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FAIS 3 > Ch 11 Worldwide Accounting > Flashcards

Ch 11 Worldwide Accounting Flashcards

0
Q

IFRS refers to fixed assets as…

A

Tangible assets

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1
Q

IFRS VS GAAP: presentation of assets

A

Listed in reverse order if liquidity, starting from intangible assets

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2
Q

IFRS calls receivables…

A

Debtors

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3
Q

IFRS term for: inventories

A

Stocks and work in progress

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4
Q

IFRS term for: cash and cash equivalents

A

Bank balances and other liquid funds

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5
Q

IFRS term for: accounts payable

A

Creditors

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6
Q

Provisions, where are they found?

Define?

A

Found in both Noncurrent and current liabilities

Estimated obligations related to warranties and restructuring plans

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7
Q

What order does an IFRS balance sheet report current liabilities, Longterm liabilities and shareholders equity?

A

1 shareholders equity

2 long term liabilities

3 current liabilities

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8
Q

Share capital

A

Reflects the par value of common stock

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9
Q

Share premium

A

Shows the paid in capital in excess of par value

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10
Q

Retained earnings are not…

A

Reported separately but are included in revenue and other

Reserves

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11
Q

Other reserves

A

Related to revaluation of assets

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12
Q

IFRS term for: treasury stock

A

Own shares held

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13
Q

Typical reporting format of operating expenses on the income statement for US companies 6

A 
Sales
Less: COGS
equals: gross profit
Less: selling costs
Less: administrative costs
Equals: operating profit
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14
Q

Under IFRS material costs on the income statement are reported as? 2

A

Raw material

Consumables and services

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15
Q

Under IFRS labor costs on the income statement are reported as?

A

Personnel expenses

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16
Q

How is overhead reported on the income statement under IFRS?

A

Included in:

Amortization, depreciation and impairments

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17
Q

Personnel expenses includes…2

A

Wages, salaries and benefits paid to employees involved in
Manufacturing

Selling and administration expenses

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18
Q

On an IFRS income statement, cost of goods sold is…

2) what can therefore not be calculated?

A

Not reported as s separated amount

2) gross profit can’t be calculated

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19
Q

Foreign companies whose stock is listed on the U.S. stock exchange are required to…

A

Be registered and file statements with the SEC

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20
Q

For a columbian oil company, some of the largest adjustment entries
To reconcile between IFRS and GAAP included…5

A 
1 nonmonetary assets
2 deferred charges
3 deferred income taxes
4 revenue recognition 
5 depreciation, depletion and amortization
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21
Q

5 factors that influence a country’s financial reporting practices

A 
1 legal system
2 taxation
3 financing system
4 inflation
5 political and economic ties
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22
Q

2 major types of legal systems used around the world

A

1 common law

2 codified roman law

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23
Q

Non English speaking countries typically use what kind of legal system?

A

Codified roman law (code law)

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24
Q

Code law tends to have…

A

More statute or codified law governing a wider range of human
Activity

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25
Q

What does a countries code law legal System have to do with accounting?

A

Code law countries have corporation law (AKA commercial code
Or companies act) establishes legal parameters governing Business enterprise

Accounting rules are established primarily by the government
Instead of the accounting profession

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26
Q

What does a country’s common law legal system have to do with accounting?

A

In countries with common law (US, UK), the profession or

Independent nongovernmental body establishes accounting rules

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27
Q

In code law countries, the accounting law is rather…

A

General, not providing specific detail about accounting practices

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28
Q

How is The FASB an extreme case for the United States in a common law country?

A

Provides an overload of specific details about accounting rules

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29
Q

In some countries what do published financial statements form the basis for?

2) In other countries, financial statements are adjusted for…

A

Taxation

2) tax purposes and submitted to the government separately
From reports sent to stock holders

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30
Q

Taxation: Germany’s conformity principle (Massgeblichkeitsprinzip), requires in most cases an expense also must be used in…

A

Calculating financial statement income to be deductible for tax
Purposes

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31
Q

In the US, conformity between the tax statement and financial statements is required…

