FAR Mnemonics Flashcards
Primary Qualitative Characteristics for Relevance
Relevance (Roger is PC) but never Material Predictive Value Confirmatory Value Materiality
Primary Qualitative Characteristics for Faithful Representation
Faithful Representation (Roger is never on the FENCe) free from Error Neurtality Completeness
Enhancing Qualitative Characteristics
Related to relevance and faithful representation. (Roger is CUT like a V) Comparibility Understandibility Timeliness Verifiability
Income Statement
ON-TIDe-N-OC
O- Operating Income (net of tax)
N- Non Operating Income
T- Provision for Income Tax
I - Income From Continuing Operations
De- Discontinued Component Unit
N- Net Income
O- Other Comprehensive Income
DENT
Derivative cash flow hedge gain/loss
Excess adjustment of PBO and FV of plan assets at year end
Net unrealized holding gains of AFS during period
Translation adjustment of foreign currency
C- Comprehensive Income
Pension Expense (Pension Cost)
(A-SPIDER)
+ Service Cost
+ Prior Service Cost Amortization
+ Interest Cost
- Actual Return on Plan Assets
+ Deferred Gain (unrecognized pension plan G/L)
- Excess Amortization of Deferred G/L
+/- Amortization of Existing Net Obligation or Net Asset at Implementation
= Pension Expense
Presentation of Stockholders’ Equity Section
P-CAN-RAT
Preferred Stock
Common Stock
APIC
Noncontrolling Interest in “S”
Retained Earnings (Appropriated/Unappropriated)
Accumulated OCI (DENT)
Treasury Stock
Derivative Characteristics
NUNS
No net investment - no initial investments
_U_nderlying and a _N_otional amount - notional amount is the number of units (bushels, pounds) and the underlying is the factor that affects the derivitive’s value (interest rate, exchange rate)
Net Settlement - the derivitave can be settled in a net amount (receiving or paying a difference between agreed upon exchange rate or market rate)
Foreign Investees
This Fucking Report
Transactional Currency (local/recording currency) is remeasured (I/S) to the Functional Currency (currency in which generates and spends cash)
Functional Currency is translated (B/S) to the Reporting Currency (currency that prepares F/S)
Statement of Operations(Activities) - Hospital
PP-NO-ONE
Patient Service Revenue (hotel type, medical, lab)
(Provision for Contractual adj.) -Medicare, empl disc
Net Patient Service Revenues
+Other Operating Rev, G/L (earned)
Non-medical- parking, gift shop, food
Donated medicine and supplies
Restricted grants
NARFR used for operations
(Operating Expenses)- bad debts, drugs, doctors , G&A
Results from operations
+Non-Operating Revenues (Other Inc.) (unearned)
Unrestricted donations, gifts, bequests
Unrestricted interest & dividend income
Unrestricted grants
Donated services
Excess of Rev/Gain over Exp/Loss (Performance Indicatior) - operating inc., perf earnings, earned inc.
Items reported seperately from performance ind
Restricted dontations/contributions
Assets released from donor restrictions for PP&E
Restricted investment income
Change in net unrealized G/L (other than trading)
on unrestricted investments
Transfers to parents
Discontinued Operations
Increase in Unrestricted Net Assets (UNA)