[FAR] Notes - FAR1 - Unit 1-1 to 5-14

FAR1 [○] Unit 1-1.
Generally Accepted Accounting Principles; GAAP
一般に認められた会計原則

KEYWORDS:
generally accepted accounting principles; GAAP
auditor
auditor's report
Financial Accounting Standards Board; FASB
U.S.GAAP
International Accounting Stardards Board; IASB
International Financial Reporting Standards; IFRS
convergence

NOTES:
FASB -> USGAAP
IASB -> IFRS

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FAR1 [△] Unit 1-2.
Developments in the U.S. Concerning IFRS
IFRSをめぐる米国の動向

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FAR1 [○] Unit 1-3.
The Structure of IFRSs
IFRSの基準体系

KEYWORDS:
International Accounting Standard Committee; IASC
International Accounting Standards; IAS
SIC Interpretations
Standing Interpretations Committee; SIC
International Accounting Stardards Board; IASB
International Financial Reporting Standards;IFRS
IFRIC Interpretations
IFRS Interpretations Committee; IFRIC

NOTES:
IFRSs =
IAS + SIC Interpretations
+ IFRS + IFRIC Interpretations

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FAR1 [○] Unit 1-4.
The Structure of U.S.GAAP
U.S.GAAPの基準体系

KEYWORDS:
Accounting Standards Condification; ASC
Topic, Subtopics, Sections, Subsections

NOTES:
main areas;
1. General Principles (Topic Codes: 105-199)
2. Presentation
3. Financial Statement Accounts
4. Broad Transactions
5. Industries

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FAR1 [○] Unit 1-5.
Definition of Recognition and Measurement
認識と測定の定義

KEYWORDS:
recognition
measurement

NOTES:
recognition; 何を認識するか; asset, liability, revenue, expense
measurement; いくらで測定するか; quantify
e.g.
historical cost, replacement cost, current market value, net realizable value, present value of future cash flows, monetary unit

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FAR1 [○] Unit 1-6.
IASB, FASB, and their Conceptual Framework
概念フレームワークに係るIASBとFASBの関係

KEYWORDS:
The Conceptual Fremework for Financial Reporting
Statements of Financial Accounting Concepts; SFAC

NOTES:
IFRS (incl. IAS, IFRS, SIC, IFRIC. excl. 概念FW)
developed by IASB
based on 概念FW (The Conceptual Framework for Financial Reporting)
USGAAP
developed by FASB (excl. 概念FW)
based on 概念FW (Statements of Financial Accounting Concepts; SFAC)

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FAR1 [○] Unit 1-7.
Statements of Financial Accounting Concepts; SFAC
財務会計概念書(SFAC)

KEYWORDS:
Financial Accounting Standards Board; FASB
Statements of Financial Accounting Concepts; SFAC

NOTES:
SFAC -- FASB --> GAAP

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FAR1 [○] Unit 1-8.
Hierarchies of Concepts within SFAC
財務会計概念書(SFAC)の階層

KEYWORDS:
SFAC

NOTES:
Lv.1 - Basic Objectives (SFAC1)
Lv.2 - Qualitative characteristics (SFAC8) + Elements (SFAC6)
Lv.3 - Recognition and measurement concepts (SFAC5)

Lv.2 > Qualitative characteristics (SFAC8) =
 Fundamental Qualitative Characteristics
 + Enhancing Qualitative Characteristics

Fundamental Qualitative Characteristics =
 Relevance
 + Faithful Representation
Enhancing Qualitative Characteristics =
 Comparability
 + Verifiability
 + Timeliness
 + Understandability

Lv.2 > Elements (SFAC6) =
 Assets
 + Liabilities
 + Equity
 + Investment by owners
 + Comprehensive income
 + Revenues
 + Expenses
 + Gains
 + Losses

Lv.3 > Recognition and measurement concepts (SFAC5) =
 Assumtions
 + Principles
 + Constraints

