allow the reversal of impairment losses for AFS debt instruments
What is IFRS
100
U.S. Gaap defines fair value as market-based, not entity-specific. Does IFRS agree with this portion of the definition?
What is Yes
100
When did IFRS 13 become effective
What is January 1, 2013
100
Is in both IFRS 9 and IFRS 13
What is the fair value measurement of financial instruments.
200
Number of Catergories for Financial Assets and Liabilities Under IFRS 9
What is 4
200
The IFRS does not permit the shortcut method for interest rate swaps hedging recognized debt. is this method permitted by GAAP?
What is Yes
200
Purpose of IFRS 13
What is to establishes a single framework for measuring fair value for financial reporting
200
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
200
What are the Big 4 in CPA firms
What is KPMG, Deloitte, E&Y, PWC
300
What makes a financial instrument a financial Liability under IFRS 9
What is a contractual obligation to transfer cash or another financial instrument.
300
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.
300
Initial Fair Value Price
What is The Transaction Price
300
Fair Value is not adjusted for what
What is Transaction Costs
300
Who historically sets Accounting Standards
What is the AICPA and SEC
400
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.
400
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
400
What is required for disclosure in IFRS for level 3 of fair value hierarchy.
What is Quantitative sensitivity analysis
400
The market with greatest volume and level of activity for
the asset or liability to determine fair value
What is a Principal Market
400
What was the first regulatory accounting committee
What is the committee on Accounting Procedures
500
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
500
Included GAAP but not IFRS 9 in the effectiveness of a hedge
What is Option's Time Value
500
IFRS does not have guidelines for this entity for fair value measurement
What is Investment Companies
500
What makes Level 3 inputs different than Level 2 and 1 inputs.