprehensive Income
R - Revenues
E - Expenses
G - Gains (SP > BV)
L - Losses (SP < BV)
A - Assets
L - Liabilities
E - Equity (residual interest)
I - Investment by Owners
D - Distribution by Owners

Question 10

Five Elements of Present Value Measurement - UVOTE

Answer 10

U - The price for bearing Uncertainty
V - Expectations about time Variations of FCF
O - Other factors
T - Time value of money
E - Estimate of FCF