NINJA CPA REVIEW® NINJA Notes 2015 Financial Accounting & Reporting Table of Contents The N.I.N.J.A. Framework I. IFRS 8 II. Accounting Changes 19 III. Financial Reporting 20 IV. Bonds & Debt Restructure 38 V. Consolidations 47 VI. Deferred Taxes 50 VII. Derivatives, Hedging, & Translation 52 VIII. Fixed Assets 56 IX. Governmental Accounting 62 X. Personal Financial Statements, Segments, & Interim Reporting 73 XI. Partnership Accounting 76 XII. Inventory 79 XIII. Investments
Words: 11984 - Pages: 48
In the meanwhile, costs and expenses are applicable to sales and revenues. Because L&L has different products and services such as clothing and Spa services, both of them have their unique cost of revenue. Separately stated those in the income statement and arrangement for the presentation are not only making the statements clear, but also required by the code. By the requirement of ASC 25510-S99-8 (SAB Topic 11.B, Depreciation and Depletion Excluded from Cost of Sales), if cost of sales or operating
Words: 269 - Pages: 2
Basic objectives Financial reporting should provide information that is: * useful to present to potential investors and creditors and other users in making rational investment, credit, and other financial decisions * helpful to present to potential investors and creditors and other users in assessing the amounts, timing, and uncertainty of prospective cash receipts * about economic resources, the claims to those resources, and the changes in them * helpful for making financial decisions
Words: 793 - Pages: 4
Financial Accounting Chapters 1,2,3 Double Entry Accounting- each business transaction has dual effects. As a result, every transaction affects at least two accounts. One Debit and One Credit ACCOUNT | Debit | Credit | Assets | + | - | Expenses | + | - | Dividends or Withdrawals | + | - | Revenue | - | + | Liabilities | - | + | Capital | - | + | Retained Earnings | - | + | Normal Balance- side the account increases Contra Account- has a normal balance opposite of its companion
Words: 4145 - Pages: 17
NINJA CPA REVIEW® NINJA Notes 2015 Financial Accounting & Reporting (Updated as of July 2015) Table of Contents The N.I.N.J.A. Framework I. IFRS 8 II. Accounting Changes 19 III. Financial Reporting 20 IV. Bonds & Debt Restructure 39 V. Consolidations 48 VI. Deferred Taxes 51 VII. Derivatives, Hedging, & Translation 53 VIII. Fixed Assets 57 IX. Governmental Accounting 63 X. Personal Financial Statements, Segments, & Interim Reporting 74 XI. Partnership Accounting 77 XII. Inventory 80 XIII. Investments
Words: 12439 - Pages: 50
Presentation of the course Introductory course 4 “intensive” days Theory, terminology, practical examples Suggested readings: Elliott, Barry; Elliott, Jamie: "Financial Accounting and Reporting", Prentice Hall 2012, 15th edition. Horngren, Bhimani, Datar and Foster: "Management and Cost Accounting." Prentice Hall, 2007, 4th edition. Info What to expect from this course: An introduction to the discipline to prepare you for the proceedings of your Master To learn the “language”
Words: 6361 - Pages: 26
Revenue Recognition: Where it Will Take Us By Robert Bloom and Jacob Kamm Financial Executive • SUMMER 2014 FINANCIAL REPORTING Since 2008, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have collaborated on a converged revenue recognition standard. Current U.S. Generally Accepted Accounting Principles (GAAP) standards related to revenue recognition are essentially rules-based, containing over 200 specific requirements related
Words: 2197 - Pages: 9
branches in multiple countries are currently reporting their financial statements based on the criteria for that country. For example, a European based organization is reporting under the IFRS standard while their branch in the United States is using US-GAAP. While the differences do not outweigh the similarities, GAAP and IFRS standards have caused some concerns in financial reporting. These concerns have led to the evaluation of these two reporting standards and the discussion on whether to move
Words: 3687 - Pages: 15
Financial Accounting for Decision Makers Visit the Financial Accounting for Decision Makers, sixth edition Companion Website at www.pearsoned.co.uk/atrillmclaney to find valuable student learning material including: G G G G G Self assessment questions to test your learning A study guide to aid self-learning Revision questions and exercises to help you check your understanding Extensive links to valuable resources on the web Comments on case studies to aid interpretative and analytical skills
Words: 211090 - Pages: 845
between the expected value of earnings and the actual realized. Absorption costing Absorption costing is a method of assigning costs to inventory. It includes fixed overhead costs in addition to variable overhead costs added to direct materials and direct labour to calculate unit cost. Accelerated depreciation Accelerated depreciation is a method of allocating the cost of an asset in which the annual depreciation amounts are larger in an asset’s early years and decrease over time. An example of
Words: 116560 - Pages: 467
