Balance Sheet & Disclosures Flashcards

1
Q

IFRS Related Party Disclosures

A

Material related party transactions *including compensation arragements

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2
Q

Components of “Contributed” SH-Equity

A

Capital Stock-preferred & common

PIC

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3
Q

Internal Generated Components of Equity are:

A

Retained Earnings
Accumulated OCI
Treasury Stock (Contra-Equity)

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4
Q

Significant Accounting Policies are…

A

An INTEGRAL part of the Fin Stmts

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5
Q

SAP’s Identify & Describe

A
  1. Measurement bases 2. Accounting principles & methods 3. Criteria 4. Policies 5. Pricing
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6
Q

Common SAP’s

A
  1. Basis of consolidation 2. Depr. methods 3. Amort of Intangibles 4. Inventory pricing 5. Profit Recognition on LT construction contracts 6. Revenue Recognition from Franchising/Leasing
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7
Q

Items that are not in SAP note

A
  1. Compositions/Amounts in accounts 2. Detailed changes in accounting principles 3. Dates/Maturities of LTD 4. Depr, Depl, of Amort.
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8
Q

Other notes to F/S (besides SAPs)

A
  1. in SE 2. Mkt. Sec. disclosures 3. Contingency losses 4. Contractual obligations (Op Lease) 5. Pension plan description 6. Post-BS events
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9
Q

Related Party Disclosures GAAP

A

Material RP Transactions - Nature of relationship, description of transaction, dollar amounts/per period, Amounts due to/from, Name of RP.

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10
Q

Related parties include:

A
  1. Affiliates 2. Equity-method 3. Parent & subs 4. Pensions, profit sharing, trusts 5. Mgmt & Immediate family 6. Owners of 10% or more (not in IFRS)
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11
Q

Types of related party transactions

A
  1. Sales/Purchases/Transfers 2. Services 3. Use of property/equip 4. Borrowing/lendings 5. Maint. of bank balance 6. Intra-entity billings (allocations) 7. Filings of consol. tax returns.
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12
Q

Related Party Disclosures IFRS Differences

A

IFRS includes compensation arrangements, Bad debt expense and write-offs of related party amounts

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13
Q

Disclosures of Risk & Uncertainty (GAAP)

A
  1. Nature of Operations 2. Use of Estimates 3. Certain Significant Est. 4. Concentration risk (supplier/lender/customer/products)
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