Chapter 1 and 2
Financial and Sustainability Reporting Standards Council
What statement presents Total Income less Expenses
Profit or Loss
Currency other than functional currency
Foreign Currency
Give the three classifications of Financial Asset
AC, FVOCI, FVPL
Associate
What are the elements of a financial statement
Asset, Liability, Equity, Income and Expenses
Time between acquisition of asset and realization
Operating Cycle
Highly liquid investments
Cash Equivalents
Business model is both collecting contractual cash flows and selling the financial asset
FVOCI
Who are the parties to a joint venture
Joint Venturer
This refers to the exercise of caution when making judgements.
Prudence
The frequency of presentation of a complete set of FS
At least annually
Two methods in reporting cash flows for operating activities
Direct and Indirect
First day of the reporting period following the change in business model
Reclassification Date
What is the voting power required to exercise significant influence
20% - 50%
Enumerate the members of FSRSC
Chairman, BOA, SEC, BSP, BIR, COA, FINEX, IC, PICPA
Enumerate the 3 sections of the SCF
Operating Activity, Investing Activity, Financing Activity
How is cash being measured?
At Face Value
Enumerate the two bases of classification for financial asset
Business model, and Cashflow characteristics
Accounting method used to account for Investment in Associate
Equity method
What is PAS 29/IAS 29
Financial Reporting in Hyperinflationary Economies
Enumerate the 5 financial statements
SFP, SCI, SCE, SCF, Notes
Who is the person in a 1 peso coin
FA-FVPL is presented where in the Balance Sheet?
Current Asset
Who is the father of accounting?
Luca Pacioli