FAR Section 1 Conceptual Framework & IFRS
|
|
- Brandon Wilkinson
- 6 years ago
- Views:
Transcription
1 FAR Section 1 Conceptual Framework & IFRS
2 The monetary unit: an accounting principle that assumes business transactions or events can be measured and expressed in terms of monetary units (money) and the monetary units are stable and dependable. FASB Conceptual Framework (Acctg Constitution) for Financial Reporting Special Notes: The revised Framework stated that relevant financial information is capable of making a difference to the decision made by users. In order to make a difference, financial information has Predictive value, confirmatory value or both. The Boards have clarified that materiality is an entity specific aspect of relevance. A standard setter does not consider materiality when developing standards because it is an entity-specific consideration., i.e., it cannot be specified in general terms to encompass every situation, Basic elements=1-3 Equity = 4-6 Comprehensive Income=7-10 (DENT; P 1-5) When to recognize a F/S element & how to measure it in Monetary Terms? Full disclosure: a. Notes b. Supplementary info Information includes: B/S (stmt of financial position) Financial performance from I/S (stmt of earnings; accrual acctg) econ resources/claims Stmt of Cash Flows Stmt of Investments by & Distributions to Owners (Changes not from financial performance
3 FASB vs. IASB (GAAP vs. IFRS: International Financial Reporting Standards) Differences between the FASB & IASB: FASB Conceptual Framework GAAP: more rules-based IASB Framework IFRS: principle-based or concept based 10 elements of Financial Statements 5 elements of Financial Statements 3 basic elements 3 elements of financial position Assets Assets Liabilities Liabilities Equity or Net Assets Equity or Net Assets 3 elements of Equity Contributions/Investments by owners Distributions to owners Comprehensive income 4 elements of comprehensive income 2 elements of performance Revenues Income* (both revenues & gains) Expenses Expenses (& losses from ordinary activities) Gains Note: Capital maintenance adjustments Losses are from revaluation or restatement of assets & liabilities, not from income or exp Net Income Profit * Under GAAP, "income" is not a financial statement element; it is used to describe a calculation of some type (e.g., income from continuting operations, net income).
4 Statement of Cash Flows Operating Activities Preparing the Statement of Cash Flows Two Formats for Reporting Operating Activities Direct Method Indirect Method Reports the cash effects of each operating activity Starts with accrual net income and converts to cash basis
5 Indirect Method Changes in current assets and current liabilities. Net Income Cash Flows from Operating Activities + Losses & - Gains + Noncash expenses (e.g., depreciation and amortization. 97.5% of all companies use the indirect method.
6 Indirect Method Change in Account Balance During Year Increase Decrease Current Subtract from net Add to net income. Assets income. Current Add to net income. Subtract from net Liabilities income. Assets = Liabilities + Stockholders Equities Cash = - Accounts Receivable Prepaid Inventory- all other current assets +A/p + Salaries Payable + all other current liabilities +All Long-term Liabilities + Stocks + Paid-in Capital + Non-cash Expenses (e.g. depreciation, amortization) Gains + Losses - Dividend (Note: Trade A/P a debt owed for Inventory (goods, raw materials), & supplies, that are not evidenced by a promissory note. Accrued liabilities a liability for an expense you have not yet paid, e.g., interest payable, salary payable, income tax payable. Other misc. current liabilities: Sales taxes payable, prop taxes payable, use taxes payable (taxes collected from the buyer on goods purchased outside of the taxing jurisdiction)).
7 Preparing a Statement of Cash Flows - Example Indirect Method Example B&G Company Information Available:
8 Indirect Method Example B&G Company Additional Information for 2009: Net income was $105,000. Cash dividends declared and paid were $40,000. Bonds payable of $50,000 were redeemed for $50,000 cash. Common stock was issued for $35,000 cash.
9 Indirect Method Example B&G Company B&G Company Statement of Cash Flows For the Year Ended December 31, 2009 Cash flows from operating activities Net income $ 105,000 Adjustments to accrual-basis net income: Depreciation expense $ 34,000 Increase in accounts receivable (9,000) Decrease in inventory 19,000 Decrease in accounts payable (8,000) Total adjustments 36,000 Net cash provided by operating activities 141,000 Cash flows from investing activities
10 Recognition & Measurement - GAAP Recognition: must meet following 2 general criteria 1. Probability 2. Reliable measurement Revenue: are increases of assets and reductions of liabilities during a period of time. Rev Recognition: Revenues & gains are recognized when: it is realized or realizable & earned. 1). Realized: when goods or services have been exchanged for cash or claims to cash. or Realizable: when goods or services have been exchanged for assets that are readily convertible into cash or claims to cash. (Readily convertible assets: 1. interchangeable units & 2. quoted prices available in an active market that can rapidly absorb the quantity held by the entity w/o a significant effect on the price. & 2). Earned: when the earning process has been substantially completed, & the entity is entitled to the resulting benefits or revenues.