Assumptions = Economic entity + Going concern + Monetary unit + Periodicity
Pinciples = Historical cost + Revenue recognition + Matching + Full disclosure
Constraints = Cost-benefit + Materiality + Industry practice + Conservatism

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FAR1 [◎] Unit 1-9.
The Object of Financial Reporting (SFAC 8)
財務報告の目的(SFAC 8)

KEYWORDS:
SFAC Lv.1 - SFAC8

NOTES:
F/S should provide
USEFUL information to let
existing and potential investors, lenders, and other creditors
make decisions about providing resources to the entity.
F/S should provide the info regarding
the entity's economic resources
and the claims against the reporting entity.

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FAR1 [○] Unit 1-10.
Qualitative Characteristics of Useful Financial Information (SFAC 8)
意思決定に有用な財務報告情報の質的特性(SFAC 8)

KEYWORDS:
SFAC Lv.2 - SFAC8

NOTES:
Relevance = Predictive value + Confirmatory value
Faithful representation = Free from error + Neutrality + Completness

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FAR1 [◎] Unit 1-11.
Recognition and Measurement (1) Overview and Basic Assumptions (SFAC 5)
認識と測定の概念(1) 全体像と基本的前提(SFAC 5)

KEYWORDS:
SFAC Lv.3 - SFAC5
Recognition and measurement concepts
Basic assumptions
Basic principles of accounting
Constrains
Going concern
Revenue recognition
Matching
Cost-benefit
Materiality
Conservatism

NOTES:
Basic assumtions > going-concern assumption;
assumed to remain in existence for an indeterminate period of time.
Basic principles of accounting -> Unit 1-12.
Constrains -> Unit 1-13.

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FAR1 [◎] Unit 1-12.
Recognition and Measurement (2) Basic Principles of Accounting (SFAC 5)
認識と測定の概念(2) 基本的会計原則(SFAC 5)

KEYWORDS:
SFAC Lv.3 - SFAC5
historical cost principle
revenue recognition principle
accrual basis
realization concept
realized, realizable
earned, delivery
matching principle

NOTES:
accrual basis <--> cash basis
accrual basis over assets, expenses
matching b/w expenses and revenues
realization concept over revenues

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FAR1 [◎] Unit 1-13.
Recognition and Measurement (3) Constraints (SFAC 5)
認識と測定の概念(3) 制約(SFAC 5)

KEYWORDS:
SFAC Lv.3 - SFAC5
constraints
cost-benefit relation ship
materiality
conservatism

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FAR1 [○] Unit 1-14.
Elements of Financial Statements (SFAC 6)
財務諸表の構成要素(SFAC 6)

KEYWORDS:
SFAC Lv.2 - SFAC6

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FAR1 [△] Unit 1-15.
Using Cash Flow Information and Present Value in Accounting Measurements (SFAC 7)
測定におけるキャッシュ・フロー情報および現在価値の使用(SFAC 7)

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FAR1 [◎] Unit 2-1.
A Full Set of Financial Statements For a Period
財務諸表の完全な一式

KEYWORDS:
basic financial statements; a full set of financial statements for a period
i - BS; balance sheet
ii - IS; income statement, statement of comprehensive income (PL)
iii - statement of cash flow
iv - statement of stockholders' equity

NOTES:
IS; earnings (net income) for the period
SEC; Securities Exchange Committee
public company; Form 10-K (=annual), Form 10-Q (=quarterly)
private company
consolidated financial statement

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FAR1 [○] Unit 2-2.
Presentation of Comparative Information
比較情報の表示

KEYWORDS:
comparative financial statement
GAAP; public company; BS 2期, IS 3期
IFRS; public company; BS 2期, IS 2期
retrospective application

NOTES:
BS; As of December 31, 20x2
IS; For the year ended December 31, 20x2

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FAR1 [◎] Unit 2-3.
Balance Sheet
貸借対照表

KEYWORDS:
balance sheet
statement of financial position
format;
account form (2 columns; Dr on left, Cr on right)
or report form (1 column, Dr followed by Cr)

