Conceptual Framework, FR, and Standard Setting Flashcards
What are the three characteristics of faithful representation?
- Complete
- Neutral
- Free from error
What are the three components of relevance?
- Predictive value
- Confirmatory value
- Materiality
SCF: All transactions related to the making or collecting of loans and the acquiring and disposing of debt; equity instruments; PPE; or a business unit
Investing Activities
SCF Category: All transactions related to obtaining resources from owners and providing them with a return on, and a return of, their investment and to obtaining and repaying debt, including short-term and long-term debt, mortgages, finance lease obligations, seller-financed debt, and debt incurred to acquire treasury stock
Financing Activities
SCF: What category are interest payments included in?
Operating
SCF: What category are proceeds from sale of equipment and purchase of a bond included in?
Investing
SCF: What category is issuance of company’s bonds?
Financing
SCF: What category is proceeds from sale of treasury stock?
Financing
How should a nongovernmental NFP entity report depreciation expense in its statement of activities?
Included as a decrease in net assets without donor restrictions
The statement of net assets available for benefits of the plan must include the following: (4)
- Total assest
- Total liabilites
- Net assets reflecting all investments at fair value.
- Net assets available for benefits.
The financial reporting framework for small and medium sized entities has been developed by the?
AICPA
What percent of assets or revenue do you have to have to be a reportable segment?
10%
SEC regulations for the financial statement presentation and disclosure requirements of SEC filings can be found in:
Regulation S-X
Basic earnings per share formula
Net income - dividend to preferred stock / weighted av. no. of common shares outstanding
10K and 10Q deadline for accelerated filers
75 days and 40 days