11 Recognition & Measurement GAAP (cont d) All 4 criteria must be met for each element of the contract before any revenue can be recognized: 1) persuasive evidence of an arrangement exists; 2) delivery has occurred or services have been rendered; 3) the price is fixed & determinable; & 4) collection is reasonably assured Revenue from the sale of products or the disposal of other assets is recognized on the date of sale (exchange) of the product or other asset, i.e., the delivery date. The following 2 criteria apply: 1) delivery of goods or setting aside goods ordered, and/or 2) transfer of legal title Revenue from allowing others the use of the entity s assets (e.g., interest, royalty, & rental revenue) is recognized when the assets are used (time passage) Revenue from the performance of services is recognized in the period the services have been rendered & are able to be billed by the entity.
12 Revenue Recognition - IFRS General: revenue is measured at the FV of consideration received or receivable. For a sale of goods, revenue is recognized when all 5 conditions are met: 1. significant risks & rewards of ownership transferred to the buyer. 2. the selling entity doesn t retain managerial involvement associated with ownership or control over the asset/goods sold. 3. the revenue amount can be reliably measured. 4. it is probable that the economic benefits will flow to the entity. 5. transaction costs incurred & to be incurred can be reliably measured. For the rendering of a service: 1. when the outcome can be reliably estimated, revenue is recognized based on the %-of-completion method. 2. when the outcome cannot be reliably estimated, revenue is recognized to the extent of recoverable expenses recognized (cost recovery). Revenues from interest, royalties, & dividends are recognized when the amounts can be reliably estimated & economic benefits will probably flow to the entity. Interest: effective interest method Royalties: accrual basis Dividends: when the shareholders right to receive payment is established.
13 ASB Codification Framework (ASC)
FAQ: Statement of Cash Flows
Question 1: What sources are used when the statement of cash flows is being prepared, and what information does each source provide? Answer 1: The statement of cash flows is prepared differently from the
More informationNANOTECH ENTERTAINMENT, INC. FINANCIAL INFORMATION FOR QUARTER ENDING MARCH 31, 2017 FINANCIAL STATEMENTS
NANOTECH ENTERTAINMENT, INC. FINANCIAL INFORMATION FOR QUARTER ENDING MARCH 31, 2017 FINANCIAL STATEMENTS The accompanying unaudited financial statements have been prepared in accordance with accounting
More informationDisclaimer: This resource package is for studying purposes only EDUCATON
Disclaimer: This resource package is for studying purposes only EDUCATON Chapter 1 Objective of Accounting: 1. To identify and measure activities of a business entity in order to evaluate its performance
More informationIFRS for SMEs. The Little GAAP we ve been waiting for?
IFRS for SMEs The Little GAAP we ve been waiting for? Getting Up On My Soapbox!! Opportunity for CPAs to take back their profession Regulatory overload has scared many from the profession, or at least
More informationMcDonald Golf Enterprises, Inc. d/b/a The Club at Eaglebrooke FINANCIAL STATEMENTS. October 31, 2016
McDonald Golf Enterprises, Inc. d/b/a The Club at Eaglebrooke FINANCIAL STATEMENTS McDonald Golf Enterprises, Inc. d/b/a The Club at Eaglebrooke FINANCIAL STATEMENTS TABLE OF CONTENTS Page Number REPORT
More informationSection 2 - Cash and Cash Equivalents & Balance Sheet
Section 2 - Cash and Cash Equivalents & Balance Sheet 12-1 Cash Currency and coins Balances in checking accounts Items for deposit such as checks and money orders from customers Cash equivalents are short-term
More informationSection 2 - Cash and Cash Equivalents & Balance Sheet
Section 2 - Cash and Cash Equivalents & Balance Sheet 12-1 Cash Currency and coins Balances in checking accounts Items for deposit such as checks and money orders from customers Cash equivalents are short-term
More informationSouthern ITS International, Inc. Consolidated Financial Statements For the Years Ended December 31, 2016 and 2015 (Unaudited)
Southern ITS International, Inc. Consolidated Financial Statements For the Years Ended December 31, 2016 and 2015 (Unaudited) SOUTHERN ITS INTERNATIONAL, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) December
More informationJABIL CIRCUIT, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) 2011 2010 ASSETS Current assets: Cash and cash equivalents $ 888,611 $ 744,329 Trade accounts receivable, net 1,100,926 1,408,319 Inventories 2,227,339
More informationProfit or loss recorded to Retained Earnings
Cash basis Recognizes transactions when cash or equivalents DIAGRAM OF T-ACCOUNTS METHODS & ORGS Balance Sheet as of 12/31/2100 Accrual basis Follows the matching principle and recognizes Assets = Liabilities
More informationAdjusting the Accounts
3-1 Chapter 3 Adjusting the Accounts Learning Objectives After studying this chapter, you should be able to: 1. Explain the time period assumption. 2. Explain the accrual basis of accounting. 3. Explain
More informationConsolidated Financial Statements of PHOTON CONTROL INC.
