F2 Flashcards
Revenue, Accounting changes, adjusting JEs, notes to FS< subsequent events, fair value measurements, special purpose framework. ratio & variance analysis
1
Q
ISTAR
A
Identify the contract
Separate performance obligations
Transaction price (determine)
Allocated transaction price
Recognize revenue
2
Q
how do you account for changes in accounting principal?
A
- from one GAAP accounting method to another
- retrospectively! adjust beg retained earnings, net of tax
3
Q
how do you account for a change in accounting estimate?
A
- Events Resulting in Estimate Changes
- prospective change! implement in current period
- Exceptions for LIFO & change in depreciation method
