1
Q
What are the two requirements for extraordinary items?
A
Unusual and infrequent
2
Q
What if it only meets one requirement?
A
If material, list separately on the income statement as part of income from continuing operations (gross of tax)
3
Q
How does IFRS report extraordinary items?
A
It does not do any extraordinary items.
CPA: FAR
flashcards
Decks in class (70)
# Cards
-
Chapter 2 Journal Entries18
-
Chapter 4 Section 3: Fixed Assets6
-
Chapter 3 Journal Entries20
-
Chapter 4 Journal Entries28
-
Chapter 5 Journal Entries26
-
Chapter 6 Journal Entries18
-
Chapter 7 Journal Entries24
-
Chapter 8 Journal Entries33
-
Chapter 9 Journal Entries12
-
Chapter 10 Journal Entries20
-
Chapter 1 Section 1: Accounting Standards and Conceptual Frameworks17
-
Chapter 1 Section 2: Income Statement1
-
Chapter 1 Section 3: Income from Continuing Operations4
-
Chapter 1 Section 4: Discontinued Operations and Exit or Disposal Activities6
-
Chapter 1 Section 5: Extraordinary Items3
-
Chapter 1 Section 6: Accounting Changes and Error Corrections8
-
Chapter 1 Section 7: Comprehensive Income15
-
Chapter 1 Section 8: Balance Sheet and Disclosures Overview3
-
Chapter 1 Section 9: Interim Financial Reporting4
-
Chapter 1 Section 10: Segment Reporting3
-
Chapter 1 Section 11: SEC Reporting Requirements10
-
Chapter 2 Section 1: Timing Issues41
-
Chapter 2 Section 2: Long-Term Construction Contracts5
-
Chapter 2 Section 3: Accounting for Installment Sales9
-
Chapter 2 Section 4: Accounting for Nonmonetary Exchanges7
-
Chapter 2 Section 5: Financial Reporting and Changing Prices7
-
Chapter 2 Section 6: Foreign Currency Accounting9
-
Chapter 2 Section 7: Other Financial Statement Presentations6
-
Chapter 3 Section 1: Marketable Securities9
-
Chapter 3 Section 2: Business Combinations/Consolidations4
-
Chapter 3 Section 3: Cost Method3
-
Chapter 3 Section 4: Equity Method7
-
Chapter 3 Section 5: Consolidated Financial Statements2
-
Chapter 3 Section 6: Acquisition Method9
-
Chapter 3 Section 7: Intercompany Transactions2
-
Chapter 3 Section 8: Combined Financial Statements/Push Down Accounting2
-
Chapter 4 Section 1: Working Capital and Its Components27
-
Chapter 4 Section 2: Inventories15
-
Chapter 4 Section 4: Depreciable Assets and Depreciation8
-
Chapter 4 Section 5: Fixed Asset Impairment1
-
Chapter 5 Section 1: Present Value and Annuities5
-
Chapter 5 Section 2: Accounting for Leases26
-
Chapter 5 Section 3: Long-Term Liabilities and Bonds Payable29
-
Chapter 6 Section 1: Pension Plans22
-
Chapter 6 Section 2: Postretirement Benefits Other Than Pensions4
-
Chapter 6 Section 3: Other Deferred Compensation and Benefits3
-
Chapter 6 Section 4: Accounting for Income Taxes12
-
Chapter 7 Section 1: Stockholder's Equity39
-
Chapter 7 Section 2: Earnings per Share12
-
Chapter 7 Section 3: Statement of Cash Flows15
-
Chapter 7 Section 4: Ratios20
-
Chapter 8 Section 1: Governmental Accounting Overview28
-
Chapter 8 Section 2: Modified Accrual Accounting11
-
Chapter 8 Section 3: Deferred Outflows and Inflows of Resources4
-
Chapter 8 Section 4: Governmental Funds18
-
Chapter 8 Section 5: Proprietary Funds13
-
Chapter 8 Section 6: Fiduciary Funds10
-
Chapter 9 Section 1: Governmental Accounting35
-
Chapter 9 Section 2: Not-For-Profit Accounting24
-
Chapter 10 Section 1: Fair Value Measurement4
-
Chapter 10 Section 2: Partnerships8
-
Chapter 10 Section 3: Variable Interest Entities4
-
Chapter 10 Section 4: Asset Retirement Obligation1
-
Chapter 10 Section 5: Troubled Debt Restructuring4
-
Chapter 10 Section 6: Other Liabilities and Debt Covenants4
-
Chapter 10 Section 7: Estimated and Accrued Liabilities1
-
Chapter 10 Section 8: Contingencies3
-
Chapter 10 Section 9: Subsequent Events3
-
Chapter 10 Section 10: Financial Instruments15
-
Chapter 10 Section 12: Liquidation Basis of Accounting4