Consolidated Financial Statements of PHOTON CONTROL INC. Management s Responsibility To the Shareholders of Photon Control Inc.: Management is responsible for the preparation and presentation of the accompanying
More informationSAMPLE FAR SuperfastCPA Review Notes
FAR 2018 SuperfastCPA Review Notes Table of Contents Conceptual Framework and Financial Reporting 1 Conceptual Framework 1 Conceptual Framework 1 Standard Setting Process 3 General Purpose Financial Statements
More informationRevenue. International Accounting Standard 18 IAS 18. IFRS Foundation
International Accounting Standard 18 Revenue In April 2001 the International Accounting Standards Board (IASB) adopted IAS 18 Revenue, which had originally been issued by the International Accounting Standards
More informationRevenue Recognition: Manufacturers & Distributors Supplement
Revenue Recognition: Manufacturers & Distributors Supplement Table of Contents BACKGROUND & SUMMARY... 3 SCOPE... 5 THE REVENUE RECOGNITION MODEL... 5 STEP 1 IDENTIFY THE CONTRACT WITH A CUSTOMER... 5
More informationChapter 1. assembled and processed
1 Introduction to Accounting and Business Chapter 1 Introduction to Accounting and Business Learning Objective 1 Describe the nature of a business, the role of accounting, and ethics in business. Nature
More informationLIMITED EDITION. Conceptual Framework, Standards, Standard Setting, and Presentation of Financial Statements
LIMITED EDITION Conceptual Framework, Standards, Standard Setting, and Presentation of Financial Statements Contents Learning Outcomes 1 1.1 U.S. Securities and Exchange Commission 2 SEC Rulemaking Process
More informationObjective of IAS 18 The objective of IAS 18 is to prescribe the accounting treatment for revenue arising from certain types of transactions and events
IAS 18- Revenue Objective of IAS 18 The objective of IAS 18 is to prescribe the accounting treatment for revenue arising from certain types of transactions and events. Introduction Income is defined as
More informationIFRS Bridging Manual
CMA CANADA PROFESSIONAL PROGRAMS February 2011 IFRS Bridging Manual Used with permission of CMA Ontario. No part of this document may be reproduced in any form without the permission of the copyright holder.
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C For the quarterly period ended March 31, 2013 or
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended
More informationNew revenue guidance Implementation in Industrial Products
No. US2017-16 August 17, 2017 What s inside: Overview... 1 Step 1: Identify the contract with the customer... 2 Step 2: Identify performance obligations... 4 Step 3: Determine... 5 Step 4: Allocate...8
More informationHearAtLast Holdings Inc. Consolidated Financial Statements. For the 9 months Ended December 31, 2017 and (Amounts expressed in US Dollars)
Consolidated Financial Statements For the 9 months Ended December 31, 2017 and 2016 (Amounts expressed in US Dollars) (unaudited) Index To the Stockholders of HearAtLast Holdings Inc. 2 Interim Consolidated
More informationDOOSAN ENGINE CO., LTD. SEPARATE FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011, AND INDEPENDENT AUDITORS REPORT
DOOSAN ENGINE CO., LTD. SEPARATE FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011, AND INDEPENDENT AUDITORS REPORT Independent Auditors Report English Translation of a Report
More informationIncome: Both revenue and gains, excluding contributions from equity participants
IAS 18 Revenue Definitions Income: Both revenue and gains, excluding contributions from equity participants Revenue: Income that arises in the course of ordinary activities of the entity Major revenue
More informationSimilarities and Differences
www.pwc.com/jp/ifrs Similarities and Differences A comparison of IFRS and JP GAAP 2016 April 2016 (This page is intentionally left blank) Contents Preface... 2 How to use this publication... 3 First-time
More informationE. S. I. ENVIRONMENTAL SENSORS INC.