NOTES:
Dr. Asset;
- Current assets
- Long-term investments
- Property, plant, and equipment; PPE
- Intangible assets, net of amortization
- Other assets
Cr. Liabilities;
- Current liabilities
- Noncurrent liabilities
Cr. Stockholders' Equity; SE;
- Capital stock
- Additional paid-in capital
- Retained earnings
-Accumulated other comprehensive income

!! 注意 !!
Current assets
 - trading securities 売買目的有価証券
 - advances to employees 従業員への前渡金
Long-term assets
 - sinking funds for bond retirement 減債償却基金
Other non-current assets
 - loans to officiers 執行役員への貸付金
PP&E
 - leasehold improvements 建物付属設備
 - capital lease キャピタルリース

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FAR1 [◎] Unit 2-4.
Income Statement
損益計算書

KEYWORDS:
income statement; statement of income; statement of earnings; statement of operations
net income

NOTES:
Dr. Exp. + NI
Cr. Rev.
by function

1st portion; till income from continuing operation (経常項目)
2nd portion; till net income
3rd portion; other comprehensive income

//Stmt of earnings and comprehensive income

Sales revenue
Cost of goods sold; CGS
Gross margin on sales
Operating expenses; SGA
- Selling expenses
- General and administrative expenses
Operating income
Other revenues and gains
- Interest revenue
- Equity in xxx company earnings
- Gain on sale of available-for-sale securities
Other expenses and losses
- Interest expenses
- Loss from impairment of manufacturing facilities
Income form continuing operations before provision for income taxes
Income tax expenses
- Current
- Deferred
Income from countinuing operations

Descontimued operations
- Loss from operations of discountinued Division Z, including loss on disposal of $50
- Income tax benefit
Net income

Other comprehensive income; OCI
- Foreign currency transaction adjustments (less applicable income taxes of $17)
- Unrealized gains on securities
Other comprehensive income
Comprehensive income//

cf. provisional income 暫定所得額 @REG

!! 注意 !!
income from continuing operations 継続事業による利益 :
 - loss due to earthquake
 - interest revenue
 - gain on sale of available-for-sale securities
net income 当期純利益 :
 - loss from operations of discontinued division
other comprehensive income その他の包括利益 :
 - unrealized gains on securities 売却可能有価証券に係わる未実現利得
 - foreign currency translation adjustments 外貨換算調整額

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FAR1 [○] Unit 2-5.
Concept of Comprehensive Income
包括利益の概念

KEYWORDS:
comprehensive income
net income
other comprehensive income

NOTES:
comprehensive income = net income + other comprehensive income
net income = 確定した利益
other comprehensive income; OCI = 確定していない損益 (含み損益)
e.g. 売却可能有価証券の未実現保有損益
accumulated other comprehensive income; AOCI - @BS/Cr/SE

cf.
day 1: Dr. Investment (@BS) 100K / Cr. Cash 100K
day 2: Dr. Investment (@BS) 20K / Cr. OCI 20K


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FAR1 [◎] Unit 2-6.
Components of Income Statement (1) Operating Income/Expenses
損益検査員書の構成要素(1) 営業利益/費用

KEYWORDS:
operating income = 営業利益 = 企業の本業による利益
operating expenses; SGA; selling expenses + general and administrative expenses = 販管費

NOTES:
selling expenses;
e.g. freight-out - @IS/Dr/Exp.
cf. freight-in - @BS/Dr/Inventory --> Unit 4-1.
general and administrative expenses; G&A

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FAR1 [◎] Unit 2-7.
Components of Income Statement (2) Other Revenues and Gains/Expenses and Losses
損益検査員書の構成要素(2) その他の収益及び利益/費用及び損失

KEYWORDS:
other revenue and gains
other expenses and losses
unusual in nature
infrequent in occurrence

NOTES:
other revenue:
 - interest revenue
 - dividend revenue
 - rent revenue
other expenses:
 - interest expenses
other gains:
 - gain on sale of property, plant, and equipment
 - gain on sale of investment securities
 - gain on retirement of bonds
other losses:
 - loss on sale of property, plant, and equipment
 - loss on sale of investment securities
 - loss on retirement of bonds
 - impairment loss 減損 -> Unit 6-18.

