...2014 Michael Velazquez FIRST SOLAR, INC. 12/31/2014 ACCT 551 Course Project Notes to Financial Statements Source for the original company financial statements: http://files.shareholder.com/downloads/FSLR/63956618x0x819571/AD02242D-C0E5-4C49-AE46-A8265164AD5F/First_Solar_2014_Annual_Report_Bookmark_-_Final.pdf TABLE OF CONTENTS Consolidated Balance Sheets for the year ended December 31, 2014, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 03 Consolidated Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 04 Consolidated Statements of Comprehensive Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 05 Consolidated Statements of Stockholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 06 Consolidated Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 07 The nature of company’s operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 08 Notes to the Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . ....
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...Running head: NOTES TO THE FINANCIAL STATEMENTS Notes to the Financial Statements NOTES TO THE FINANCIAL STATEMENTS Abstract The course project is an opportunity to learn how to develop notes to the financial statements and gain experience in writing business topics as well as the need to have detailed information provided in the notes to the financial statements. This includes determining which items need to be included in the notes, which items need to have additional information provided in the notes, how the notes should be written, and the use of proper grammar in writing the notes. The notes should include a “Summary of Significant Accounting Principles” as note 1. The notes will then include detailed information regarding at least 10 different items that are usually contained in the notes to the financial statements. NOTES TO THE FINANCIAL STATEMENTS The Company Notes to Consolidated Financial Statements March 31, 2012 Note 1 Summary of Significant Accounting Policies Use of Estimates Preparing financial statements in accordance with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates are based on management’s knowledge regarding current events as well as the potential outcome of future economic events. Actual results may differ from those estimates. Revenue Recognition Net sales are recorded when evidence of an arrangement...
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...with International Financial Reporting Standards Proposed International Auditing Practice Statement Issued for Comment by: The International Federation of Accountants This International Auditing Practice Statement (IAPS) of the International Federation of Accountants has been prepared by the International Auditing and Assurance Standards Board. It was approved for publication in September 2002. The exposure draft may be modified in the light of comments received before being issued in the form of an International Auditing Practice Statement The approved text of this Exposure Draft of the International Auditing and Assurance Standards Board is that published in the English language. Comments should be submitted so as to be received by January 15, 2003, preferably by e-mail, or on a computer disk or in writing. All comments will be considered a matter of public record. Comments should be addressed to: Technical Director International Federation of Accountants 535 Fifth Avenue, 26th Floor New York, New York 10017 USA E-mail responses should be sent to: EDComments@ifac.org Copyright © October 2002 by the International Federation of Accountants. All rights reserved. In order to achieve maximum exposure and feedback, IFAC encourages the reproduction of this publication in any format. International Federation of Accountants 535 Fifth Avenue, 26th Floor New York, New York 10017, USA Web site: http://www.ifac.org Reporting on Compliance with International Financial Reporting Standards...
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...stock) | * Retained Earnings | (Accumulated net income that has not been distributed as dividends) | * Dividends | (Amount distributed to stockholders) | 4. Revenue accounts Examples: * Sales | (Amount earned from selling goods to customers) | * Service Revenue | (Amount earned from providing services to clients) | 5. Expense accounts. Examples: * Salaries Expense | (Amount earned by employees for work already done) | * Advertising Expense | (Cost incurred for advertising, promotions, and other marketing activites) | Annual Report: An annual report, a document issued by management to the shareholders of a company, presents financial information and results of operations for the past fiscal year. The annual report includes financial...
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...XYZ CONSTRUCTION CO., INC. FINANCIAL STATEMENTS DECEMBER 31,20X1 SAMPLE FINANCIAL STATEMENTS ACCOUNTANTS' REVIEW REPORT Page 2 FINANCIAL STATEMENTS Balance Sheet Statement of Income and Retained Earnings Statement of Cash Flows Notes to Financial Statements Page Page 3 4 Pages 5 - 6 Pages 7 - 13 SUPPLEMENTAL INFORMATION Schedules of Earnings from Contracts and Contract Costs Schedules of General and Administrative Expenses and Other (Income) Expense Schedule of Contract Revenues, Costs and Profits Page 14 Page Page 15 16 JONES, HENLE . SCHUNCK THOMAS N. HENLE. CPA KARL E. SCHUNCK, CPA JOHN S. PALMER, CPA MICHAEL R. HUHN, CPA JAMES F. KEPKE, CPA CRAIG A. CLEVELAND, CPA GLEN A. THOMAS, CPA CHRISTOPHER D. YORK. CPA The Board of Directors XYZ Construction Co. Inc. Danville and Irvine, California We have reviewed the accompanying balance sheet of XYZ Construction Co., Inc. as of December 3 1, 20x1 and the related statements of income and retained earnings, and cash flows for the year then ended, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. All information included in these financial statements is the representation of the management of XYZ Construction Co., Inc. A review consists principally of inquiries of company personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit in accordance with generally...