Financial Statements of E. S. I. ENVIRONMENTAL SENSORS INC. TABLE OF CONTENTS Page Management s Report to the Shareholders 1 Independent Auditors Report 2 Statements of Financial Position 4 Statements
More informationChapter 6: Statement of Cash Flows
Chapter 6: Statement of Cash Flows Outline: Why a cash flow statement? Classifications of cash flows Preparation of cash flow statements Determining the change in cash Determining net cash from operating
More informationInstitute of Certified Management Accountants of Sri Lanka Operational Level November 2018 Examination
Copyright Reserved Serial No Institute of Certified Management Accountants of Sri Lanka Operational Level November 2018 Examination Examination Date : 10 th November 2018 Number of Pages : 10 Examination
More informationDO SOMETHING, INC. FINANCIAL STATEMENTS DECEMBER 31, 2016 (WITH DECEMBER 31, 2015 SUMMARIZED COMPARATIVE TOTALS)
FINANCIAL STATEMENTS (WITH DECEMBER 31, 2015 SUMMARIZED COMPARATIVE TOTALS) CONTENTS Page Independent Auditors' Report 1-2 Financial Statements Statement of Financial Position at December 31, 2016 (With
More informationCONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD 1 JANUARY 31 MARCH 2016
VESTEL ELEKTRONİK SANAYİ VE TİCARET ANONİM ŞİRKETİ CONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD 1 JANUARY 31 MARCH 2016 (ORIGINALLY ISSUED
More informationJABIL CIRCUIT, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
CONDENSED CONSOLIDATED BALANCE SHEETS February 28, 2015 August 31, 2014 ASSETS Current assets: Cash and cash equivalents $ 966,414 $ 1,000,249 Accounts receivable, net 1,269,171 1,208,516 Inventories 2,105,183
More informationMAXAM GOLD CORPORATION, INC QUARTERLY REDPORT MARCH 31, 2013
MAXAM GOLD CORPORATION, INC QUARTERLY REDPORT MARCH 31, 2013 MAXAM GOLD CORPORATION BALANCE SHEET AS OF MARCH 31, 2013 AND MARCH 31, 2012 2013 2012 ASSETS Current Assets: Cash And Cash Equivalents $ -
More informationAdvance Tooling Concepts, LLC
Combined Financial Statements Years Ended December 31, 2013 and 2012 Contents Report of Independent Registered Public Accounting Firm 1 Combined Balance Sheets 2 3 Combined Statements of Income 4 Combined
More informationIFRS for SMEs IFRS Foundation-World Bank
International Financial Reporting Standards 1 IFRS for SMEs IFRS Foundation-World Bank 26 27 May 2011 Kiev, Ukraine Copyright 2010 IFRS Foundation. All rights reserved. The IFRS for SMEs 2 Topic 1.2 Overview
More informationKYN CAPITAL GROUP INC. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015 (UNAUDITED)
KYN CAPITAL GROUP INC. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015 (UNAUDITED) Index to Unaudited Financial Statements Unaudited Balance Sheets as
More informationAdjusting The Accounts
3 Adjusting The Accounts Learning Objectives 1 2 Explain the accrual basis of accounting and the reasons for adjusting entries. Prepare adjusting entries for deferrals. 3 Prepare adjusting entries for
More informationINTERNATIONAL FINANCIAL REPORTING STANDARDS
INTERNATIONAL FINANCIAL REPORTING STANDARDS Model Financial Statements 2006 (Preliminary Version) About Deloitte Touche Tohmatsu Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein,
More informationCreative Edge Nutrition, Inc. and Subsidiaries. Consolidated Financial Statements
Creative Edge Nutrition, Inc. and Subsidiaries Consolidated Financial Statements 1 Creative Edge Nutrition, Inc. and Subsidiaries TABLE OF CONTENTS Consolidated Balance Sheets 3 Consolidated Statements
More informationAccounting Cheat Sheet
DIAGRAM OF TACCOUNTS Assets = Balance Sheet as of 12/31/20 Liabilit ies + = + Equity METHODS & ORGS Accrual basis Follows the matching principle and recognizes transactions as they occur (GAAP Method)
More informationEL PASO NATURAL GAS COMPANY, L.L.C. CONSOLIDATED FINANCIAL STATEMENTS For the Three and Six Months Ended June 30, 2013 and 2012 Unaudited
CONSOLIDATED FINANCIAL STATEMENTS For the Three and Six Months Ended June 30, 2013 and Unaudited TABLE OF CONTENTS Page Number Consolidated Financial Statements Consolidated Statements of Income and Comprehensive
More informationNew Revenue Recognition Framework: Will Your Entity Be Affected?
