Advanced Accounting (Canada)
Conceptual & Case Analysis Frameworks for Financial Reporting
50 flashcards · answers and review in the app
How does the impairment test differ between IFRS and ASPE?
Can an impairment loss be reversed under IFRS vs ASPE?
How do IFRS and ASPE treat development costs?
Where are actuarial gains/losses on post-employment benefits recognized under each framework?
Does the concept of conservatism appear in the qualitative characteristics under IFRS vs ASPE?
How does a lessee account for leases under IFRS vs ASPE?
Overall, how does ASPE compare to IFRS in complexity?
What is the main objective of financial reporting?
Who are the "external users" that general-purpose financial statements are meant to serve?
What five statements make up a general-purpose set of financial statements under IAS 1?
When GAAP is followed, what qualities should the resulting information have?
When would an entity prepare special-purpose (non-GAAP) financial reports?
How is a liability defined?
What is the purpose of the Conceptual Framework for Financial Reporting?
Is the Conceptual Framework itself a Standard?
Which financial statement does the Conceptual Framework primarily emphasize, and why?
How does the Conceptual Framework define an asset?
How is equity defined?
How is income defined in the Conceptual Framework?
How are expenses defined?
What is professional judgment in accounting?
In preparing financial statements, what three areas require professional judgment?
What eight topics (chapters) make up the Conceptual Framework?
What are the four parts of the CPA Canada Handbook and who uses each?
What is a publicly accountable enterprise (PAE)?
Name typical entities that qualify as PAEs because they hold assets in a fiduciary capacity.
Why did Canada "harmonize" the Handbook with IFRS instead of just adopting IFRS?
Since when have Canadian PAEs reported under IFRS, and what are the exceptions?
What is a private enterprise?
Which standards may a private enterprise use, and can it mix them?
Why might a private enterprise choose IFRS over ASPE?
Which constraint justified letting small/private companies use simpler standards?
How are not-for-profit organizations (NFPOs) split, and what standards can each use?
Which standards apply to governments, government business enterprises, and other government organizations?
Which part of the CPA Canada Handbook covers pension plans?
What must an entity disclose about the standards it uses?
How do IFRS and ASPE differ on subsequent measurement of property, plant & equipment?
When is the quality of financial reporting considered high vs low?
What are the four ways management can distort results, from least to most severe?
Why might management be motivated to manage or distort earnings?
What are the main steps of financial statement analysis?
What's the difference between vertical and horizontal common-size analysis?
Into what three categories are financial ratios grouped, and what does each assess?
What are the four key ratios, their formulas, and what each measures?
What benchmarks can ratios be compared against?
When interpreting how an accounting change affects a ratio, what must you always consider?
Where in the annual report do you find management's plans for the future?
What three major skills do employers look for in an accountant?
What are the six steps of the generic case-analysis framework?
On what basis do you rank the issues in a case?