Catch All Flashcards

1
Q

Period of Q1

A

January 1 - March 30

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2
Q

Period of Q2

A

April 1 - June 30

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3
Q

Period of Q3

A

July 1 - September 30

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4
Q

Period of Q4

A

October 1 - December 31

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5
Q

Each quarter’s beginning months

A

Jan - Apr - Jul - Oct.

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6
Q

Which of the following are required disclosures under IFRS but not GAAP? (F2M1 - 04767)

  1. Statement of compliance with applicable accounting principles
  2. Disclosure of all significant accounting policies
  3. Disclosure of judgements made in the preparation of the FS
A

1 & 3
Regarding 3 – IFRS requires judgements made to be disclosed where GAAP does not (judgement - whether a security is classified as held-to-maturity or available-for-sale), while BOTH require disclosure about estimates made

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7
Q

Which of the following is correct about disclosing accounting estimates under GAAP? (F2M1 - 06073)

significant estimates that are “probable” to change in the near term
significant estimates that are “reasonably possible” to change in the near term

A

“reasonably possible”

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8
Q

Example of a disclosed judgement as required under IFRS (F2M1 - 04767)

A

A judgement as to what securities are classified as HTM vs. AFS

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9
Q

The criteria that requires a vulnerability to a concentration to be disclosed in the FS footnotes, and how many of them must be met (F2M1 - 04787)

A
  1. The concentration exists as of the FS date
  2. The concentration makes the entity vulnerable to the risk of a near-term severe impact
  3. It is at least “reasonably possible” that the events that could cause the impact will happen in the short-term

All 3 of these must be met to require disclosure.

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10
Q
  1. Criteria for subsequent loss (after the BS date but before the release date) to be reported in the FS
  2. What type of subsequent event it is
  3. How it should be disclosed (F2M3 - 00916)
A
  1. Subsequent loss has to be “reasonably possible”
  2. Nonrecognized subsequent event
  3. Disclosed as a footnote (no accrual on the FS needed)
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