New Revenue Recognition Framework: Will Your Entity Be Affected? One of the most significant changes to financial accounting and reporting in recent history is soon to be effective. Reporting entities
More informationIAS 18, Revenue A Closer Look
IAS 18, Revenue A Closer Look K.S.Muthupandian* International Accounting Standard (IAS) 18, Revenue, prescribes the accounting treatment of Revenue arising from certain types of transactions and events.
More informationREVENUE RELATED TO ORDINARY ACTIVITIES ACCORDING TO IFRS AND ROMANIAN REGULATIONS
REVENUE RELATED TO ORDINARY ACTIVITIES ACCORDING TO IFRS AND ROMANIAN REGULATIONS ECOBICI NICOLAE ASSOCIATE PROFESSOR PHD, CONSTANTIN BRANCUSI UNIVERSITY OF TARGU JIU e-mail: nycu2004ro@yahoo.com Abstract
More informationUnappropriated retained earnings (accumulated deficit) Total unappropriated retained earnings (accumulated deficit) 676, ,797 Total retained ear
Financial Statement Balance Sheet Accounting Title 2014/12/31 2013/12/31 Balance Sheet Assets Current assets Cash and cash equivalents Total cash and cash equivalents 1,183,185 1,177,682 Current bond investment
More informationGREENSPACE NCR, INC. FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT. December 31, 2009
FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT Financial Statements Contents Independent Auditors Report...... 1 Financial Statements Statement of Financial Position....... 2 Statement of Activities...
More informationVOLT SOLAR SYSTEMS, INC.
VOLT SOLAR SYSTEMS, INC. FORM 10-Q (Quarterly Report) Filed 10/22/14 for the Period Ending 06/30/14 Address 401 EAST FOURTH STREET BUILDING 6 BRIDGEPORT, PA, 19405 Telephone 610-292-0909 CIK 0001454725
More informationComparing Canadian GAAP and IFRS
Comparing Canadian GAAP and IFRS Standard setters around the world have been working together for many years now, trying to reduce inconsistencies among accounting practices. Thus, many differences have
More informationKNAV P.A. Certified Public Accountants One Lakeside Commons, Suite 850, 990 Hammond Drive NE, Atlanta, GA 30328
KNAV P.A. Certified Public Accountants One Lakeside Commons, Suite 850, 990 Hammond Drive NE, Atlanta, GA 30328 Table of Contents INDEPENDENT AUDITOR S REPORT... 3 FINANCIAL STATEMENTS... 4 Balance sheets...
More informationSRI International and Subsidiaries Consolidated Financial Statements and Supplementary Information December 26, 2015 and December 27, 2014
SRI International and Subsidiaries Consolidated Financial Statements and Supplementary Information Index Page(s) Independent Auditor s Report... 1 Consolidated Financial Statements Balance Sheets... 2
More informationGood Group Private Enterprise Inc. Illustrative consolidated financial statements for the year ended 31 December 2016
Illustrative consolidated financial statements for the year ended Based on Accounting Standards for Private Enterprises in issue as at 1 January 2016 Introduction This publication contains an illustrative
More informationPer the publisher's request, the full file is available after purchase. A Guide to IFRS
A Guide to IFRS A Guide to IFRS Copyright 2014 by DELTACPE LLC All rights reserved. No part of this course may be reproduced in any form or by any means, without permission in writing from the publisher.
More informationGood Group Private Enterprise Inc. Illustrative consolidated financial statements for the year ended 31 December 2015
Illustrative consolidated financial statements for the year ended Based on Accounting Standards for Private Enterprises in issue as at 1 January 2015 Introduction This publication contains an illustrative
More informationAppendix Summary of tentative decisions to date
Appendix Summary of tentative decisions to date This is a staff-prepared summary of the proposals included in the October 2008 discussion paper, Preliminary Views on Financial Statement Presentation, and
More informationANALYSIS OF THE INCOME STATEMENT
ANALYSIS OF THE INCOME STATEMENT 1. INTRODUCTION The income statement shows the calculation of a company s profit over a period, such as a quarter or a year. A company s profit (also known as net income
More informationStatement of Cash Flows
13-1 13 Statement of Cash Flows Learning Objectives 1 2 Discuss the usefulness and format of the statement of cash flows. Prepare a statement of cash flows using the indirect method. 3 Analyze the statement
More informationENCOUNTER CARE SOLUTIONS, INC. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2018
CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2018 CONSOLIDATED FINANCIAL STATEMENTS Accountants Compilation Report... 1 Consolidated Balance Sheet as of (unaudited)... 2 Consolidated Statement of Operations
More informationThe statement of cash flows reports cash flows, cash receipts, and cash payments, to show where cash came from and how it was spent.
