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1) Non-controlling interest: Full FMV (asset/controlling 80%) * 20% + Income% Dividend% = Ending Non-Controlling Interest 2) Bond Issue cost:

Carrying Value Bond Issue cost (review J/E) 3) Goodwill = Purchase Price (FV) FV of intangible assets X % (equity) a. Fair Value given + NCI FVM of Net Identifiable Assets b. If over 50% owned Purchase / % - FV of net assets = goodwill (CARINBIG) c. No goodwill for cost method 4) Only report R/E and NI of parent company in consolidated statements 5) % completion and completed method: loss recorded immediately 6) Book value per CS share = (Entire SE all preferred stock stuff)/# of CS shares 7) Corridor approach (Gain = G): Greater of 10% of beg. PBO or FV of assets [ Gain (10% of greater of)]/# of years 8) Always do Net of Tax 1-Tax 9) Purchase of TS will decrease SE and increase EPS 10) Change in net position of Govt-wide F/S: GRaSSP (funds received) - Other Financing Sources + Expenditures + Internal Services Fund (GOES) (No PAPI). 11) Under IFRS, prior service cost and net gain are not put into OCI 12) Statement of RE not required for not-for-profit organization 13) Tuition Fees Tuition Refund = Unrestricted revenue (scholarships are expenses, dont subtract) 14) Cash Flow Hedge OCI Fair Value Hedge NI 15) Warranty exp Current DTA Depreciation Noncurrent DTA (PPE) 16) IFRS Investment property is rental or capital appreciation 17) Intercompany transaction depr will be reduced by profit/remaining life 18) Compare avoidable interest (loan amount for the YEAR X %) to actual interest (pick lower) 19) If finance lease, all profit deferred and amortized 20) Gain contingencies for law suits (even if highly probable) are not accrued 21) Commercial Subst recognize gain.Lacks commercial substance 25% rule 22) Out of the money Exercise > Market price Anti-dilutive 23) EPS when converting PS into CS, dont subtract preferred dividends from the original eq (add only additional common shares) (1 mill-125k)/500 1mill/600 24) Changes in Net asset (govt F/S) Depr is not included, Govt F/S Net asset Depr included. 25) NFP: Sales rev = FMV of ticket sold not the extra money (contribution rev) 26) Capitalized interest = accum expenditures X int rate 27) IFRS Bank Drafts Classified as Operating activities in stmt of cash flow 28) Capital assets are presented net of accumulated depreciation in govt F/S 29) Financial instruments are not tested for impairment 30) Accretion expense = ARO obligation of 100K X 10% 31) If cost method (<20%), dividend = income a. If equity, income increases investment and dividend reduces it 32) EPS: noncumulative subtract only when declared (current) a. Cumulative subtract only current portion (doesnt have to be declared)

33) 34) 35) 36) 37) 38) 39) 40) 41)

Fair value option of investment income = div (not NI) X % + change in FV NFP Stmt of Finc. Position assets, liabilities, and net assets(PUT) Expenditure = contribution Covenant restricted, approved by city council committed Change in net position: GOES (govt fund, other rev, exp (net of depr), internal services) NFP conditional promise: nothing is recorded Change in accounting principle not acceptable if done to increase earnings GP on IS = (sales-cost)/sales X collections a. Deferred gross profit = (sales collections) X % 42) NCI for GAAP (consolidation) purchase price / % X (1-%) a. NCI for IFRS (consolidation partial) Net assets X (1-%) 43) Avoidable interest: bond X % = interest 1 a. Total WAAE-bond = other borrowing X special % b. Special % = based on other borrowing (just do proportions) c. Add interest 1 + special % X other borrowing 44) Exchange on nonmonetary assets = recognize gain only when you receive cash 45) Use expected rate of return to find return on assets for pension expense a. If overfunded, service/interest cost decreases the asset and increases pension cost (also calc the tax benefit) b. Amortization of PS is booked into OCI AND Def tax benefit to OCI and I/S i. gain (actual-expected) is booked into OCI and liability 46) Treasury stock cost method credit TS for acquired rate NOT par rate 47) Stock options grant date no JE 48) Consolidated method: legal fees are expensed and registration fees are sub from APIC 49) FIFO: periodic (purchase account) and perpetual give you same results 50) Sales and Direct type lease:
DR: Receivables (Pymt X years) CR: unearned Int CR: Rev (sales)/Asset (direct)

51) Income Tax:


DR: Income tax expense-current DR: Income tax exp-def CR: Income tax payable CR: Def tax liab DR: Income tax expense-current DR: Def tax asset CR: Income tax payable CR: Inc tax benefit def