1
Q
How do you handle revisions to the estimate used to calculate the discounted ARO liability?
A
Upward revisions are a new liability - use the current discount rate
Downward revisions remove an old liability - use the historical discount rate
CPA: FAR
flashcards
Decks in class (70)
# Cards
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Chapter 2 Journal Entries18
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Chapter 4 Section 3: Fixed Assets6
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Chapter 3 Journal Entries20
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Chapter 4 Journal Entries28
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Chapter 5 Journal Entries26
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Chapter 6 Journal Entries18
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Chapter 7 Journal Entries24
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Chapter 8 Journal Entries33
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Chapter 9 Journal Entries12
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Chapter 10 Journal Entries20
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Chapter 1 Section 1: Accounting Standards and Conceptual Frameworks17
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Chapter 1 Section 2: Income Statement1
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Chapter 1 Section 3: Income from Continuing Operations4
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Chapter 1 Section 4: Discontinued Operations and Exit or Disposal Activities6
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Chapter 1 Section 5: Extraordinary Items3
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Chapter 1 Section 6: Accounting Changes and Error Corrections8
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Chapter 1 Section 7: Comprehensive Income15
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Chapter 1 Section 8: Balance Sheet and Disclosures Overview3
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Chapter 1 Section 9: Interim Financial Reporting4
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Chapter 1 Section 10: Segment Reporting3
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Chapter 1 Section 11: SEC Reporting Requirements10
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Chapter 2 Section 1: Timing Issues41
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Chapter 2 Section 2: Long-Term Construction Contracts5
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Chapter 2 Section 3: Accounting for Installment Sales9
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Chapter 2 Section 4: Accounting for Nonmonetary Exchanges7
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Chapter 2 Section 5: Financial Reporting and Changing Prices7
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Chapter 2 Section 6: Foreign Currency Accounting9
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Chapter 2 Section 7: Other Financial Statement Presentations6
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Chapter 3 Section 1: Marketable Securities9
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Chapter 3 Section 2: Business Combinations/Consolidations4
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Chapter 3 Section 3: Cost Method3
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Chapter 3 Section 4: Equity Method7
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Chapter 3 Section 5: Consolidated Financial Statements2
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Chapter 3 Section 6: Acquisition Method9
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Chapter 3 Section 7: Intercompany Transactions2
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Chapter 3 Section 8: Combined Financial Statements/Push Down Accounting2
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Chapter 4 Section 1: Working Capital and Its Components27
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Chapter 4 Section 2: Inventories15
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Chapter 4 Section 4: Depreciable Assets and Depreciation8
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Chapter 4 Section 5: Fixed Asset Impairment1
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Chapter 5 Section 1: Present Value and Annuities5
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Chapter 5 Section 2: Accounting for Leases26
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Chapter 5 Section 3: Long-Term Liabilities and Bonds Payable29
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Chapter 6 Section 1: Pension Plans22
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Chapter 6 Section 2: Postretirement Benefits Other Than Pensions4
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Chapter 6 Section 3: Other Deferred Compensation and Benefits3
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Chapter 6 Section 4: Accounting for Income Taxes12
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Chapter 7 Section 1: Stockholder's Equity39
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Chapter 7 Section 2: Earnings per Share12
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Chapter 7 Section 3: Statement of Cash Flows15
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Chapter 7 Section 4: Ratios20
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Chapter 8 Section 1: Governmental Accounting Overview28
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Chapter 8 Section 2: Modified Accrual Accounting11
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Chapter 8 Section 3: Deferred Outflows and Inflows of Resources4
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Chapter 8 Section 4: Governmental Funds18
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Chapter 8 Section 5: Proprietary Funds13
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Chapter 8 Section 6: Fiduciary Funds10
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Chapter 9 Section 1: Governmental Accounting35
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Chapter 9 Section 2: Not-For-Profit Accounting24
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Chapter 10 Section 1: Fair Value Measurement4
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Chapter 10 Section 2: Partnerships8
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Chapter 10 Section 3: Variable Interest Entities4
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Chapter 10 Section 4: Asset Retirement Obligation1
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Chapter 10 Section 5: Troubled Debt Restructuring4
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Chapter 10 Section 6: Other Liabilities and Debt Covenants4
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Chapter 10 Section 7: Estimated and Accrued Liabilities1
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Chapter 10 Section 8: Contingencies3
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Chapter 10 Section 9: Subsequent Events3
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Chapter 10 Section 10: Financial Instruments15
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Chapter 10 Section 12: Liquidation Basis of Accounting4