A

Only for use of LIFO cost flow assumption

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32
Q

US companies are allowed to use accelerated depreciation for…

2) And strait line depreciation for…

A

tax purposes

2) financial statement purposes

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33
Q

Well managed German companies attempt to minimize income for tax purposes by…

A

Using accelerated depreciation to reduce their tax liability

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34
Q

US vs. Germany company income reporting

A

US company is likely to report higher income than German

counterpart

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35
Q

Major providers of financing for business enterprises 4

A

1 family members
2 banks
3 governments
4 shareholders

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36
Q

Countries in which families, banks or state dominate company financing have…

A

Less pressure for public accountability and information disclosure

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37
Q

Banks and the state often are represented on the board of

Directors and therefore are able to…

A

Obtain information necessary for decision making from inside

The company

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38
Q

Stockholder’s are more interested in a company’s…

2)banks are more interested in a company’s…

A

Profit

2) solvency and liquidity (emphasis on balance sheet)

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39
Q

Banker prefer companies to practice…

A

Rather conservative accounting with regard to assets and

Liabilities

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40
Q

Countries with chronically high rates of inflation have been forced to adopt accounting rules that require…

A

Inflation adjustment over historical cost amounts

Ex. Latin America

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41
Q

Double and triple digit inflation rates render historical cost…

A

Meaningless

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42
Q

Countries with economic ties (NAFTA)…

A

Influence each other’s accounting practices

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43
Q

Gray: 2 ways a country’s societal values influence its accounting system

A

1 help shape a country’s institutions: legal system, capital markets,
Financing system

2 influence accounting values shared by members of accounting
Subculture, influencing the nature of the accounting system

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44
Q

Gray argues, In a society with low tolerance for uncertainty exists accountants prefer…

2) high power and high secrecy society, that prefer to maintain
Inequality in society prefer…

A

More conservative measures of profits and assets

2) provided minimal disclosure on financial statements

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45
Q

Nobes 1998 model gave 2 explanatory factors for international accounting diversity

A

1 national culture including institutional structures

2 nature of country’s financing system

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46
Q

Nobes: Class A accounting system

A

Used by countries with strong equity outsider financing system

System is less conservative, provides more disclosure and
Doesn’t follow tax rules

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47
Q

Nobes: Class B accounting system

A

Accounting is more conservative, disclosure is not extensive,
More closely follows tax rules

In countries with weak equity outsider financing system

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48
Q

Nobes argued, Many countries in the developing world are culturally…

A

Dominated by another country (could be one they were colonized
By)

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49
Q

Nobles argued, Culturally dominated countries use the accounting system of…

A

The dominating country regardless of the nature of their equity
Financing system

Ex. African countries use British system

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50
Q

Nobes argued that as a financing system in a country evolves from weak equity to strong equity, the accounting system evolves to…

A

class A accounting system

Ex. China

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51
Q

Financial reporting problem for multi nationals

A

Diverse accounting practices make consolidation of financial
Statements difficult for these companies

Involves currency adjustments and Reconciliations to US GAAP

Ex. Coca cola operates in 40 countries, each sub must prepare
Financials in compliance with local regulations

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52
Q

Problems with diverse accounting systems internationally 3

A

1 currency difference
2 costs of converting to public ally trade in foreign markets
3 comparability

53
Q

most important organization for convergence of international financial reporting standards

2) What organization did it sucked in 2001?

A

International Accounting Standards Board

2) International Accounting Standards Committee

54
Q

organization that is composed of over 100 stock exchange regulators including the SEC

A

1 International Organization of Securities Commissions IOSCO

55
Q

Primary objective of IOSCO

A

Facilitate cross-border securities offerings and listings by

Multinational issuers

56
Q

Primary responsibility of IASB

A

International Accounting standard-setting responsibilities

57
Q

How many members does the IASB consist of?

2) how many are full Time?

A

16

2) 13

58
Q

3 authoritative pronouncements that make up IFRS

A

1 IFRS standards issued by the IASB
2 International Accounting standards (IASs) issued by IASC
And adopted by IASB

3 interpretations originated by the Standing Interpretations 
Committee (SIC until 2001) and the Intl. Finl. Reporting 
Interpretations Committee (IFRIC)
59
Q

Under the new structure the IASB has sole responsibility for establishing…

A

IFRS

60
Q

IASB Framework states that the objective of financial statements is to provide information about…

A

1 Financial position

2 performance and changes in financial position that is useful to
A wide range of decision makers

61
Q

4 uses of IFRS

A country can…

A

1 adopt IFRS as its nation GAAP
2 require domestic listed companies to use IFRS in preparing their
Consolidated financial statements
3 allow domestic listed countries to use IFRS
4 require or allow foreign companies listed on domestic stock
Exchange to use IFRS

62
Q

As of June 2012, what number of countries out of 153 countries required companies listed on the domestic stock exchange to use IFRS?

