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Greg McCracken
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Decks in this class (32)
01.01- Conceptual Framework
What are the six objectives of fi...,
Why does financial reporting use ...,
What two primary qualitative char...
8
cards
01.03- Elements of Financial Statements
What is included in a full set of...,
What are the three basis elements...,
What are assets
29
cards
01.04- Fair Value
What are the six steps for fair v...,
What four items are required to b...,
Where are unrealized gains or los...
26
cards
01.04- Fair Value part 2
What are non financial assets mea...,
In what two ways can non financia...,
What is the principal market
15
cards
01.05- Revenue and Expense Recognition
Under accrual accounting when are...,
When is revenue earned,
When is revenue realizable
20
cards
01.07- International Financial Reporting Standards
Which financial reporting standar...,
Which financial reporting standar...,
What categories do the difference...
18
cards
02.01
What does the balance sheet report,
How are the items on the balance ...,
What are current assets
12
cards
02.04- IFRS: Current Assets and Current Liabilities
When are assets classified as cur...,
When are liabilities classified a...,
What is the definition of a finan...
10
cards
3.01- Equity Method
What is an example of an equity s...,
What is an example of debt securi...,
What is an example of derivatives
22
cards
3.02- Cost Method
What do you do if a market value ...,
What do you do it no market value...,
How is the original investment re...
23
cards
3.04- Investments under IFRS
What are the two general approach...,
How are the differences between o...,
Under what conditions are amortiz...
15
cards
04.01- Marketable Securities (Trading)
What are the three classification...,
What are trading securities,
What are three examples of equity...
16
cards
4.02- Marketable Securities (Available for Sale)
Are trading securities considered...,
Are available for sale securities...,
What are the two types of availab...
9
cards
4.04- Sale of AFS and Impairment Loss
How do you treat it when an afs i...,
What do you do if it is the last ...,
Can there be an impairment loss i...
10
cards
4.05- Held to Maturity and Fair Value Accounting
What is a held to maturity bond,
How is an htm security recorded,
Are htm securities always carried...
15
cards
4.07- Investments under IFRS: Marketable Securities
How does ifrs define a financial ...,
How does ifrs define a financial ...,
How does ifrs define a financial ...
16
cards
5.01- Financial Instruments and Derivatives
What are the three types of finan...,
How should investments in marketa...,
How should notes and loans receiv...
29
cards
5.02- Fair Value vs. Cash Flow Hedge
What are the two types of hedges ...,
If a fair value derivative is hed...,
What is an example of a fair valu...
4
cards
5.03- Embedded Derivatives
What are the two inherent risks i...,
What is a convertible bond what i...,
In a convertible bond what is the...
5
cards
5.05- Derivatives and Hedging Instruments under IFRS
How are derivatives that are not ...,
Under ifrs what are the three typ...,
What is a cash flow hedges under ...
13
cards
6.01- Foreign Currency Transactions
What is a foreign currency transa...,
What happens when an entity has a...,
What is a foreign currency exchan...
14
cards
6.02- Foreign Currency Exchange Transactions
What are forward exchange contracts,
Why would a company enter into a ...,
What is it called when a company ...
7
cards
6.03- Exchange Transactions- Fair Value Hedge
What is a hedge in relation to a ...,
What are the two types of hedges,
What is a fair value hedge
4
cards
6.04- Exchange Transaction- Cash Flow Hedge
What is the purpose of a cash flo...,
What is a forecasted transaction,
Where are adjustments in fair val...
3
cards
6.05- Foreign Investees
When a company has an investment ...,
What are the two types of foreign...,
If the functional currency is the...
20
cards
6.07- Foreign Operations under IFRS
What are the three ways to report...,
What is foreign currency,
What is functional currency
15
cards
7.01- Cost of Inventory
What does cost of inventory inclu...,
What should you not include in co...,
What is fob shipping point
19
cards
7.02- Inventory Costing Methods
What are the four types of invent...,
What is specific identification,
When is specific identification u...
17
cards
7.04- Dollar-Value LIFO
For most companies what is the in...,
What are the two potential diffic...,
What is dollar value lifo
10
cards
7.06- Lower of Cost or Market
Which two accounting principles r...,
What is cost in lower of cost or ...,
What is market in lower of cost o...
11
cards
7.07- Inventory Estimation Methods
How do you calculate net mark ups,
How do you calculate net mark downs,
What is the lifo retail inventory...
6
cards
7.09- Inventory under IFRS
What is the ifrs version of lcm,
What is included in cost for ifrs,
Can you capitalize borrowing cost...
6
cards
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FAR
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