Operating income
+ other revenue and gains (= nonoperating; 非営業)
- other expenses and losses (= nonoperating; 非営業)
= income/loss from continuing operations
± discontimued operations result
= NI

@購入
Dr. PPE (BS) 100 / Cr. Cash 100
@売却
Dr. Cash 80,
 loss (@other) 20 / Cr. PPE 100

PPE = sth held for use

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FAR1 [○] Unit 2-8.
Statement of Stockholder's Equity
株主持分計算書

KEYWORDS:
statement of stockholders' equity
stockholders' equity
reconciliation

NOTES:
BB of stockholder's equity
+ NI
+ OCI
- dividends
+other changes in equity and adjustments
= EB of stockholder's equity

BB = beginning balance
EB = ending balance

RE は NI で増加し、dividends で減少する

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FAR1 [△] Unit 2-9.
Long-Lived Assets Held for Sale
売却目的保有の長期性資産

KEYWORDS:
long-lived assets held for sale

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FAR1 [△] Unit 2-10.
Discountinued Operations
非継続事業

KEYWORDS:
discontinued operations

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FAR1 [○] Unit 2-11.
Classification of Gain or Loss from Discountinued Operations
非継続事業による損益の分類

KEYWORDS:
measurement date
disposal date
phase-out period

NOTES:
measurement date; 測定日
disposal date; 処分日
phase-out period; from measurement date to disposal date

income or loss from discontinued operations =
disposal date までに発生する事業損益 + gain or loss on disposal

gain or loss on disposal =
impairment loss (IS) + gain or loss on sale (IS)

impairment loss on measurement date
gain or loss on sale on disposal date

impairment loss (IS) = FV - disposal cost - BV
gain or loss on sale (IS) = Proceeds disposal cost - BV

proceeds = 売却額

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FAR1 [○] Unit 2-12.
Disposal Date of Discountinued Operation Subsequent to Year End
非継続事業の処分日が翌期となる場合

NOTES:
one more impairment loss on closing date

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FAR1 [○] Unit 2-13.
Accounting for and Presentation of Discountinued Operations
非継続事業の会計処理と表示

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FAR1 [○] Unit 2-14.
Extraordinary Items
異常項目

KEYWORDS:
unusual in nature
infrequent in occurence

NOTES:
extraordinary items when meet both;
- unusual in nature
- infreqquent in occurrence.
otherwise, go to other revenue/gain/expenses/losses.
--> no longer now.

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FAR1 [△] Unit 2-15.
Disclosure of Accounting Policies
財務諸表を作成する際の会計方針の開示

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FAR1 [△] Unit 2-16.
Related Parties
関連当事者

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FAR1 [△] Unit 2-17.
Disclosure of Significant Risks and Uncertainties
重要なリスクと不確実性についての開示

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FAR1 [△] Unit 2-18.
Subsequent Events
後発事象

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FAR1 [△] Unit 2-19.
Fair Value Measurement and Disclosure
公正価値の測定と開示

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FAR1 [○] Unit 3-1.
Definition and Examples of Current Assets
流動資産の定義と主な項目

KEYWORDS:
current assets
within a year
operating cycle
cash conversion cycle; CCC
one-year rule

NOTES:
current assets = operating cycle rule or one-year rule

prepaid expenses - e.g. rent
02/28 prepaid rent (BS) / cash
03/01 rent exp. (IS) / prepaid rent

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FAR1 [◎] Unit 3-2.
Components of Cash and Cash Equivalent and Presentation
現金及び現金同等物の構成要素および表示

KEYWORDS:
cash equivalent
saving account
checking accounts
checks
Treasury Bills; TB
Commercial Paper; CP
Money Market Fund; MMF