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...IAS 1: Presentation of Financial Statements Introduction The IASB – International Accounting Standards Board issued its framework for the Preparation and Presentation of Financial Statements in 1989. This is referred to as its conceptual framework. The framework sets out the concepts that underline preparation and presentation of financial statements for external users. The IASB framework assists the IASB: • “in the development of future International Accounting Standards and in its review of existing International Accounting Standards; and • in promoting the harmonisation of regulations, accounting standards and procedures relating presentation of financial statements by providing a basis for reducing the number of alternative accounting treatments permitted by International Accounting Standards. In addition, the framework may assist: • preparers of financial statements in applying International Accounting Standards and in dealing with topics that have yet to form the subject of an International Accounting Standard; • auditors in forming an opinion as to whether financial statements conform with International Accounting Standards; • users of financial statements in interpreting the information contained in financial statements prepared in conformity with International Accounting Standards; and • those who are interested in the work of IASB, providing them with information about its approach to the formulation of accounting standards.” The...
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...IAS 1 — Presentation of Financial Statements Page 1 of 14 IAS 1 — Presentation of Financial Statements Quick Article Links Overview IAS 1 Presentation of Financial Statements sets out the overall requirements for financial statements, including how they should be structured, the minimum requirements for their content and overriding concepts such as going concern, the accrual basis of accounting and the current/non-current distinction. The standard requires a complete set of financial statements to comprise a statement of financial position, a statement of profit or loss and other comprehensive income, a statement of changes in equity and a statement of cash flows. IAS 1 was reissued in September 2007 and applies to annual periods beginning on or after 1 January 2009. History of IAS 1 Date March 1974 January 1975 Development Exposure Draft E1 Disclosure of Accounting Policies IAS 1 Disclosure of Accounting Policies issued Comments Operative for periods beginning on or after 1 January 1975 June 1975 Exposure Draft E5 Information to Be Disclosed in Financial Statements published October 1976 IAS 5 Information to Be Disclosed in Financial Operative for periods beginning on Statements issued or after 1 January 1975 July 1978 Exposure Draft E14 Current Assets and Current Liabilities published November 1979 IAS 13 Presentation of Current Assets and Current Operative for periods beginning on Liabilities issued or after 1 January 1981 ...
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...CONSTRUCTION CO., INC. FINANCIAL STATEMENTS DECEMBER 31,20X1 SAMPLE FINANCIAL STATEMENTS Page 2 Balance Sheet Page 3 Statement of Income and Retained Earnings Page 4 Statement of Cash Flows Pages 5 - 6 Notes to Financial Statements Pages 7 - 13 ACCOUNTANTS' REVIEW REPORT FINANCIAL STATEMENTS SUPPLEMENTAL INFORMATION Schedules of Earnings from Contracts and Contract Costs Page 14 Schedules of General and Administrative Expenses and Other (Income) Expense Page 15 Schedule of Contract Revenues, Costs and Profits Page 16 JONES, HENLE . SCHUNCK THOMAS N. HENLE. CPA KARL E. SCHUNCK, CPA JOHN S. PALMER, CPA MICHAEL R. HUHN, CPA JAMES F. KEPKE, CPA CRAIG A. CLEVELAND, CPA GLEN A. THOMAS, CPA CHRISTOPHER D. YORK. CPA The Board of Directors XYZ Construction Co. Inc. Danville and Irvine, California We have reviewed the accompanying balance sheet of XYZ Construction Co., Inc. as of December 3 1, 20x1 and the related statements of income and retained earnings, and cash flows for the year then ended, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. All information included in these financial statements is the representation of the management of XYZ Construction Co., Inc. A review consists principally of inquiries of company personnel and analytical procedures applied to financial data. It is substantially...