Significant region of the group?

A

92

All 27 EU countries use IFRS

63
Q

Companies using US GAAP, when did they begin using IFRS?

A

2007

64
Q

In most cases, EU companies continue to use…

A

Domestic GAAP to prepare parent company financial statements

Which often serves as basis for taxation

65
Q

China, accounting standards

A

In 2006, China adopted completely new set of Chinese Accounting
Standards that’s based on IFRS

66
Q

2 primary methods countries use to incorporate IFRS into their financial reporting requirements

A

1 full adoption of IFRS, without review or approval by local body

2 adoption of IFRS, with some national or multinational review
Process

67
Q

EU financial reporting is in full compliance with IFRS, with only one exception?

A

IAS 39 “Financial Instruments Recognition and Measurement”

68
Q

2 objectives of FASB-IASB convergence

A

1 make existing financial reporting standards fully compatible
As soon as practicable

2 after compatibility is achieved make sure it stays maintained

69
Q

Significance of the Memorandum of Understanding (MoU) between FASB and IASB in 2006

A

Any accounting standards that need improvement should be

Replaced with new jointly developed standards

70
Q

4 Significant convergence projects in 2013

A

1 Leases
2 Insurance contracts
3 Financial instruments
4 Revenue recognition

71
Q

SEC acceptance of IFRS

A

In 2007, SEC allows foreign companies listed in the US stock
Exchange to report in compliance with IFRS instead of US GAAP

72
Q

First time adoption of IFRS:

Step 1- determine Applicable IFRS Accounting Policies Based on Standards in Force on Reporting Date

A

Companies must knew 2 years in advance what the applicable

Standards will be on the reporting date

73
Q

First time adoption of IFRS:

Step 2: Recognize assets and liabilities required to be recognized under IFRS that were not recognized under previous GAAP and derecognize assets and liabilities previously recognized that are not allowed to be recognized under IFRS

Give example 2

A

Deferred development costs can be recognized under IFRS but
Not GAAP

US GAAP company would need to check if intangible meets
The definition of IFRS intangible

74
Q

First time adoption of IFRS:

Step 3: Measure assets and liabilities Recognized on the opening balance sheet in accordance with IFRS

A

Entity must retroactively apply applicable IASB standards to
Each asset and liability

Ex. Change from LIFO to FIFO

75
Q

First time adoption of IFRS:

Step 4: Reclassify Items Previously Classified in a different manner than what is acceptable under IFRS

Examples 2

A

Deferred tax assets are current and Noncurrent under GAAP
but only classified as Noncurrent under IFRS

Convertible debt is classified as liability under GAAP, but classified
As equity under IFRS

76
Q

First time adoption of IFRS:

Step 5: comply with all disclosure and presentation requirements,
IFRS 1 must be followed

IFRS 1 requires 2 reconciliations for the first set of IFRS financial statements…

A

1 reconciliation of total equity measured under previous GAAP
to total equity under IFRS

2 reconciliation of net income measured under previous GAAP
to net income measured under IFRS for the comparative period

77
Q

IFRS 1 also requires disclosures explaining the company’s…

A

Adoption of IFRS, including notes to accompany IFRS

reconciliations

78
Q

Reconciliation of total equity measured under previous GAAP to total equity measured under IFRS at…2

A

1 date of transition to IFRS

2 the end of the comparative period

79
Q

IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”

Establishes what?

A

Hierarchy for determining accounting policies

80
Q

IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”

What are the 4 steps in IFRS Accounting Policy hierarchy?

A

1 apply specific relevant standards (IASs, IFRSs) dealing with accounting issue
2 refer to IASB standards on similar issues
3 refer to definitions, recognition criteria, measurement concepts
In IASB
4 consider most recent standard setting pronouncements

81
Q

aspects of the IFRS accounting Policy hierarchy that are noteworthy:

Framework is specifically listed as part of hierarchy and must be consulted before considering…

A

Sources of guidance in recent pronouncements

82
Q

aspects of the IFRS accounting Policy hierarchy that are noteworthy:

Because FASB and IASB conceptual frameworks are similar, step 4 (new pronouncements) provides an opportunity for entities to…

A

Adopt FASB standards in dealing with accounting issues

Where step 1 and 3 aren’t helpful

83
Q

In establishing accounting policies to be followed under IFRS, the 2 extreme approaches companies can follow are?