NOTES:
TB 米国財務省短期証券
CP 優良企業発行短期社債
MMF 短期金融市場投資信託

例外 - restricted cash
- 法律の規制
- 外貨の規制
- 減債基金 (bond sinking fund)
なりで動かせない現金と現金同等物

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FAR1 [◎] Unit 3-3.
Check
小切手

KEYWORDS:
check, payer, payee, checking account

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FAR1 [○] Unit 3-4.
Types of Checks
小切手の種類

KEYWORDS:
outstanding check
postdated check
not sufficient funds check; NSF check
cancelled check
void check

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FAR1 [◎] Unit 3-5.
Bank Reconciliation
銀行勘定の調整

KEYWORDS:
book, bank statement
bankreconcilation
deposit in transit

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FAR1 [○] Unit 3-6.
Credit Terms and Evaluation of Accounts Receivable
主な支払い条件と売掛金の評価

KEYWORDS:
COD; Cash on Delivery
2/10, net 30 - cash discountinued - 2% discount for payment in 10 days or net value for a transaction due on 30 days later.
due date
gross method - Sales discounts = contra account of revenue (IS)
net method - Sales discounts forfeited -> other revenues and gains (IS)
allowance for doubtful accounts; ADA
net realizable value; NRV

NOTES:
2/10, net 30

Gross Method; 総額計上法
day01 - Dr. A/R 5K / Cr. Sales revenue 5K
day05 - Dr Cash 1960 (=2K x 98%), Sales discount (IS) 40 - plug / Cr. A/R 2K
day25 - Dr. Cash 3K / Cr A/R 3K

Net Method; 純額計上法
day01 - Dr. A/R 4.9K / Sales revenue 4.9K
day05 - Dr. Cash 1960 / A/R 1960
day25 - Cash 3K / Cr. A/R 2940, Sales discount forfeited 60 - plug

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FAR1 [◎] Unit 3-7.
Accounting Treatment for Allowance for Doubtful Accounts
貸倒引当金の会計処理

KEYWORDS:
売掛金の評価法
- Direct write-off method --> NO LONGER
- Allowance method
reversal <--> provision

NOTES:
A/R - ADA = NRV
allowance for doubtful accounts = contra account of asset

Allowance method
期中は BS に貯めておき、期末にIS計上
期末に ADA (BS) を一定額に持っていく為の差額を Bad debt expense で IS に計上する ★TBC - ADAはBSでなくIS, A/Rのcontra account?

@beginning of year 1 / Ending of year 0
  Dr. Bad debt expense (IS, Exp.) 20K / Cr. Allowance for doubtful accounts (BS, Asset) 20K
@in the year 1
  Dr. ADA (BS) 2K / Cr A/R (BS) 2K
@ending of year 1
  Dr. Bad debt expense (IS) 4K / ADA (BS) 4K
@in the year 2
  Dr. A/R 1K / Cr. ADA (BS) 1K
  Dr. Cash 1K / Cr. A/R (BS) 1K
@ending of year 2
  Dr. ADA (BS) 1K / Cr. Bad debt expense 1K

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FAR1 [○] Unit 3-8.
Calulation of Allowance for Doubtful Accounts (1) Percentage of Sales Approach
貸倒引当金の計算方法(1) 売上高比率法

KEYWORDS:
income statement approach

NOTES:
income statement approach
=当期のSales(IS)に対して何%が回収不能かを見積もる
当期売上金額 x ratio = 当期の貸倒引当金繰入額; Bad debt expense (IS)
期末に IS の Bad debt expense を合わせに行く
Dr. Bad debt exp. (IS) / Cr. Allowance for DA (BS)

write-off = 貸倒処理
Dr. Allowance for DA / Cr. A/R

income statement approach は、前期分からの ADA の持ち越しナシ

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FAR1 [◎] Unit 3-9.
Calculation of Allowance for Doubtful Accounts (2) Percentage of Receivables Approach
貸倒引当金の計算方法(2) 売掛金残高比率法