Accounting Fundamentals Lesson 10 10.0 Cash Flow Statement The balance sheet reports financial position, and balance sheets from two periods show whether cash increased or decreased. But that doesn t tell
More informationWeek 5, Chap3 Accounting 1A, Financial Accounting. Instructor: Michael Booth
Week 5, Chap3 Accounting 1A, Financial Accounting Instructor: Michael Booth Business Background How do business activities affect the income statement? How are these activities recognized and measured?
More informationSouthern ITS International, Inc. (DBA Evolution Enterprises, Inc.) Consolidated Financial Statements June 30, 2017 and December 31, 2016 (Unaudited)
Southern ITS International, Inc. (DBA Evolution Enterprises, Inc.) Consolidated Financial Statements June 30, 2017 and December 31, 2016 (Unaudited) SOUTHERN ITS INTERNATIONAL, INC. (DBA EVOLUTION ENTERPRISES,
More informationČEZ, a. s. FINANCIAL STATEMENTS
ČEZ, a. s. FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS OF DECEMBER 31, 2017 ČEZ, a. s. BALANCE SHEET AS OF DECEMBER 31, 2017 in CZK Millions ASSETS:
More informationENCOUNTER CARE SOLUTIONS, INC. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2017
CONSOLIDATED FINANCIAL STATEMENTS March 31, 2017 MARCH 31, 2017 CONSOLIDATED FINANCIAL STATEMENTS Accountants Compilation Report... 1 Consolidated Balance Sheet as of March 31, 2017 (unaudited)... 2 Consolidated
More informationW TECHNOLOGIES, INC. Financial Statements. April 30, 2016
W TECHNOLOGIES, INC. Financial Statements April 30, 2016 W TECHNOLOGIES, INC. BALANCE SHEETS (UNAUDITED) (restated) (Restated) April 30, 2016 July 31, 2015 ASSETS Current Assets Cash $ - $ - Inventory
More informationAccounting for Income Taxes Considerations of Adopting New Revenue Recognition Guidance
What s News in Tax Analysis that matters from Washington National Tax Accounting for Income Taxes Considerations of Adopting New Revenue Recognition Guidance November 13, 2017 by Jessica Blair, Eric Lucas,
More informationCorporate Accounting Recitation 3. June 18, 2004
15.511 Corporate Accounting Recitation 3 June 18, 2004 Why do we need CF/S? Accrual accounting is often based upon subjective judgments that can introduce measurement error and uncertainty into the reported
More informationCIRCUIT PLAYHOUSE, INC. FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION JUNE 30,2013
FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION JUNE 30,2013 FINANCIAL STATEMENTS CONTENTS Page FINANCIAL STATEMENTS Independent Auditor's Report................................................ 1-2
More informationJ/P HAITIAN RELIEF ORGANIZATION AND AFFILIATE (NONPROFIT ORGANIZATIONS) CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2012
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2012 CONTENTS Page INDEPENDENT AUDITOR S REPORT 1-2 CONSOLIDATED FINANCIAL STATEMENTS Consolidated Statement of Financial Position 3 Consolidated
More informationDiploma in IFRS. Units with Learning Outcomes and Assessment Criteria
Diploma in IFRS Units with Learning Outcomes and Assessment Criteria Unit 1-IASB and regulatory framework Understand the need and role of the regulatory system Describe the impact of globalization Describe
More informationSUTIMCo International, Inc.
Consolidated Financial Statements SUTIMCo International, Inc. OTCPK: SUTI Quarterly Report For the Nine Months Ended September 30, 2015 (Unaudited) SUTIMCo International, Inc. Table Of Contents Page No.
