Notes FS Flashcards
When there is period of inflation in purchasing power in a monetary asset
Loss
When there is period of inflation in purchasing power in a monetary liability
Gain
When there is period of inflation or deflation in purchasing power in a nonmonetary item
N/A
When there is period of deflation in purchasing power in a monetary asset
Gain
When there is period of deflation in purchasing power in a monetary liability
Loss
To meet disclosure requirements related to risk and uncertainty what is not disclosed
Legal form of entity
To meet disclosure requirements related to risk and uncertainty what is disclosed
Use of estimates
4 areas of disclosure for risk and uncertainty (NUCC)
Nature of operations
Use of estimates
Certain significant estimates
Current vulnerability
Current cost accounting requirements
Optional
Faire value accounting reporting
Report items at FV on financial statements
Current cost accounting reporting
Disclose effects of changing price in notes (supplemental note)
Fair value accounting approach
Fair value determined by market, income or cost approaches
Current cost accounting approach
Reports replacement cost for nonmonetary items & purchasing gains and loss