KEYWORDS:
balancesheet approach

NOTES:
balancesheet approach
=当期のA/R(BS)に対して何%が回収不能かを見積もる
期首に貸倒引当金の残高が残っていた場合は
当期の貸倒引当金繰入額(bad debts expense)は差額分のみ

A/R x ratio = Allowance for DA (DS)
期末のBSに引当金として計上する金額 - 期末の調整前の引当金の残高 = 当期のBad debts expense (IS)

ADA を、期末/期首のA/R x ratio の値に合わせに行く。
ADAは前期分を引き継ぐ。差額分を bad debt expense (IS) で±して調整する

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FAR1 [△] Unit 3-10.
Transfer of Receivables
債券の譲渡引渡取引

KEYWORDS:
secured borrowing
- bankruptcy remote
- free
- no repurchase/redeem
recourse obligation; リコース義務; 遡及義務

NOTES:
債券の売却は、secured borrowing より sale にしたいもの。会計処理が楽だから
sales にするためには条件が 3つを満たす必要あり

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FAR1 [△] Unit 3-11.
Accounting Treatment for Transfer of Receivables - Secured Borrowing
債券の譲渡を担保付借入とみなす場合の会計処理

KEYWORDS:
assigned accounts receivable; 担保になってるA/R
notes payable; 借金

NOTES:
@借入
  Dr. Assigned accounts receivable 10K / Cr. A/R 10K
  Dr. Cash 9900, Finance charge 100 / Cr. Notes payable 10K
@債券回収
  Dr. Cash 10K / Assigned accounts receivable 10K
  Dr. Notes payable 10K, interest expense 300 / Cr. Cash 10300

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FAR1 [△] Unit 3-12.
Accounting Treatment for Transfer of Receivables - Sale
債券の譲渡を売却とみなす場合の会計処理

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FAR1 [△] Unit 3-13.
Accounting Treatment for Factoring (1) Without Recourse
ファクタリングの会計処理(1) 李コース義務がない場合

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FAR1 [△] Unit 3-14.
Accounting Treatment for Factoring (2) With Recourse
ファクタリングの会計処理(2) リコース義務がある場合

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FAR1 [△] Unit 3-15.
Securitization of Receivables
債券の証券化

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FAR1 [◎] Unit 4-1.
Concept of Inventory and Components of Costs
棚卸資産の概念と原価の構成要素

KEYWORDS:
Inventory, tangible, held for sale
finished goods; FG
work-in-process; WIP
raw materials; RM
supplies
held for use --> PPE
expenditure = cash-out
cost inclusion = BS
direct material costs; DM
direct labor costs; DL
factory overhead; FOH

NOTES:
cost inclusion = BS
freight-in -> inventory <--> freight-out = selling exp. @SGA, IS --> Unit 2-6.

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FAR1 [○] Unit 4-2.
Terms of Delivery
商品引渡しの条件

KEYWORDS:
common carrier
FOB; free on board

NOTES:
FOB shipping point
FOB destination

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FAR1 [△] Unit 4-3.
Recording Systems of inventory
棚卸資産の記録方法

KEYWORDS:
physical inventory count
perpetual inventory system = 継続記録法
periodic inventory system = 棚卸計算法

NOTES:
perpetual inventory system = 認識 @販売時
day1
 Dr.Inventory 3K / Cr. A/P 3K
day2
 Dr A/R 2K / Sales revenue 2K
 Dr. CGS (IS) 1K / Cr. Inventory 1K

periodic inventory system = 認識 @期末
day1
 Dr.Purchases 3K / Cr. A/P 3K
day2
 Dr A/R 2K / Cr.Sales revenue 2K
day3 - ending
 Dr.Inventory (by count) 2K, Dr.CGS (plug, IS) 1K
   Cr. Purchases 3K

Inventory:
Dr. ①BI + ②P
Cr. ④CGS (IS, Exp, by plug) + ③EI (BS, Asset, by FIFO, Ave, LIFO)

