Essay about Fsa «balance sheet»

FINANCIAL STATEMENT RESEARCH ACC-504

Teacher: Dr . Kumail Rizvi

one particular

21/5/2013

Kumail Rizvi, PhD, CFA, FRM

INCOME STATEMENT

Collection of the expenses

 

21/5/2013

Collection by Nature Grouping by Function

Kumail Rizvi, PhD, CFA, FRM

Formatting

Multi-step format (GP Subtotal)  Single-Step formatting (No GP subtotal) 

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INCOME

21/5/2013

Profit = Salary – Expenditures  " Income can be increases in economic rewards during the accounting period as inflows or enhancements of assets or perhaps decreases of liabilities that result in raises in fairness, other than all those relating to contributions from equity participants”  Income comes with Revenue and Gains 

Kumail Rizvi, PhD, CFA, FRM

several

IASB, IAS NO . 18, REVENUE

Conditions for recognizing earnings

   

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Transfer the chance and rewards of ownership of goods Zero retention of Managerial engagement and powerful control Portions can be scored reliably Likelihood of stream of economical benefits Cost incurred or to be received can be tested reliably

Kumail Rizvi, PhD, CFA, FRM

Merchandise sold on consignment really should not be recognized when ever transferred

some

IASB, IAS NO . 18, SERVICES

If the outcome evaluation is trustworthy, recognized revenues with reference to the stage of completion in the balance sheet date  Conditions for dependable estimation of outcome 

21/5/2013 Kumail Rizvi, PhD, CFA, FRM

Amount may be measured reliably  Likelihood of stream of economic benefits  Stage of completion may be measured reliably  Expense incurred in order to be received can be scored reliably  

Disclose revenue reputation policies in footnotes

your five

FASB 605-10-25, REVENUE RECOGNITION

Understood or Realizable and Earned

Evidence of Agreement: No delivery before the contract  Products or services has been shipped. Shipping just is certainly not sufficient  Price is identified or determinable. No Contingency price is allowed  Retailer is reasonably certain of collecting money 

21/5/2013 Kumail Rizvi, PhD, CFA, FRM

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REVENUE REPUTATION: SPECIAL INSTANCES

Just before Goods happen to be delivered or Services Delivered

 

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Ratably

The same proportion Compute % of completion and apply it in revenues

Percentage of Conclusion Method

Kumail Rizvi, PhD, CFA, FRM

At the time merchandise are provided or Services Rendered

Normal Income recognition conditions (Completed Deal Method)

After Goods are provided or Solutions Rendered

Sequel Method (recognize profit as per its %)  Price Recovery Technique (recognize revenue after the restoration of cost) 

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21/5/2013 Kumail Rizvi, PhD, CFA, FRM

RATABLY

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21/5/2013 Kumail Rizvi, PhD, CFA, FRM

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21/5/2013 Kumail Rizvi, PhD, CFA, FRM

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21/5/2013 Kumail Rizvi, PhD, CFA, FRM

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21/5/2013 Kumail Rizvi, PhD, CFA, FRM

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21/5/2013 Kumail Rizvi, PhD, CFA, FRM

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21/5/2013 Kumail Rizvi, PhD, CFA, FRM

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21/5/2013 Kumail Rizvi, PhD, CFA, FRM

DICKER TRANSACTIONS

Concept  Modern Day Usage  Implication watts. r. t Valuation  IFRS 

21/5/2013 Kumail Rizvi, PhD, CFA, FRM

Fair Benefit of income from comparable nonbarter deals with not related parties Reasonable value if perhaps and only if a company features historically received cash repayments for these kinds of services and may thus use this historical encounter as a basis for identifying fair worth

FASB

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GROSS VERSUS NET REPORTING

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Intended for Gross revealing

    

Business is the principal obligor Bears inventory risk Bears credit risk Can choose supplier Offers reasonable latitude to establish value

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Kumail Rizvi, PhD, CFA, FRM

ANALYST WORK: IMPLICATION INTENDED FOR FINANCIAL RESEARCH

21/5/2013

Consequence of a policy is recognizing income sooner or later (less conservative, conservative)  About what extent coverage requires the company to make estimates  For what reason different with all the policies of peers 

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Kumail Rizvi,...



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