Catch All Flashcards
Period of Q1
January 1 - March 30
Period of Q2
April 1 - June 30
Period of Q3
July 1 - September 30
Period of Q4
October 1 - December 31
Each quarter’s beginning months
Jan - Apr - Jul - Oct.
Which of the following are required disclosures under IFRS but not GAAP? (F2M1 - 04767)
- Statement of compliance with applicable accounting principles
- Disclosure of all significant accounting policies
- Disclosure of judgements made in the preparation of the FS
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
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
“reasonably possible”
Example of a disclosed judgement as required under IFRS (F2M1 - 04767)
A judgement as to what securities are classified as HTM vs. AFS
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)
- The concentration exists as of the FS date
- The concentration makes the entity vulnerable to the risk of a near-term severe impact
- 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.
- Criteria for subsequent loss (after the BS date but before the release date) to be reported in the FS
- What type of subsequent event it is
- How it should be disclosed (F2M3 - 00916)
- Subsequent loss has to be “reasonably possible”
- Nonrecognized subsequent event
- Disclosed as a footnote (no accrual on the FS needed)