Sample 1 Flashcards
How to find goodwill for US Gaap Full goodwill method
FV of 100% of sub - FV of sub net assets
How to find NCI under full goodwill method?
FV of sub x NCI %
How to find partial goodwill under IFRS?
Acquisition price - FV of sub net assets acquired (%)
How to find NCI under IFRS?
FV of sub net assets x NCI %
What is contingent consideration?
liability for consolidations
How are legal fees treated under consolidations?
as an expense
debt to total asset ratio
total liabilities/equity
How to calculate accretion expense for the year?
FV of ARO liability x risk adjusted rate
How to calculate ending asset retirement obligation?
beg ARO + PV of new ARO + accretion exp - ARO settled during the period
How to calculate sales tax payable and relevant sales rev
Rev/1+rate = sales rev , sales rev x sales tax rate
How to calculate compensated absence liability
of employees x # of days earned (vacation) x $/day
how to calculate deferred compensation arrangement?
whats promised to be paid in future and allocate it the required period of service
How are gain contingencies recorded in financials
they are NOT, info about the potential gain may be provided in the notes if material. gain will be recorded when received
how are loss contingencies recorded in financials
if probable - record contingency of at least the min amount in income st and disclose max
if reasonably possible - simple disclose the range
if remote- nothing required
How to calculate the total interest revenue over the life of a note?
Total payments - principal paid at present value
When is the recoverability test used?
for intangible assets that have limited life
Which bonds are bonds that mature in installments
serial
What are debenture bonds
unsecured bonds
How to calculate interest exp
CV x market rate
How to calculate interest paid
Face value x face rate
How to determine the discount amortized
interest exp - interest payable
how to calculate the the PV of a bond payable
PV of stated amount at market raet + PV of interest payments using stated for payment and at the market rate percentage
How to calculate the gain/loss on extinguishment of debt?
reacquisition price (face x % paid) or FV - unamortized discount + unamortized premium - unamortized bond issue costs
