balance sheet and disclosures interim financial reporting segment reporting Flashcards
Both GAAP and IFRS require that a description of all significant policies be included as an integral part of the financial statments
yes
first or second note to the financial statement
summary of significant accounting policies
IFRS requires an explicit and unreserved statement
GAAP?
of compliance with IFRS
GAAP does not have a similar requirement
IFRS requires disclosure of judgments and estimates that management has made in the process of applying accounting policies GAAP?
NO
both GAAP and IFRS require the disclosure of related party transactions
- affiliates of an entity
- entities accounted for using the equity method
- parent or subsidiary entities or subsidiaries of a common parent
- trusts for the benefit or employees
- management of an entity and their immediate family members
- owners of more than 10% of the voting interest of an entity and their immediate family members.
interim financial reporting
not required under GAAP or IFRS but if you are public company, SEC required it
Interim financial timeliness is emphasized over reliability
so unaudited
IFRS has required to include a minimum on Interim financial statememt
GAAP dont
income tax information on interim
best information available at that time
IFRS allows the effective tax rate to be estimated using enacted or substantially enacted
GAAP only enacted tax rate
All public enterprises need disclosure (both GAAP and IFRS)
- operating segments(annual and interim)
- products and service
- geographic areas
- major customers.
Inter company transaction between the segments
are not eliminated in a consolidated between the parent company and subsidiaries
definition of operating segments
- has its own revenues and expenses
2. discrete financial information is available( traceable cash flow)
Headquarters
not operating segment
pension plan
not operating segment
reportable segment criteria
Any one
- revenue including both external and intersegment is 10% or more of the combined revenue, internal and external of all operating segments
- reported profit or loss 10 % or more of greater of combined reported profit did not report a loss or combined reported loss did report a loss
- 10% or more asset pf all combined assets
and
75% reporting sufficiency test: total reporting external revenue need be 75% or more of total external (consolidated) revenue.
not reportable
combined and disclosed in an “ all other segments”
formula of segment profit or loss
revenue
- directly traceable costs
-reasonably allocated costs
=operating profit (EBIT)
10 K
annually audited
10-Q
quarterly unaudited
20-F 40F
annually by foreign private issuers
6-k
semiannually foreign private issuers
8-K
major corporate events
review requirement for interim financial statements
US-quarterly
Foreign-Semiannually
must be reviewed by an independent public accountant
should include: B/S I/S SCF
review requirement for annually financial statements
Audited BS 2 IS/CF 3
IFRS All 2
XBRL(Extensible business reporting language) tag?
a machine-readable code
interim financial reporting should be viewed primarily in which of the following ways
as reporting for an integral part of an annual period
interim inventory valuation
permanet
reflected in the interim period in which they occur, recovery interim period not to exceed the losses included in prior interim period
interim inventory valuation temporary
should not be recognized
how are discontinued operations and extraordinary items that occur at midyear initially reported
included in net income and disclosed in the notes to interim financial statements
public company present about revenue from its reporting segment
disclose separately the amount of sales to unaffiliated customers and the amount of intracompany sales
segment reporting 只针对
public entities
- operating segments
- products and services
- geographic areas
- major customers
a company is an accelerated filer that is required to file from 10-K how many days
75
an XBRL financial statement exhibit is required to be submitted with all of the following sec fillings except
20-F need
10-K need
6-K need
forms 3,4,5 dont need
