Chapter 4 _Class 4_Studnet filled in

Chapter 4 _Class 4_Studnet filled in -...

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Intermediate Accounting –Chapter 4 1 THE INCOME STATEMENT -Private Enterprise Single-step vs. Multiple-Step Single-Step Company Name Statement Title Time Period Covered (Maximum 12 Months) Sales $ XX Interest income XX Dividend income XX Infrequent or unusual gains XX Total revenues $ XX Cost of goods sold XX Selling expenses XX Administrative expenses XX Interest expense XX Infrequent or unusual losses XX Exceptional Items XX Total expenses $ XX SAME UNDER BOTH SINGLE OR MULTIPLE STEP Income from continuing operations $ XX Income taxes XX Income before discontinued operations $ XX Discontinued operations Income from operations (net of tax) $ XX Loss on disposal (net of tax) XX XX Net income $ XX Earnings per share disclosures Not required
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Intermediate Accounting –Chapter 4 2 Single-step vs. Multiple-Step Multiple-Step – Private Enterprise Company Name Statement Title Time Period Covered (Maximum 12 months) Sales $ XX Cost of goods sold XX Gross profit XX Selling expenses $ XX Administrative expenses XX XX Income from operations XX Other income and expenses Interest income $ XX Interest expense XX Dividend income XX Infrequent or unusual gains XX Infrequent or unusual losses XX Exceptional Items XX Income from continuing operations $ XX Income taxes XX Income before discontinued operations $ XX Discontinued operations Income from operations (net of tax) $ XX Loss on disposal (net of tax) XX XX Net income $ XX Earnings per share disclosures not required under Private Enterprise Basic EPS XXX Diluted EPS XXX
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Intermediate Accounting –Chapter 4 3 IFRS – Presentation of Income Statements Please note Prior years’ income errors and retroactive changes in accounting policies are adjustments to Retained Earnings net of tax, not to the Income
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Intermediate Accounting –Chapter 4 4 On page 4 and 5 I placed excerpts from the CA Association with respect to Presentation of IFRS income statement Please refer to PDF
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Intermediate Accounting –Chapter 4 5
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Intermediate Accounting –Chapter 4 6 IFRS/Private Entity GAAP comparison Guidance on how to classify expenses (nature vs function) Discontinued operations Extraordinary items Other comprehensive income/comprehensive income Earnings per share Statement of changes in retained earnings vs. Statement of changes in shareholders’ equity. Accounting changes Companies can choose their presentation style : multiple step or single step Held-for-sale assets and liabilities are classified as current or non current depending on the nature of the assets/liabilities unless the assets have been sold prior to the completion of the financial statements. The definition of a discontinued operation component includes operating segments, reporting units, subsidiaries, assets group and operations with no assets.
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This note was uploaded on 01/17/2012 for the course ACCOUNTING 310 taught by Professor Ily during the Spring '11 term at Concordia Canada.

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Chapter 4 _Class 4_Studnet filled in -...

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