Reporting Results of Operations Flashcards
What are characteristics of disclosures?
Should not duplicate details disclosed elsewhere in F/S
Integral part of financial statements
Does not need to be industry specific
What is recognized once segment will be discontinued?
Actual results from operations up to B/S date
Any estimated impairment losses
What is the definition of discontinued component unit (operation)?
The disposal (or planned and approved disposal) of a reportable segment, operating segment, reporting unit, subsidiary or asset group whose operations and cash flows are clearly distinguished from the rest of the entity
How is cost of goods manufactured calculated?
Beginning Finished Goods \+ COG Manufactured = COG Available for Sale - Ending Finished Goods = COGS
What is included in Selling Expenses?
Salaries and commissions
Advertising
Freight Out
What is included in General and Admin Expenses?
Officers’ salaries
Accounting
Legal
Insurance
What is included in Comprehensive Income?
Net Income + OCI
What EPS information is required to be shown on I/S?
Income from Continuing Operations
Net Income
Discontinued Operations (can be in notes)
What are filing requirements for Form 10-K?
Large Accelerated, >= 700 million, 60 days
Accelerated, 700 million >= 75 million, 75 days
Non-Accelerated, < 75 million, 90 days
What are filing requirements for Form 10-Q?
Large Accelerated, >=700 million, 40 days
Accelerated, 700 million >= 75 million, 40 days
Non-Accelerated, < 75 million, 45 days
What are the required enterprise-wide disclosures?
- Products and services
- Geographic areas
- Major customers
Not required for nonpublic or NPOs
What are the required disclosures for related parties?
No requirement to disclose if are:
- Compensation arrangements in normal course of business
- Eliminated in consolidation
