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3 Cards in this Set
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Significant USGAAP Principles
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1) Economic Entity - Enterprise separate from individuals running it 2) Going Concern - Operations will continue indefinitely 3) Arms Length Transactions - Transactions are between independent parties 4) Accounitng Periods - Entity records transactions in periods
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5 Principles of Measurement and disclosure of financial info
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1) Monetary Unit 2) Objectivity 3) Historic Cost Principle 4) Revenue Recognition 5) Consistency
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IFRS Standards
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1) First Time Adoptoin of IFRS - explains conversion from GAAP to IFRS 2) Share Based Payment 3) Business Combinations - Negative goodwill has to be written off and positive goodwill has to be tested for impairment. Current Assets and Liabs are measured at Market Value 4) Insurance Contracts 5) Non Current Assets held for sale and discontinued operations 6) Exploration for and evaluation of Mineral Resources 7) Financial Instruments - Disclosures of nature of risks of Financial instruments held on the B.S. 8) Operating Segments 9)
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