F2 P2 Flashcards
1
Q
OCBOA
A
Contains all the other accepted forms of accounting that are non-GAAP.
2
Q
What are the differences between OCBOA and GAAP
A
OCBOA has no cashflows and has different FS titles
3
Q
What are the Modifies cash flow standards set my
A
Special purpose framework.
4
Q
Level 1
A
Quoted price in an active market of identical assets
4
Q
Level 2
A
Input other than quoted market either observable or unobservable (Markets can be not active)
4
Q
Level 3
A
Input is unobservable (Entity Judegemts) For example using the PV of future cash flows.