More informationJUNIPER NETWORKS, INC. (Exactnameofregistrantasspecifiedinitscharter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly
More informationREPORT OF INDEPENDENT AUDITORS. ABC Manufacturing Company Future Village, Makati City 1 (A Wholly Owned Subsidiary of XYZ Holdings Corporation)
REPORT OF INDEPENDENT AUDITORS The Board of Directors 123 Maganda Street ABC Manufacturing Company Future Village, Makati City 1 (A Wholly Owned Subsidiary of XYZ Holdings Corporation) We have audited
More informationFinancial Reporting Considerations Related to High Court of Justice Ruling on Equalization of U.K. Pension Benefits
Financial Reporting Alert 18-13 November 26, 2018 Contents Introduction Background Equalization Methods Accounting Implications Disclosures IFRS Considerations Financial Reporting Considerations Related
More informationJLM Couture, Inc. and Subsidiaries. Consolidated Financial Report July 31, 2018
JLM Couture, Inc. and Subsidiaries Consolidated Financial Report July 31, 2018 Contents Financial Statements Consolidated balance sheets 1 Consolidated income statements 2 Consolidated statement of shareholders
More informationBayport International Holdings, Inc. Condensed Balance Sheets (unaudited) Cash and cash equivalents $ - $ 3,354 Total current assets - 3,354
Bayport International Holdings, Inc. Condensed Balance Sheets (unaudited) ASSETS Current assets June 30, December 31, 2018 2017 Cash and cash equivalents $ - $ 3,354 Total current assets - 3,354 Investment
More informationChapter 12 - Reporting and Analyzing Cash Flows. Chapter Outline
I. Basics of Cash Flow Reporting A. Purpose of the Statement of Cash Flows To report cash receipts (inflows) and cash payments (outflows) during a period. This report classifies cash flows into operating,
More informationThe Kresge Foundation (A Michigan Trustee Corporation)
The Kresge Foundation (A Michigan Trustee Corporation) Financial Statements as of and for the Years Ended December 31, 2013 and 2012, and Independent Auditors Report THE KRESGE FOUNDATION (A Michigan Trustee
More informationPearson plc IFRS Technical Analysis
Pearson plc IFRS Technical Analysis Contents A. Introduction B. Basis of presentation C. Accounting Policies D. Critical Accounting Assumptions and Judgements Schedules 1. Income statement Reconciliation
More informationCHAPTER 2 UPDATE. alternative method is preferable to the method replaced. IAS 8 states that the change must result in more relevant information.
CHAPTER 2 UPDATE In May 2005, the FASB adopted Statement of Financial Accounting Standards (SFAS) No. 154, Accounting Changes and Error Corrections, a replacement of APB Opinion No. 20, Accounting Changes
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C FORM 10-Q/A Amendment No. 1
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q/A Amendment No. 1 Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly
More informationWATER TECHNOLOGIES INTERNATIONAL INC. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2017 (UNAUDITED)
CONSOLIDATED FINANCIAL STATEMENTS 19720 Jetton Road, 3rd Floor Cornelius, NC 28031 Tel: 704-897-8336 Fax: 704-919-5089 To the Board of Directors and Water Technologies International Inc. The accompanying
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C FORM 10-Q
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended
More informationThird Quarter Report FRESHWATER FISH MARKETING CORPORATION
Third Quarter Report FRESHWATER FISH MARKETING CORPORATION For the period ended Statement of Management Responsibility by Senior Officials Management is responsible for the preparation and fair presentation
More informationCENTER FOR ALTERNATIVE SENTENCING AND EMPLOYMENT SERVICES, INC. FINANCIAL STATEMENTS JUNE 30, 2017 AND 2016
CENTER FOR ALTERNATIVE SENTENCING AND EMPLOYMENT SERVICES, INC. FINANCIAL STATEMENTS CENTER FOR ALTERNATIVE SENTENCING AND EMPLOYMENT SERVICES, INC. CONTENTS Page Independent Auditors Report 1-2 Financial
More informationKYN CAPITAL GROUP INC. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016 (UNAUDITED)
KYN CAPITAL GROUP INC. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016 (UNAUDITED) Index to Unaudited Financial Statements Unaudited Balance Sheets as
More informationUNDERSTANDING THE INCOME STATEMENTS
UNDERSTANDING THE INCOME STATEMENTS 1 IS = Income Statement R = Revenue E = Expenses FV = Fair Value SL = Straight-Line AFS = Available For Sale Securities I.S is sometimes referred to as statement of
More informationRADA ELECTRONIC INDUSTRIES LTD. AND ITS SUBSIDIARIES CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2018 U.S. DOLLARS IN THOUSANDS