A

1 minimize change

2 fresh start

84
Q

Minimize change

A

Company adopts accounting policies consistent with IFRS that
Are most consistent with current accounting policies

Less costly to implement than fresh start approach

85
Q

Fresh start

A

Company ignores current accounting policies and adopts
accounting policies consistent with IFRS

That best reflect economic reality

86
Q

3 classifications of differences between IFRS vs GAAP

A

1 recognition differences

2 measurement differences

3 presentation and disclosure differences

87
Q

Several differences between IFRS and GAAP relate to 3 things

A

1 whether an item is recognized or not

2 how it is recognized

3 when it is recognized

88
Q

According to IAS 38, development costs must be recognized as…

A

An internally generated intangible asset when certain criteria are
Met

89
Q

According to IAS 38, deferred development costs are are amortized…

A

Over their useful life but not to exceed 20 years

90
Q

Development costs include (all costs that can be allocated to development activities) 5

A 
1 personnel costs
2 materials and services costs
3 depreciation on fixed assets
4 amortization on patents and licenses
5 overhead/general administrative costs
91
Q

The types of development costs that might qualify as internally generated intangible assets under IAS 38 include…6

A 
1 Computer software costs
2 patents and copyrights
3 customer or supplier relationships
4 market share
5 fishing licenses
6 franchises
92
Q

What does IAS 38 exclude from intangible assets? 4

A

1 brands
2 advertising costs
3 training costs
4 customer lists

93
Q

4 major recognition differences between IFRS and GAAP

A

1 intangibles
2 gains on sale and leaseback transactions
3 past service costs related to vested pension benefits
4 deferred tax assets

94
Q

IFRS VS GAAP:

Inventory: cost flow assumption

A

IFRS: LIFO not allowed

GAAP: LIFO allowed

95
Q

IFRS VS GAAP:

Inventory: Market in Lower of cost or market rule

A

IFRS: net realizable Value

GAAP: replacement cost (with ceiling and floor)

96
Q

IFRS VS GAAP:

Reversal of inventory write down

A

IFRS: Required if certain criteria are met

GAAP: not allowed

97
Q

IFRS VS GAAP:

Property, plant and equipment: measurement subsequent to acquisition

A

IFRS: based on historical cost or revalued amount

GAAP: based on historical cost

98
Q

IFRS VS GAAP:

Property, plant equipment: major inspection or overhaul costs

A

IFRS: generally capitalized

GAAP: either capitalized or expensed

99
Q

IFRS VS GAAP:

Indication of asset impairment

A

IFRS: asset’s carrying value exceeds higher of its 1) value in
Use (discounted expected future cashflows)
or 2) fair value less costs to sell

GAAP: Asset’s carrying value exceeds the undiscounted expected
Future cashflows from the asset

100
Q

IFRS VS GAAP:

Subsequent reversal of an impairment loss

A

IFRS: required if certain criteria are met

GAAP: not allowed

101
Q

IFRS VS GAAP:

Construction contracts: method used when percentage of completion not appropriate

A

IFRS: cost recovery method

GAAP: completed contract method

102
Q

IFRS VS GAAP:

Research and Development costs: Development costs

A

IFRS: capitalized if certain criteria are met

GAAP: expensed immediately, except computer software
Development

103
Q

IFRS VS GAAP:

Leases: Recognition of gain on sale and leaseback on an operating lease

A

IFRS: recognized immediately

GAAP: amortized over the lease term

104
Q

IFRS VS GAAP:

Pensions: recognition of past (prior) service costs related to benefits that have vested

A

IFRS: recognized immediately

GAAP: amortized over the remaining service period or life
expectancy

105
Q

IFRS VS GAAP:

Income taxes: recognition of deferred tax assets

A

IFRS: recognized only if realization of tax benefit is probable

GAAP: always recognized but a valuation allowance is provided

106
Q

IFRS VS GAAP:

Consolidated financial statements: different accounting policies of parent and subsidiaries

A

IFRS: must conform policies

GAAP: no requirement to conform policies

107
Q

IFRS VS GAAP:

Classification of deferred taxes

A

IFRS: always Noncurrent

GAAP: split between current and Noncurrent

108
Q

IFRS VS GAAP:

