- Pension adjustments in funded status - Unrealized G/L on AFS debt sec's - Foreign/cumulative currency translation G/L - Effective portion of CF hedge - Revaluation surplus (IFRS)

- Ownership transfer - Written purchase (BPO) - Ninety % FV (PV is 90%+) - Seventy-five % econ life (OW) = dep. with econ life (NS) = dep. with lease life

enhancing qual. char's: - Comparability - Verifiability - Understandability - Timeliness

for relevance: - Predictive value - Confirmatory value - Materiality

- forwards - futures - options - swaps

mnemonics Flashcards by Andy Lee

PUFER

Pension adjustments in funded status
Unrealized G/L on AFS debt sec’s
Foreign/cumulative currency translation G/L
Effective portion of CF hedge
Revaluation surplus (IFRS)

How well did you know this?

Not at all

Perfectly

OWNS

Ownership transfer
Written purchase (BPO)
Ninety % FV (PV is 90%+)
Seventy-five % econ life
(OW) = dep. with econ life
(NS) = dep. with lease life

How well did you know this?

Not at all

Perfectly

SOY digits DE:

depreciable base
*(remaining life/SOY)

*SOY digits = n(n+1)/2

How well did you know this?

Not at all

Perfectly

DDB DE:

(base - AD) * 2/n

How well did you know this?

Not at all

Perfectly

GW IL

GAAP + IFRS

*GAAP = RU level

(1) if CV > ID’d NA’s FV,
then there is potential IL

(2) GW IL = FV - implied GW FV
* IFRS = CGU level
(1) GW IL = CV - recov. amt
- recov amt = greater of FV or NRV

How well did you know this?

Not at all

Perfectly

C-VUT

enhancing qual. char’s:
Comparability
Verifiability
Understandability
Timeliness

How well did you know this?

Not at all

Perfectly

PCM

for relevance:
Predictive value
Confirmatory value
Materiality

How well did you know this?

Not at all

Perfectly

CAR IN BIG

*eliminating JE’s for consol.:

Dr: CS, APIC, RE
Cr: Invest in sub
Cr: NCI
Dr: BS adj.
Dr: IA's at FV
Dr: GW/ Cr: Gain

How well did you know this?

Not at all

Perfectly

price-to-earnings ratio

mkt price per share / EPS

How well did you know this?

Not at all

Perfectly

for bond amort. tables, when is int exp higher/lower?

higher for discounts

- lower for premiums

How well did you know this?

Not at all

Perfectly

treatment of P/L under IFRS for cap and op leases:

cap lease = defer all G/L

* op lease = recog. P/L immediately (no deferral)

How well did you know this?

Not at all

Perfectly

treatment of P/L under GAAP cap and op leases:

*cap lease:

PV is less than 10% of FV
= recog. all G/L
PV is 10-90% of FV
= defer all PV and recog. G/L leftover
PV is 90%+ of FV defer all gain

How well did you know this?

Not at all

Perfectly

derivative items:

forwards
futures
options
swaps

How well did you know this?

Not at all

Perfectly

conversion rates for translation method (local currency is reporting)

IS = WA rate
BS = YE rate
…APIC + SE = HC rate

How well did you know this?

Not at all

Perfectly

conversion rates for remeas. method (reporting currency, not local)

IS = WA
…but related BS items is HC
BS = monetary at YE rate
..nonmonetary = HC rate
(FA, inv, invest, IA, SE)

How well did you know this?

Not at all

Perfectly

what are the reporting date requirements for SEC filers for 10Qs and 10Ks?

*10Q:

large accel = 40
accel = 40
all others = 45 days

*10K:

large accel = 60 days
accel = 75 days
all others = 90 days

How well did you know this?

Not at all

Perfectly

SIR AGE

*DBPP calculation:

Svc cost
Int cost
(R)eturn on plan assets
Amort of PSC
(G)/L unam’d prem/disc
Existing amort. net obl.
S = given
I = BB PBO * discount rate

*(R) = actual or expected
- expected - use % rate
- actual - % rate or BASE
..BB+contr+actual-pmt=EB

*A = unam PSC/avg svc life

*(G) = unam G/L
           (10%PBO/FVP)
        -------------------
        excess
        /avg svc life
     -------------------
        = amort. of unam G/L

*E = (PBO - FV plan A)
————————-
= initial unfunded obl.
/15Y or avg job life
————————-
= min amort.

How well did you know this?

