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L18 Notes 3 - investment Are investments classified...

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Management assertions: Investments Do investments recorded exist? confirm with broker, tie to broker’s monthly statement, WSJ Are investments recorded accounted for correctly, including where appropriate: Marked to market (problematic if no market values readily available)? Appropriate accounting treatment of unrealized losses? Impairment of value, i.e., likelihood of being able to realize
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Unformatted text preview: investment? Are investments classified correctly? Trading Securities, Available for Sale, Held to Maturity, S-T and L-T Is investment income and/or investment acquisitions or disposals recorded in the correct period? Are investments appropriately disclosed? Complex disclosure rules exist for new financial instruments, hence more risk than normal. TS HG->I/S AFS HG -> B/S...
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