GAAP/IFRS

Question 1

short term to long term after balance sheet date date but before report issuance

Answer 1

IFRS must be before BALANCE SHEET DATE

Question 2

INTERIM PERIODS

Answer 2

IFRS DISCRETE - MUST PRESENT ACTIVITES AS OCCUR

GAAP INTERGRAL OF ANNUAL - CAN ACCRUED LOSSES IF REVERAL EXPECTED

Question 3

EQUITY STATEMENTS

Answer 3

GAAP DOES NOT REQUIRE UNIFORM POLOCIES

IFRS REQUIRES UNIFORM POLICIES

Question 4

IFRS HELD FOR SALE

Answer 4

MUST BE PROBABLE

Question 5

REVALUTION

PPE

INVESTMENT

Answer 5

PPE COST (DEPRECIABLE)

INVESTMENT FMV NO DEP.

Question 6

IMPROVEMENTS

Answer 6

ALWAYS CAPPED

Question 7

CASH RECEIVED FOR OLD ASSETS - NEW ASSETS ARE VALUED @

Answer 7

ACQUISITION PRICE

Question 8

WHEN IN SV IGNORED

Answer 8

DOUBLE DECLINING

NEVER CAN GO BELOW SV THO!!!!!

Question 9

DEPELETION CAPITALIZATION

Answer 9

ALL COSTS EXCEPT SV

Question 10

HFS NEVER

Answer 10

DEPRECIATES

Question 11

GAAP REVALUATION

Answer 11

REVERSAL OF IMPAIRMENT LOSS WITH SALE

FV - COST TO SELL (LIMITED TO PREVIOUS LOSS)

Question 12

WHEN YOU HAVE A DECREASE IN CV

Answer 12

HITS DEPRECIATION

Question 13

TRADEMARKS TREATMENT

Answer 13

CAP AND AMORT

Question 14

GOODWILL
REPORTED WHERE?
WHEN IS IT FORMED?

Answer 14

ADDED TO THE CV OF THE ASSET

AT ACQUISITION ONLY

Question 15

IFRS INTERNAL R&D

Answer 15

1 - TECH FEAS
2- INTENT TO COMPLETE
3 - ABILITY TO SELL OR USE
4 - PROBABLE FUTURE BEN
5 - ABILITY TO MEASURE EXPENSES

Question 16

REVALUATION MUST HAVE

Answer 16

ACTIVE MARKET

Question 17

IFRS IMPAIRMENT TEST FOR ASSETS AND INTANGIBLES LIVES ARE

Answer 17

GREATEST NUMBER

Question 18

VALUATION ALLOWANCE

Answer 18

IFRS - PROBABLE

GAAP - REASONABLY POSSIBLE

Question 19

INTERIM INVENTORY

Answer 19

GAAP - HISTORICAL

IFRS - LOWER OF NRV OR COST

Question 20

COSIGNOR AND COSIGNED GOODS

Answer 20

REMAINS ON BOOKS UNTIL SOLD

Question 21

LEASE PAYMENT EXCUTORY COST

Answer 21

NEVER INCLUDED

Question 22

PV INTEREST RATES

Answer 22

HIGHER RATE LOWER PV

Question 23

CURRENT LIABILITY FOR LEASES

Answer 23

ANNUAL AMOUNT - INTEREST EXPENSE

Question 24

LEASEHOLD IMPROVEMENTS

Answer 24

CAPITALIZED FOR CAPITAL + OPERATING

Question 25

DISCLOSURE FOR LEASES

Answer 25

NEXT 5 YEARS + AGGREGATE REMAINING BALANCE

Question 26

LESSOR RECORDS CAP LEASE

Answer 26

LEASE PAYMENTS + RESIDUAL INTEREST

Question 27

LESSOR SALES TYPE LEASE PROFIT

Answer 27

FV - CV

Question 28

CAPITAL LESSOR | OPERATING LESSOR

Answer 28

PAYMENTS + INTEREST | PAYMENTS - DEP OF ASSET

Question 29

CONTIGENT LOSS DISCLOSURE ACCRUAL

Answer 29

REASONABLE POSSIBLE PROBABLE

Question 30

GOVERNMENTAL ASSETS | PROPRIETARY AND FIDICIARY FUNDS

Answer 30

HISTORICAL + ANT | FMV + ANTICILLARY

Question 31

ENCUMBERANCE OUTSTANDING

Answer 31

FULLY CANCELED OUT

Question 32

PROPERTY TAX REVENUE COLLECTED OR RECOGNIZED B4 LEVY

Answer 32

A/R DR DEFERRED CR UNCOLLECTIBLE CR

Question 33

GOV FUND REV RECOGNITION

Answer 33

TRANSACTION TAKES PLACE RESOURCES ARE AVAILABLE 60 DAY GRACE PERIOD AFTER YR END

Question 34

BUDGETARY COMPARISON REQUIRED FOR

Answer 34

GENERAL FUND + ALL MAJOR FUNDS

Question 35

RSI INCLUDES

Answer 35

BUDGETARY COMPARISONS INFRASTRUCUTRE ASSETS MD+A COMPARISON

Question 36

COMPONENT UNIT

Answer 36

LEGALLY SEPARATE UNIT

Question 37

NATURAL | FUNCTION

Answer 37

RENT INT | PROGRAM + MG

Question 38

REVENUES WITH SCHOLARSHIPS

Answer 38

NET AMOUNT

Question 39

NPO UNCONDITIONAL PROMISES 1 - LESS THEN 1 YR 2 - GREATER THEN YEAR

Answer 39

GREATER THEN 1 YR PV

Question 40

F/S ELEMENTS

Answer 40

IFRS - ASSETS, LIABILITIES, EQUITY GAINS AND LOSS GAAP - ASSETS, LIABILITIES, EQUITY, REVENUES,EXPENSES, GAINS, LOSSES,

Question 41

REVENUE REC

Answer 41

GAAP - REALIZED/EARNED IFRS - % OF COMPLETION

Question 42

IMPRACTICABLE CHANGES IN AP

Answer 42

GAAP/IFRS PROSPECTIVE

Question 43

CORRECTION OF AN ERROR

Answer 43

GAAP - RETROSPECTIVE | IFRS - PROSPECTIVE

Question 44

CHANGE IN POLICY

Answer 44

IFRS REQUIRED MORE RELEVANT REPORTING

Question 45

IFRS FAIR VALUE | IFRS REVALUATION

Answer 45

MUST SAY REVALUATION TO HIT OCI COMPONENT REMEMBER GAAP CAN ONLY USE IF GAIN ON SALE

Question 46

MACHINE AQUISITION COSTS

Answer 46

CAPPED EVERYTHING TO GET MACHINE TO ITS INTENDED USE; INCLUDED PREP TESTING

Question 47

IFRS VALUE IN USE MEANS

Answer 47

PV OF FUTURE CASH FLOWS

Question 48

GAAP FUTURE CASH FLOWS

Answer 48

UNDISCOUNTED FCF EXPECTED FCF

Question 49

GAAP FAIR VALUE OF IMPAIRMENT CALCULATED

Answer 49

PV OF FUTURE CASH FLOWS (SAME AS IFRS VALUE IN USE)

Question 50

Inventory reversal of write downs

Answer 50

GAAP - no IFRS - only up to prior write down

Question 51

pension expense overpayment/underpayment

Answer 51

prepaid or accrued