AICPA考试要点摘录-FAR.docxVIP

F1-standard setting, income statement, and reporting requirements Change in estimate-prospecting Changes in accounting principle that are inseparable from a change in estimate: depreciation method; change from the installment method to immediate recognition method because uncollectible accounts can now be estimated Change in principle- retrospective Change in entity- restate E.g. Change in method of accounting for demo costs is a change in accounting principle inseparable from a change in estimate. Handled as change in estimate- prospecting Change from cash basis of accounting to accrual basis is correction of an error! Change in depreciation method is both a change in method and in estimate Comprehensive income excludes Owner Transaction: dividends, paid in capital 10Kannual report10Qquarterly report11Kannual report of employee benefit plan40FCanadian company20Fother foreign company6Ksemi-annually report for foreign private issuers8Kmajor corporate event345filed by directors, officers, beneficial owners of more than 10% of a class of equity securities(only to show the ownership, no financial statement) Historical cost: operations are continuing Current replacement cost: optional supplemental price level financial statement Net realizable value: equipment in decision to end operations and quickly (3 months) dispose of its assets. Current reproduction cost: optional supplement price level financial statement Fundamental qualitative characteristics: Relevance: passing confirms money. Predictive value; conforming value, materiality Faithful representation: completely neutral is free from error. Completeness; neutrality; freedom from error Enhancing qualitative characteristics: compare and verify in time to understand Comparability, verifiability, timeliness, understandability, cost constraint US GAAP Standard-setting process: exposure draft—majority vote for issuance—redeliberate on the issue—accounting standards update—majority vote to amend