Notes to Financial Statements (F2:M1)

Question 1

summary of significant accounting policies may include disclosures of?

Answer 1

basis of consolidation
dep method
am of intangibles
inventory pricing
use of estimates
fiscal year definition
special rev rec issues

Question 2

unlike GAAP, IFRS requires disclosure of what?

Answer 2

judgements that management has made in the process of applying accounting policies and which have a significant effect on the FS

Question 3

under GAAP, concentrations should be disclosed if what 3 criteria are met?

Answer 3

the concentration exists at FS date

the concentration makes the entity vulnerable to the risk of a near-term severe impact

it is at least reasonably possible that the events that could cause the severe impact will occur in the near term