Lecture 3-Balance Sheets

Measurement amounts reported in these accounts

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Measurement Amounts reported in these accounts represent the aggregate of  transactions that occurred at various points in time U.S. GAAP Does not specify a minimum list of items to be presented in the balance sheet. Some U.S. companies use the statement of financial position title as well. Presents current assets and liabilities before noncurrent assets and liabilities. IFRS Specifies a minimum list of items to be presented in the balance sheet. Statement title changed to statement of financial position. Does not prescribe the format of the balance sheet, but balance sheets prepared using IFRS often report noncurrent items first. Supplemental Information  Accounting Policies – Explanations of the valuation methods used or the  basic assumptions made concerning depreciation, inventory, receivables,  investments, etc. Subsequent Events – Disclosure of material events or transactions that 
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occur between the balance sheet date and its issuance date. Noteworthy events/transactions Related-party transactions Errors, irregularities, and illegal acts Management Discussion and Analysis Management’s Responsibilities Statement of responsibility for all information included in annual  report Assessment of internal control over financial reporting Auditor’s report Compensation of top executives and director’s\ Using Financial Statement Information Liquidity Ratios Financing Ratios
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  • Spring '12
  • SneedJ
  • Balance Sheet, Generally Accepted Accounting Principles, noncurrent

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