allow the reversal of impairment losses for AFS debt instruments
What is IFRS
5
U.S. Gaap defines fair value as market-based, not entity-specific. Does IFRS agree with this portion of the definition?
What is Yes
5
When did IFRS 13 become effective
What is January 1, 2013
5
Is in both IFRS 9 and IFRS 13
What is the fair value measurement of financial instruments.
6
Number of Catergories for Financial Assets and Liabilities Under IFRS 9
What is 4
6
The IFRS does not permit the shortcut method for interest rate swaps hedging recognized debt. is this method permitted by GAAP?
What is Yes
6
Purpose of IFRS 13
What is to establishes a single framework for measuring fair value for financial reporting
6
Objective of Fair Value
What is to estimate the price at
which an orderly transaction to sell the asset or to
transfer the liability would take place between market
participants at the measurement date under current
market conditions
6
What are the Big 4 in CPA firms
What is KPMG, Deloitte, E&Y, PWC
7
What makes a financial instrument a financial Liability under IFRS 9
What is a contractual obligation to transfer cash or another financial instrument.
7
Does IFRS or GAAP use bid-ask spread to determine fair value of loans and receivables and how?
What is GAAP and the price between the bid and ask prices is fair value.
7
Initial Fair Value Price
What is The Transaction Price
7
Fair Value is not adjusted for what
What is Transaction Costs
7
Who historically sets Accounting Standards
What is the AICPA and SEC
8
Definition of Fair Value
fair value is defined as the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction.
8
Definition of a derivative
what is an instrument that must have one or more
underlinings, one or more notional
amounts or payment provisions or
both, must require no initial net
investment, as defined, and must be
able to be settled net
8
What is required for disclosure in IFRS for level 3 of fair value hierarchy.
What is Quantitative sensitivity analysis
8
The market with greatest volume and level of activity for
the asset or liability to determine fair value
What is a Principal Market
8
What was the first regulatory accounting committee
What is the committee on Accounting Procedures
9
Interest Rate For Loans Under IFRS 9
What is the original effective interest
rate to be used throughout the life of
the instrument for all financial assets
and liabilities
9
Included GAAP but not IFRS 9 in the effectiveness of a hedge
What is Option's Time Value
9
IFRS does not have guidelines for this entity for fair value measurement
What is Investment Companies
9
What makes Level 3 inputs different than Level 2 and 1 inputs.