Presentation of extraordinary items

A

IFRS: not allowed

GAAP: required when certain criteria are met

109
Q

IFRS VS GAAP:

Definition of a “discontinued operation”

A

IFRS: reportable business or geographic segment

GAAP: reportable segment, operating segment, reporting unit,
Subsidiary, or asset group

110
Q

IFRS VS GAAP:

Interim reporting

A

IFRS: interim period treated as discrete accounting period

GAAP: Interim period treated as integral part of full year

111
Q

IFRS VS GAAP:

Statement of cashflows classification of: interest paid

A

IFRS: operating or financing

GAAP: operating

112
Q

IFRS VS GAAP:

Statement of cashflows classification of: interest received

A

IFRS: operating or financing

GAAP: operating

113
Q

One of the greatest measurement differences between IFRS and GAAP is found in IAS 16…

A

“Property, Plant and Equipment”

114
Q

IAS 16 Property, Plant and Equipment, allows companies to choose between what 2 approaches for assets subsequent to acquisition?

A

1 the cost model

2 the revaluation model

115
Q

Measurement differences between GAAP and IFRS, 2 mentioned in text

A

1 inventory

2 property, plant, equipment

116
Q

Firms using IFRS must capitalize development costs as an intangible asset when they can demonstrate what 6 things?

A

1 technical feasibility of completing the project
2 intention to complete project
3 ability to use or sell intangible
4 intangible will generate future benefits
5 availability of adequate resources to complete the asset
6 ability to measure development costs associated with intangible

117
Q

Biggest difference between IFRS VS GAAP in the presentation of financial statements

A

IFRS has a single standard: IAS 1 “presentation of financial
Statements”

GAAP has no equivalent to this standard

118
Q

IAS 1 “Presentation of Financial Statements” (guideline)

  1. Purpose of financial statements
A

Financial statements provide info about financial position,
Financial performance, cash flows

Useful to economic decision makers

119
Q

IAS 1 “Presentation of Financial Statements” (guideline)

  1. Overriding principle of fair presentation
A

Financial statements should fairly present entity’s financial
position, financial performance and cashflows

Compliance with IFRS ensures fair presentation, although
In rare circumstances entity may need to depart from IFRS to
Show fair presentation

120
Q

IAS 1 “Presentation of Financial Statements” (guideline)

  1. Basic principles and assumptions: IAS 1 emphasizes…5
A 
1 going concern assumption
2 accrual basis
3 consistency principle
4 comparability
5 separate presentation of material items
121
Q

IAS 1 “Presentation of Financial Statements” (guideline)

  1. Components of financial statements: IAS 1 requires a complete set of financial statements to include…5
A

1 statement of financial position (balance sheet)
2 statement of comprehensive income
3 statement of changes in equity
4 statement of cashflows
5 accompanying notes and summary of significant accounting
Policies

122
Q

IAS 1 “Presentation of Financial Statements” (guideline)

  1. Structure and content of financial statements: IAS 1 provides guidance with respect to the structure of each financial statement and prescribes 2 items that must be presented…
A

1 on the face of financial statements

2 either on the face of financial statements or disclosed in the
Notes

123
Q

What approach has the IASB taken to setting accounting standards?

2) what approach has FASB taken?

A

Principles based

2) FASB has taken a rules-based approach

124
Q

Principles based vs. Rules based

A

Principles based provide more general guidance and require
A greater degree of professional judgment

Rules based are more specific

125
Q

Bright lines

A

Body do detailed guidance (rule based)

126
Q

What example demonstrates the difference between principle vs. Rule approach

A

Development costs

IFRS has guidance for whether they should be amortized, and
GAAP requires them to be expensed

127
Q

The hall mark of principle based standards are that they do…

A

Not need to provide exceptions

128
Q

In 2007, What percentage of global market capitalization companies used IFRS? Used GAAP?

A

55% used IFRS

35% used GAAP

129
Q

Obstacles of world wide comparability of financial statements

A

1 language

2 cultural

130
Q

Harmonization

A

Process of reducing differences in financial reporting across
Countries

Thereby increasing comparability of financial statements

131
Q

IFRS 1 requires the preparation of an opening IFRS balance sheet…

A

2 years prior to when company publishes its first set of IFRS
financial statements

FAIS 3 (17 decks)

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