ACTG 3110 Lecture 1: ACTG 3110 MIDTERM

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Document Summary

Private enterprises: reasons why to use ifrs, subsidiary of parent is using ifrs, want to go public or sell in the future, competitors report using ifrs, foreign financing. External user objectives: assessing and predicting cash flow, income tax deferral, contract compliance, stewardship, performance evaluation. Executory contract: a contract wherein neither part has fulfilled the requirements, not recognized because they party has not et rendered the services to other party, element definition is not met for a commitment. Categories of accounting concepts: underlying assumptions basic foundation, universal time period, separate entity, unit of measure, entity specific proprietary, continuity, stable currency. Level 1- quoted price in active market for identical asset. Accrued revenue revenue recognized before cash is received. Deferred revenue cash received before revenue is recognized. Non-controlling interest when a parent company owns less than 50: in i/s, net income incl. all revenues and expenses of the parent & subsidiary.

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