F-1 BALANCE SHEET AND DISCLOSURE OVERVIEW Flashcards
1
Q
Q: Identify the contents of the Summary of Significant Accounting Policies note to the financial statements.
FAR 1-33
A
Summary of Significant Accounting Policies
Identify and describe:
- Measurement bases used in preparing the financial statements
- Principles and methods
- Criteria
- Policies
- Pricing
2
Q
Q: Describe the related party disclosures required under U.S. GAAP and IFRS.
FAR 1-34
A
- Material related party transactions.
- Related party notes/accounts receivable.
- Control relationships.
Note: IFRS requires disclosure of key management compensation.
U.S. GAAP does not require this disclosure.
3
Q
Q: What are the U.S. GAAP disclosure requirements for risks and uncertainties?
FAR 1-35
A
- Nature of operations.
- Use of estimates in preparing the financial statements.
- Significant estimates
- Current vulnerability due to certain concentrations.