CONDENSED INTERIM CONSOLIDATED FINANCIAL AS OF JUNE 30, 2018 U.S. DOLLARS IN THOUSANDS UNAUDITED INDEX Page Condensed Interim Consolidated Balance Sheets 2-3 Condensed Interim Consolidated Statements of
More informationAccounting principles and notes
Accounting principles and notes 25 Accounting principles and notes 1. Group profile Saes Getters S.p.A., the parent company, and its subsidiaries operate both in Italy and abroad in the development, production
More informationSMC ENTERTAINMENT, INC. FINANCIAL INFORMATION. Contents. Balance Sheets as of December 31, 2017 and 2016 (unaudited) 2
SMC ENTERTAINMENT, INC. FINANCIAL INFORMATION Contents Balance Sheets as of December 31, 2017 and 2016 (unaudited) 2 Statements of Operations for years ended December 31, 2017 and 2016 (unaudited) 3 Statements
More informationCPA Summary Notes. Statement of Cash Flow. Objective of IAS 7
CPA Summary Notes Statement of Cash Flow Objective of IAS 7 The objective of IAS 7 is to require the presentation of information about the historical changes in cash and cash equivalents of an entity by
More informationAndrew Peller Limited. Consolidated Financial Statements March 31, 2018 and 2017 (in thousands of Canadian dollars)
Consolidated Financial Statements (in thousands of Canadian dollars) June 6, 2018 Independent Auditor s Report To the Shareholders of Andrew Peller Limited We have audited the accompanying consolidated
More informationC ONSOLIDATED F INANCIAL S TATEMENTS
C ONSOLIDATED F INANCIAL S TATEMENTS CRH America, Inc. and Subsidiaries (Ultimately, Wholly Owned Subsidiaries of CRH plc, Years Ended December 31, 2016 and 2015 With Report of Independent Auditors Consolidated
More informationLASCO MANUFACTURING LIMITED FINANCIAL STATEMENTS 31 MARCH 2016
FINANCIAL STATEMENTS FINANCIAL STATEMENTS I N D E X PAGE Independent Auditors' Report to the Members 1-2 FINANCIAL STATEMENTS Statement of Profit or Loss and Other Comprehensive Income 3 Statement of Financial
More informationEVANGELISM EXPLOSION INTERNATIONAL, INC. COMBINED FINANCIAL STATEMENTS With Independent Auditors Report
EVANGELISM EXPLOSION INTERNATIONAL, INC. COMBINED FINANCIAL STATEMENTS With Independent Auditors Report June 30, 2010 and 2009 Table of Contents Independent Auditors Report 1 Financial Statements Combined
More informationPACIFIC GOLD CORP. (Exact name of registrant as specified in charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period ended March 31,
More informationASSETS As of March 31, 2014 (000's Except shares and per share amounts)
Exhibit 99.3 UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ASSETS As of March 31, 2014 (000's Except shares and per share amounts) GPS SecureAlert Global Adjustments Consolidated CURRENT
More informationCopyright 2017 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
1-1 Accounting What the Numbers Mean CHAPTER 1: Accounting Present and Past Marshall, McManus, and Viele 11th Edition 1-2 Learning Objectives After studying this chapter you should understand and be able
More informationJ/P HAITIAN RELIEF ORGANIZATION AND AFFILIATE (NONPROFIT ORGANIZATIONS) CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2013
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2013 CONTENTS Page INDEPENDENT AUDITOR S REPORT 1 2 CONSOLIDATED FINANCIAL STATEMENTS Consolidated Statement of Financial Position 3 Consolidated
More informationAccounting Clinic VII. McGraw-Hill/Irwin The McGraw-Hill Companies, Inc., 2009 All rights reserved. Clinic 7-1
Accounting Clinic VII McGraw-Hill/Irwin The McGraw-Hill Companies, Inc., 2009 All rights reserved. Clinic 7-1 Prepared by: Nir Yehuda With contributions by Stephen H. Penman Columbia University Pension
More informationCOVER SHEET. (Company s Full Name) C h e m p h i l B u i l d i n g, A. A r n a i z. A v e n u e, L e g a s p i V i l l a g e,
COVER SHEET 4 2 0-2 0 SEC Registration Number L M G C H E M I C A L S C O R P. A N D S U B S I D I A R I E S (Company s Full Name) C h e m p h i l B u i l d i n g, 8 5 1 A. A r n a i z A v e n u e, L e
More informationMay & Baker Nig Plc RC. UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2017
` May & Baker Nig Plc RC. 558 UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2017 UNAUDITED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Note Continuing operations Revenue
More informationRADA ELECTRONIC INDUSTRIES LTD. AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2017 U.S. DOLLARS IN THOUSANDS INDEX
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2017 U.S. DOLLARS IN THOUSANDS INDEX Page Report of Independent Registered Public Accounting Firm F-2 Consolidated Balance Sheets F-3 F-4 Consolidated
More information