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custom FAR > mnemonics > Flashcards

mnemonics Flashcards

study on exam day

1
Q

PUFER

A
  • Pension adjustments in funded status
  • Unrealized G/L on AFS debt sec’s
  • Foreign/cumulative currency translation G/L
  • Effective portion of CF hedge
  • Revaluation surplus (IFRS)
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2
Q

OWNS

A
  • Ownership transfer
  • Written purchase (BPO)
  • Ninety % FV (PV is 90%+)
  • Seventy-five % econ life
  • (OW) = dep. with econ life
  • (NS) = dep. with lease life
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3
Q

SOY digits DE:

A

depreciable base
*(remaining life/SOY)

*SOY digits = n(n+1)/2

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4
Q

DDB DE:

A

(base - AD) * 2/n

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5
Q

GW IL

GAAP + IFRS

A

*GAAP = RU level

(1) if CV > ID’d NA’s FV,
then there is potential IL

(2) GW IL = FV - implied GW FV
* IFRS = CGU level
(1) GW IL = CV - recov. amt
- recov amt = greater of FV or NRV

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6
Q

C-VUT

A
  • enhancing qual. char’s:
  • Comparability
  • Verifiability
  • Understandability
  • Timeliness
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7
Q

PCM

A
  • for relevance:
  • Predictive value
  • Confirmatory value
  • Materiality
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8
Q

CAR IN BIG

A

*eliminating JE’s for consol.:

Dr: CS, APIC, RE
Cr: Invest in sub
Cr: NCI
Dr: BS adj.
Dr: IA's at FV
Dr: GW/ Cr: Gain
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9
Q

price-to-earnings ratio

A

mkt price per share / EPS

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10
Q

for bond amort. tables, when is int exp higher/lower?

A
  • higher for discounts

- lower for premiums

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11
Q

treatment of P/L under IFRS for cap and op leases:

A
  • cap lease = defer all G/L

* op lease = recog. P/L immediately (no deferral)

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12
Q

treatment of P/L under GAAP cap and op leases:

A

*cap lease:

  • PV is less than 10% of FV
    = recog. all G/L
  • PV is 10-90% of FV
    = defer all PV and recog. G/L leftover
  • PV is 90%+ of FV defer all gain
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13
Q

derivative items:

A
  • forwards
  • futures
  • options
  • swaps
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14
Q

conversion rates for translation method (local currency is reporting)

A
  • IS = WA rate
  • BS = YE rate
    …APIC + SE = HC rate
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15
Q

conversion rates for remeas. method (reporting currency, not local)

A
  • IS = WA
    …but related BS items is HC
  • BS = monetary at YE rate
    ..nonmonetary = HC rate
    (FA, inv, invest, IA, SE)
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16
Q

what are the reporting date requirements for SEC filers for 10Qs and 10Ks?

A

*10Q:

  • large accel = 40
  • accel = 40
  • all others = 45 days

*10K:

  • large accel = 60 days
  • accel = 75 days
  • all others = 90 days
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17
Q

SIR AGE

A

*DBPP calculation:

  • Svc cost
  • Int cost
  • (R)eturn on plan assets
  • Amort of PSC
  • (G)/L unam’d prem/disc
  • Existing amort. net obl.
  • S = given
  • I = BB PBO * discount rate

*(R) = actual or expected
- expected - use % rate
- actual - % rate or BASE
..BB+contr+actual-pmt=EB

*A = unam PSC/avg svc life

*(G) = unam G/L
           (10%PBO/FVP)
        -------------------
        excess
        /avg svc life
     -------------------
        = amort. of unam G/L

*E = (PBO - FV plan A)
————————-
= initial unfunded obl.
/15Y or avg job life
————————-
= min amort.

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18
Q

faithful representation items:
(faithful rep+relevance
= fundamental qual. char’s)

A

Completely Neutral, Free from error

19
Q

Permanent differences:

A

(a) nontaxable
- tax-exempt muni/state bonds
- life ins. proceeds on key officers

(b) nondeductible
- life ins. premiums
- penalties/fines
- nondeductible entertainment exp (50%)

(c) special tax allowance
- DRD
- excess % depletion over cost depletion

20
Q

forms of DTA:

gift certificate

A 
- PPD rent/int/royalties
(unearned rev)
- BDE
- est'd L's and warranty exp
- startup costs
21
Q

forms of DTL:

A
  • installment sales
  • contractors accounting
  • equity method (distr div)
  • depreciation/amort.
  • PPD exp (deductible now)
22
Q

full COGS calc:

A 
BI
\+Purch
\+freight-in
\+transportation to consignee
-EI
- held by consignee
------------------------------
= COGS
23
Q

SELF test

A
  • Separately Elected board
  • Legally separate
  • Fsically indep. of other state/local gov’s
24
Q

CANS

reconc. of gov funds

A
  • C = Cap. A’s added
  • A = AD subtracted
  • N = non-CL subtracted
  • S = int. Svc additions

(affects statement of NP)

..also subtract def. inflows for recog’d rev’s and subtract accrued L for I/P

25
Q

what is “CPAS RIDE” for reconc. of gov funds?