Not at all

Perfectly

faithful representation items:
(faithful rep+relevance
= fundamental qual. char’s)

Study These Flashcards

Completely Neutral, Free from error

Permanent differences:

Study These Flashcards

(a) nontaxable
- tax-exempt muni/state bonds
- life ins. proceeds on key officers

(b) nondeductible
- life ins. premiums
- penalties/fines
- nondeductible entertainment exp (50%)

forms of DTA:

gift certificate

Study These Flashcards

- PPD rent/int/royalties
(unearned rev)
- BDE
- est'd L's and warranty exp
- startup costs

forms of DTL:

Study These Flashcards

installment sales
contractors accounting
equity method (distr div)
depreciation/amort.
PPD exp (deductible now)

full COGS calc:

Study These Flashcards

BI
\+Purch
\+freight-in
\+transportation to consignee
-EI
- held by consignee
------------------------------
= COGS

SELF test

Study These Flashcards

Separately Elected board
Legally separate
Fsically indep. of other state/local gov’s

CANS

reconc. of gov funds

Study These Flashcards

C = Cap. A’s added
A = AD subtracted
N = non-CL subtracted
S = int. Svc additions

(affects statement of NP)

..also subtract def. inflows for recog’d rev’s and subtract accrued L for I/P

what is "CPAS RIDE" for reconc. of gov funds? | +SIT

- C = cap. outlay added - P = "P" pmt added - A = cap. A's BV subtracted - S = OFS's subtracted - R = add recog'd rev's that are meas. but unavail. - I = accrue int. exp - D+E = record DE * SIT: - S = add int. svc. fund change in NP - I+T = interfund transfers (elim. interfund)

what is the full equation for CPAS RIDE or SIT?

``` net change fund bal total + Cap outlay (A's purch'd) +"P" pmt on LTD - Asset disposal (NBV) - Sources OFS-debt proceed + Rev (meas, unavail) - Int exp (accrued) - DE +int. Svc. fund net rev ------------------------------- = change NP of gov act's ``` *for NBV, proceeds - gain = NBV

what are supp svc's?

- fundraising - mgt + gen (admin exp) - membership dvp.

what are program svc's (exp's)?

- universities (edu + research) - hospitals (patient care +edu) - union (labor nego. + train) - day care (child care)

SOME test for donated svc's:

*record as exp and contr w/o restriction if criteria met: (1) enhances a phys. asset (2) req. specialized skills that would be purch'd by NFP: - Specialized - Otherwise needed - Measurable - Easily

what is the GR calc. for patient svc rev?

``` gross patient svc rev (BDE) (charitable svc's) -------------------------- = patient svc rev ```

what is included in "other op rev" for rev's recog'd in HC Org's?

- tuition from schools, rev from edu programs - donated supplies and equip for specific purp. grants - rev. from aux act's (cafeteria rev), parking fees, gift shop rev, and med transcription fees

what are non-op rev and supp G/L's? (recog'd as w/o restrictions)

- int and div. income from invest act's - gifts and bequests, grants - income from endowments, income from board desig'd funds - donated svc's

what are the characteristics of gov. FR'ing?

"U R MICE" ``` U - understandability R - reliability M - make a diff. - relevance I - in timeliness C - consistency yr over yr E - entity-to-entity comparab. ```

what is the hierarchy estab'd by GASB 55?

A - GASB statements and interpretations B - GASB bulletins, AICPA audit guides, and AICPA statement of pos. C - AICPA practice bulletins D - (lowest) implementation guides

what is in the BS for gov funds? | determines fin. pos.

``` CA + def'd outflows ================= CL + def'd inflows + fund bal. --------------------------- = total CL, def'd inflows, and fund bal's ```

how is CFO under direct method calc'd?

- use accrual --> cash (1) find cash rec'd from cust's (2) cash int rec'd (3) cash div rec'd (4) CR of ins. proceeds + law settlements (5) cash rec'd from sale of trading sec's class'd as CA (6) cash paid to supp's/emp's (7) int paid (8) IT paid (9) cash paid to acq. trading sec's if class'd as CA (10) other op. cash pmt's (SGA)

how is CFO calc'd under indirect method?

``` NI +dep/amort +losses/IL -gains/amort. bond prem - equity earnings - (+/-) change OA (inv, A/R, TS, PPD exp) + (+/-) change OL (DTL) --------------------------------------- = CFO ```

classification of gov. expenditures:

- Function/Program = public safety, edu - org. units = police/fire dept (in safety) - activity = drug/highway (in org unit) - characteristic = cap outlay/current expend/ debt svc (expend's) and intergov (OFU) - object = salaries and wages, etc

JE for the acq and retirement of shares: | cost method

Dr: APIC (par) Dr: CS (par) Cr: cash (PP) Cr: APIC-TS (plug)

JE for retirement of TS: | cost method

Dr: CS (par) Dr: APIC (par) Dr: RE (plug) Cr: TS (cost) - reacq. price

JE for retirement of TS: | par method

Dr: CS (par) Cr: TS

is moving from being a marketable equity sec. to HTM eligible?

no, it is uneligible

FED | underwater endowments

"F"V endowment ("E"ndowment OG amt) --------------------- = "D"eficiency (disclose) *OG amt is higher than FV = deficiency

mnemonics Flashcards

study on exam day (43 cards)