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...CAPE COAST PLOYTECHNIC NAME: GABRIEL NMAI REG. NO: 021201226 COURSE: HND ACCOUNTANCY CLASS: ACCOUNTING 1B TITTLE: PRINCIPLES OF FINANCIAL ACCOUNTING ASSIGNMENT RESEARCH QUESTION EXAMINE THE PROVISIONS AND PRINCIPLES OF INTERNATIONAL ACCOUNTING STANDARD 1 (IAS 1) What is IAS 1? The International Accounting Standards Board (IASB) provides a conceptual framework for the preparation and presentation of financial statements. This currently consists of: 30 standards (IAS 1 – IAS 41) and 11 interpretations (SIC 7 – SIC 32). IAS-1: Presentation of Financial Statement Paragraph 7 of IAS -1 states that general purpose financial statements are those intended to meet the needs of users who are not in a position to demand reports that are tailored to their particular information needs. Paragraph10 of IAS -1 gives the complete list of these general purpose financial statements as follows: • A statement of financial position at the end of the period; • A statement of comprehensive income for the period; • A statement of changes in equity for the period; • A statement of cash flows for the period; • Notes, comprising a summary of significant accounting policies and other explanatory information; Elements of Financial Statements: According to the Paragraph 9 of IAS-1, the financial statements provide information about the following information about the entity’s : Assets Liabilities Equity Income and expenses Contribution by and distribution...
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...BALANCE SHEET AND STATEMENT OF PROFIT AND LOSS OF A COMPANY GENERAL INSTRUCTIONS 1. Where compliance with the requirements of the Act including Accounting Standards as applicable to the companies require any change in treatment or disclosure including addition, amendment, substitution or deletion in the head or sub-head or any changes, inter se, in the financial statements or statements forming part thereof, the same shall be made and the requirements of this Schedule shall stand modified accordingly. 2. The disclosure requirements specified in this Schedule are in addition to and not in substitution of the disclosure requirements specified in the Accounting Standards prescribed under the Companies Act, 2013. Additional disclosures specified in the Accounting Standards shall be made in the notes to accounts or by way of additional statement unless required to be disclosed on the face of the Financial Statements. Similarly, all other disclosures as required by the Companies Act shall be made in the notes to accounts in addition to the requirements set out in this Schedule. 3. (i) Notes to accounts shall contain information in addition to that presented in the Financial Statements and shall provide where required (a) narrative descriptions or disaggregations of items recognised in those statements; and (b) information about items that do not qualify for recognition in those statements. (ii) Each item on the face of the Balance Sheet and Statement of Profit and Loss...
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...the following questions using the annual report of Dell, Inc. in Appendix A. a. Who is responsible for the preparation and integrity of Dell’s financial statements and notes? Management has the primary responsibility for the preparation and integrity of Dell’s financial statements and notes. b. In which note does Dell report its significant accounting policies used to prepare financial statements? Note 1 is where Dell report its significant accounting policies used to prepare financial statements. c. What type of audit opinion is reported in its annual report and whose opinion is it? An integrated audit as been completed, of Dell Inc.’s January 28, 2005 consolidated financial statements and of its internal control over financial reporting as of January 28, 2005 and audits of its January 30, 2004 and January 31, 2003 consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the registrant’s auditors and the audit committee of the registrant’s board of director’s opinion. d. Is any of the information in its annual report based on estimates? If so, where does Dell discuss this? The preparation of GAAP financial statements requires certain estimates, assumptions, and judgments to be made that may affect Dell’s consolidated statement of financial position and results of operations. Management has discussed the development, selection, and disclosure of its critical accounting policies with...
