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FAR NEW NOTES > GAAP/IFRS > Flashcards

GAAP/IFRS Flashcards

1
Q

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

A

IFRS must be before BALANCE SHEET DATE

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2
Q

INTERIM PERIODS

A

IFRS DISCRETE - MUST PRESENT ACTIVITES AS OCCUR

GAAP INTERGRAL OF ANNUAL - CAN ACCRUED LOSSES IF REVERAL EXPECTED

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3
Q

EQUITY STATEMENTS

A

GAAP DOES NOT REQUIRE UNIFORM POLOCIES

IFRS REQUIRES UNIFORM POLICIES

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4
Q

IFRS HELD FOR SALE

A

MUST BE PROBABLE

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5
Q

REVALUTION

PPE

INVESTMENT

A

PPE COST (DEPRECIABLE)

INVESTMENT FMV NO DEP.

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6
Q

IMPROVEMENTS

A

ALWAYS CAPPED

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7
Q

CASH RECEIVED FOR OLD ASSETS - NEW ASSETS ARE VALUED @

A

ACQUISITION PRICE

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8
Q

WHEN IN SV IGNORED

A

DOUBLE DECLINING

NEVER CAN GO BELOW SV THO!!!!!

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9
Q

DEPELETION CAPITALIZATION

A

ALL COSTS EXCEPT SV

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10
Q

HFS NEVER

A

DEPRECIATES

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11
Q

GAAP REVALUATION

A

REVERSAL OF IMPAIRMENT LOSS WITH SALE

FV - COST TO SELL (LIMITED TO PREVIOUS LOSS)

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12
Q

WHEN YOU HAVE A DECREASE IN CV

A

HITS DEPRECIATION

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13
Q

TRADEMARKS TREATMENT

A

CAP AND AMORT

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14
Q

GOODWILL
REPORTED WHERE?
WHEN IS IT FORMED?

A

ADDED TO THE CV OF THE ASSET

AT ACQUISITION ONLY

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15
Q

IFRS INTERNAL R&D

A 
1 - TECH FEAS
2- INTENT TO COMPLETE
3 - ABILITY TO SELL OR USE
4 - PROBABLE FUTURE BEN
5 - ABILITY TO MEASURE EXPENSES
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16
Q

REVALUATION MUST HAVE

A

ACTIVE MARKET

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17
Q

IFRS IMPAIRMENT TEST FOR ASSETS AND INTANGIBLES LIVES ARE

A

GREATEST NUMBER

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18
Q

VALUATION ALLOWANCE

A

IFRS - PROBABLE

GAAP - REASONABLY POSSIBLE

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19
Q

INTERIM INVENTORY

A

GAAP - HISTORICAL

IFRS - LOWER OF NRV OR COST

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20
Q

COSIGNOR AND COSIGNED GOODS

A

REMAINS ON BOOKS UNTIL SOLD

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21
Q

LEASE PAYMENT EXCUTORY COST

A

NEVER INCLUDED

22
Q

PV INTEREST RATES

A

HIGHER RATE LOWER PV

23
Q

CURRENT LIABILITY FOR LEASES

A

ANNUAL AMOUNT - INTEREST EXPENSE

24
Q

LEASEHOLD IMPROVEMENTS

A

CAPITALIZED FOR CAPITAL + OPERATING

25
Q

DISCLOSURE FOR LEASES

A

NEXT 5 YEARS + AGGREGATE REMAINING BALANCE

26
Q

LESSOR RECORDS CAP LEASE

A

LEASE PAYMENTS + RESIDUAL INTEREST

27
Q

LESSOR SALES TYPE LEASE PROFIT

A

FV - CV

28
Q

CAPITAL LESSOR

OPERATING LESSOR

A

PAYMENTS + INTEREST

PAYMENTS - DEP OF ASSET

29
Q

CONTIGENT LOSS
DISCLOSURE
ACCRUAL

A

REASONABLE POSSIBLE

PROBABLE

30
Q

GOVERNMENTAL ASSETS

PROPRIETARY AND FIDICIARY FUNDS

A

HISTORICAL + ANT

FMV + ANTICILLARY

31
Q

ENCUMBERANCE OUTSTANDING

A

FULLY CANCELED OUT

32
Q

PROPERTY TAX REVENUE COLLECTED OR RECOGNIZED B4 LEVY

A

A/R DR
DEFERRED CR
UNCOLLECTIBLE CR

33
Q

GOV FUND REV RECOGNITION

A

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

34
Q

BUDGETARY COMPARISON REQUIRED FOR

A

GENERAL FUND + ALL MAJOR FUNDS

35
Q

RSI INCLUDES

A

BUDGETARY COMPARISONS
INFRASTRUCUTRE ASSETS
MD+A COMPARISON

36
Q

COMPONENT UNIT

A

LEGALLY SEPARATE UNIT

37
Q

NATURAL

FUNCTION

A

RENT INT

PROGRAM + MG

38
Q

REVENUES WITH SCHOLARSHIPS

A

NET AMOUNT

39
Q

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

A

GREATER THEN 1 YR PV

40
Q

F/S ELEMENTS

A

IFRS - ASSETS, LIABILITIES, EQUITY
GAINS AND LOSS

GAAP - ASSETS, LIABILITIES, EQUITY, REVENUES,EXPENSES, GAINS, LOSSES,

41
Q

REVENUE REC

A

GAAP - REALIZED/EARNED

IFRS - % OF COMPLETION

42
Q

IMPRACTICABLE CHANGES IN AP

A

GAAP/IFRS PROSPECTIVE

43
Q

CORRECTION OF AN ERROR

A

GAAP - RETROSPECTIVE

IFRS - PROSPECTIVE

44
Q

CHANGE IN POLICY

A

IFRS
REQUIRED
MORE RELEVANT REPORTING

45
Q

IFRS FAIR VALUE

IFRS REVALUATION

A

MUST SAY REVALUATION TO HIT OCI COMPONENT

REMEMBER GAAP CAN ONLY USE IF GAIN ON SALE

46
Q

MACHINE AQUISITION COSTS

A

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

47
Q

IFRS VALUE IN USE MEANS

A

PV OF FUTURE CASH FLOWS

48
Q

GAAP FUTURE CASH FLOWS

A

UNDISCOUNTED FCF

EXPECTED FCF

49
Q

GAAP FAIR VALUE OF IMPAIRMENT CALCULATED

A

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

50
Q

Inventory reversal of write downs

A

GAAP - no

IFRS - only up to prior write down

51
Q

pension expense overpayment/underpayment

A

prepaid or accrued

FAR NEW NOTES (2 decks)

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