+SIT

A
  • C = cap. outlay added
  • P = “P” pmt added
  • A = cap. A’s BV subtracted
  • S = OFS’s subtracted
  • R = add recog’d rev’s that are meas. but unavail.
  • I = accrue int. exp
  • D+E = record DE
  • SIT:
  • S = add int. svc. fund change in NP
  • I+T = interfund transfers
    (elim. interfund)
26
Q

what is the full equation for CPAS RIDE or SIT?

A 
net change fund bal total
\+ Cap outlay (A's purch'd)
\+"P" pmt on LTD
- Asset disposal (NBV)
- Sources OFS-debt proceed
\+ Rev (meas, unavail)
- Int exp (accrued)
- DE
\+int. Svc. fund net rev
-------------------------------
= change NP of gov act's

*for NBV,
proceeds - gain = NBV

27
Q

what are supp svc’s?

A
  • fundraising
  • mgt + gen (admin exp)
  • membership dvp.
28
Q

what are program svc’s (exp’s)?

A
  • universities (edu + research)
  • hospitals (patient care +edu)
  • union (labor nego. + train)
  • day care (child care)
29
Q

SOME test for donated svc’s:

A

*record as exp and contr w/o restriction if criteria met:

(1) enhances a phys. asset
(2) req. specialized skills that would be purch’d by NFP:

  • Specialized
  • Otherwise needed
  • Measurable
  • Easily
30
Q

what is the GR calc. for patient svc rev?

A 
gross patient svc rev
(BDE)
(charitable svc's)
--------------------------
= patient svc rev
31
Q

what is included in “other op rev” for rev’s recog’d in HC Org’s?

A
  • tuition from schools, rev from edu programs
  • donated supplies and equip for specific purp. grants
  • rev. from aux act’s
    (cafeteria rev), parking fees, gift shop rev, and med transcription fees
32
Q

what are non-op rev and supp G/L’s? (recog’d as w/o restrictions)

A
  • int and div. income from invest act’s
  • gifts and bequests, grants
  • income from endowments, income from board desig’d funds
  • donated svc’s
33
Q

what are the characteristics of gov. FR’ing?

A

“U R MICE”

U - understandability
R - reliability
M - make a diff. - relevance
I - in timeliness
C - consistency yr over yr
E - entity-to-entity comparab.
34
Q

what is the hierarchy estab’d by GASB 55?

A

A - GASB statements and interpretations

B - GASB bulletins, AICPA audit guides, and AICPA statement of pos.

C - AICPA practice bulletins

D - (lowest) implementation guides

35
Q

what is in the BS for gov funds?

determines fin. pos.

A 
CA + def'd outflows
=================
CL + def'd inflows
\+ fund bal.
---------------------------
= total CL, def'd inflows,
  and fund bal's
36
Q

how is CFO under direct method calc’d?

A
  • use accrual –> cash
    (1) find cash rec’d from cust’s
    (2) cash int rec’d
    (3) cash div rec’d
    (4) CR of ins. proceeds + law settlements
    (5) cash rec’d from sale of trading sec’s class’d as CA
    (6) cash paid to supp’s/emp’s
    (7) int paid
    (8) IT paid
    (9) cash paid to acq. trading sec’s if class’d as CA
    (10) other op. cash pmt’s (SGA)
37
Q

how is CFO calc’d under indirect method?

A 
NI
\+dep/amort
\+losses/IL
-gains/amort. bond prem
- equity earnings
- (+/-) change OA (inv, A/R, TS, PPD exp)
\+ (+/-) change OL (DTL)
---------------------------------------
= CFO
38
Q

classification of gov. expenditures:

A
  • Function/Program
    = public safety, edu
  • org. units
    = police/fire dept (in safety)
  • activity
    = drug/highway (in org unit)
  • characteristic
    = cap outlay/current expend/ debt svc (expend’s) and intergov (OFU)
  • object
    = salaries and wages, etc
39
Q

JE for the acq and retirement of shares:

cost method

A

Dr: APIC (par)
Dr: CS (par)
Cr: cash (PP)
Cr: APIC-TS (plug)

40
Q

JE for retirement of TS:

cost method

A

Dr: CS (par)
Dr: APIC (par)
Dr: RE (plug)
Cr: TS (cost) - reacq. price

41
Q

JE for retirement of TS:

par method

A

Dr: CS (par)
Cr: TS

42
Q

is moving from being a marketable equity sec. to HTM eligible?

A

no, it is uneligible

43
Q

FED

underwater endowments

A

“F”V endowment
(“E”ndowment OG amt)
———————
= “D”eficiency (disclose)

*OG amt is higher than FV = deficiency

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