FR Study Flashcards

1
Q

Basic EPS calculation

A

Only IFRS - IAS 33

Basic: Income avail to SH / WACSO

Income avail: Income less dividends declared/paid

WACSO: Weighted avg common share o/s, # of share weighted by the days o/s

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2
Q

Diluted EPS calculation

A

Diluted: Income avail to SH / PCS

Income avail: Income less dividends declared/paid

PCS: potential common shares, # of shares when options exercised

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3
Q

ASPE - Rev Rec process

A

ASPE 3400

1) Define issue
2) ID components
3) Recog: collection assured, performance achieved, assurance of revenue
4) Conclude

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4
Q

IFRS - Rev Rec Process

A

IFRS 15

5 steps

1) ID contract
2) ID perf obligations
3) Determine trxn price
4) Allocate trxn price
5) Determine when perf obligations satisfied.

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5
Q

ASPE - Government Grant process

A

ASPE 3800 / IAS 20.7

Conclude if requirements satisfied

Cap or non-cap?

Cap: deduct from asset or deferred and amortize

Non-cap: Expense or defer on basis of expenses

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6
Q

ASPE/IFRS - General procedure for accounting for an investment

A

Type of investment (look at control, influence)

Methods to record (use handbook)

Explain method and impact

Conclude on if a financial instrument or an investment

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7
Q

ASNPO - Rev Rec

A

ASPE 4410

Method: Restricted fund or deferral

Type of contribution: restricted, endowment, or unrestricted

Fair value measurement.

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