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...Simple Diagnostic Medicine – Financial Analysis Executive Summary Introduction This report provides an analysis and evaluation of the current and prospective profitability, liquidity and financial stability of Simple Diagnostic Medicine (SDM). The purpose of this analysis is to determine if SDM is a suitable investment opportunity. Methods include horizontal and vertical analyses as well as financial ratios examining SDM’s liquidity, solvency and profitability. Other calculations include rates of return on Shareholder’s Equity and Total Assets and Return on Investment. All calculations can be found in the appendices. This report is divided into three sections: the first section presents the financial analysis of SDM’s 1999 and 2000 fiscal year financial statements. The second section is a detailed examination of the financial statements notes and the third section presents our conclusions. Results of the financial statement analysis demonstrate that the company appears to be able to produce significant revenues and profit and is in a relatively good financial position. However, further analysis of the financial statement notes have identified significant areas of concern that weakens SDM’s financial position and profitability, and ultimately forms the bases of our recommendation not to invest in SDM at this time. 1. Financial Statement Analysis Horizontal and Vertical Analysis (Trend Analysis) A complete horizontal analysis for SDM shows significant increases...
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...Financial Statements Analysis - An Introduction MODULE - 6A Analysis of Financial Statements 27 FINANCIAL STATEMENTS ANALYSIS - AN INTRODUCTION You have already learnt about the preparation of financial statements i.e. Balance Sheet and Trading and Profit and Loss Account in the module titled ‘Financial Statements of Profit and Not for Profit Organisations’. After preparation of the financial statements, one may be interested in analysing the financial statements with the help of different tools such as comparative statement, common size statement, ratio analysis, trend analysis, fund flow analysis, cash flow analysis, etc. In this process a meaningful relationship is established between two or more accounting figures for comparision. In this lesson you will learn about analysing the financial statements by using comparative statement, common size statement and trend analysis. Notes OBJECTIVES After studying this lesson, you will be able to : explain the meaning, need and purpose of financial statement analysis; identify the parties interested in analysis of financial statements; explain the various techniques and tools of analysis of financial statements. 27.1 FINANCIAL STATEMENTS ANALYSIS (MEANING, PURPOSE AND PARTIES INTERESTED) We know business is mainly concerned with the financial activities. In order to ascertain the financial status of the business every enterprise prepares certain statements, known as financial statements. Financial statements are mainly prepared...
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...XYZ CONSTRUCTION CO., INC. FINANCIAL STATEMENTS DECEMBER SAMPLE FINANCIAL STATEMENTS ACCOUNTANTS' REVIEW REPORT Page 2 FINANCIAL STATEMENTS | | Balance Sheet | Page | 3 | Statement of Income and Retained Earnings | Page | 4 | Statement of Cash Flows | Pages | 5 - 6 | Notes to Financial Statements | Pages | 7 - 13 | SUPPLEMENTAL INFORMATION Schedules of Earnings from Contracts and Contract Costs Schedules of General and Administrative Expenses and Other (Income) Expense Schedule of Contract Revenues, Costs and Profits Page 14 Page 15 Page 16 JONES, HENLE . SCHUNCK THOMAS N. HENLE. CPA KARL E. SCHUNCK, CPA JOHN S. PALMER, CPA MICHAEL R. HUHN, CPA JAMES KEPKE, CPA CRAIG A. CLEVELAND, GLEN A. THOMAS, CPA D. YORK. CPA The Board of Directors XYZ Construction Co. Danville and California We have reviewed the accompanying balance sheet of XYZ Construction Co., Inc. as of December 31, and the related statements of income and retained earnings, and cash flows for the year then ended, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. All information included in these financial statements is the representation of the management of XYZ Construction Co., Inc. A review consists principally of inquiries of company personnel and analytical procedures applied to financial data. It is substantially less in scope than...
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...Financial Statements of THE ALGONQUIN COLLEGE OF APPLIED ARTS AND TECHNOLOGY Year ended March 31, 2005 THE ALGONQUIN COLLEGE OF APPLIED ARTS AND TECHNOLOGY Financial Statements and Supplementary Schedules Year ended March 31, 2005 Auditors’ Report Statement of Financial Position.....................................................................................................2 Statement of Operations ...............................................................................................................3 Statement of Changes in Net Assets ............................................................................................4 Statement of Cash Flows ..............................................................................................................5 Notes to Financial Statements ......................................................................................................6 Supplementary Schedules Schedule A - Revenue ..........................................................................................................24 Schedule B - Academic Expenditures ..................................................................................25 Schedule C - Educational Resources Expenditures .............................................................25 Schedule D - Student Services Expenditures.......................................................................26 Schedule E - Administrative Expenditures...............................
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