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FAR1 [△] Unit 4-4.
Inventory Valuation Method (1) Specific Identification
棚卸資産の評価方法(1) 個別法

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FAR1 [◎] Unit 4-5.
Inventory Valuation Method (2) First-in First-out Method
棚卸資産の評価方法(2) 先入先出法

KEYWORDS:
FIFO perpetual method
FIFO periodic method

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FAR1 [◎] Unit 4-6.
Inventory Valuation Method (3) Average Cost Method
棚卸資産の評価方法(3) 平均法

KEYWORDS:
Moving-average method
Weighted-average method

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FAR1 [◎] Unit 4-7.
Inventory Valuation Method (4) Last-in First-out Method
棚卸資産の評価方法(4) 後入先出法

KEYWORDS:
LIFO perpetual method
LIFO periodic method
LIFO liquidation

NOTES:
LIFO liquidation
過年度のLIFOの層(LIFO layers)が費用化される現象
IFRSではLIFOは禁止

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FAR1 [○] Unit 4-8.
Dollar-Value LIFO Method
ドル価値後入先出法

KEYWORDS:
LIFO liquidation = 昔に安値で仕入れた物が売れた
Dollar-Value LIFO Method
price index 価格指数

NOTES:
IFRSではNG, USGAAPはOK

step 1 - base yearに換算 (価格指数で割る)
step 2 - 前年末と比較して、EIの増減の見極め
step 3 - 増減分を本年度の価格に再評価 (価格指数で掛ける) - accumulateされてく

→ (物価が上がった想定で) EI が小さくなる = CGS が大きくなる
= Asset が小さく、Expense が大きくなる = NI が小さくなる = 保守的

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FAR1 [◎] Unit 4-9.
Lower of Cost or Market Basis (1) Definition
低価法(1) 定義

KEYWORDS:
Lower of Cost or Market; LCM
Net Realizable Valuel NRV
ceiling, floor

NOTES:
Inventory は、基本原価。ただ、例外的に低価法 = 原価と時価の低い方
FIFO, LIFE, Ave は全部原価ベース

時価 @売却 = NRV = Selling price - Selling cost (cf. Unit 3-8. 貸倒引当金; allowanceを引いた額をBS,Asset,A/Rに載せる)
時価 @仕入 = replacement cost (再調達原価)

低価法における時価はreplacement cost
cf. e.g. - lower of FIFO or replacement cost

ceiling = NRV
floor = NRV - normal profit

replacement cost should be b/w seiling and floor (cf. IFRSはceiling/floorとか無い)

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FAR1 [◎] Unit 4-10.
Lower of Cost or Market Basis (2) Application of LCM
低価法(2) 適用

KEYWORDS:
write down = 評価減

NOTES:
step 1: which is lower cost or replacement cost
step 2: b/w ceiling and floor, or ceiling/floor の price を取る

write-down した物は物価が戻っても価格を戻せない = USGAAP (cf. IFRS は戻入 OK。但し、当初の評価額が上限)

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FAR1 [○] Unit 4-11.
Purchase Commitments
購入契約

KEYWORDS:
purchase commitments = 購入契約
noncancellable
obsolescence = 陳腐化 = e.g. 購入約束価格より時価の安くなった
Estimated loss <--> Accrued loss

NOTES:
purchase commitments = 先日付での購入約束
陳腐化が見えた時に損計上する = Estimated loss (IS) <--> Accrued loss (BS, Liabilities) で差額計上

yr1 - Dr. Estimated Loss on purchase commitment 時価と契約の差額 / Cr. Accrued loss on purchase commitment 時価と契約の差額
yr2 - Dr. Inventory 時価, Accrued loss on purchase commitment 時価と契約の差額 / Cr. Cash

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FAR1 [○] Unit 4-12.
Gross Profit Method
総利益法

KEYWORDS:
Gross Profit Methos
interim FS = 中間財務諸表
gross profit percentage
physical count
★★★kevwords★★★

NOTES:
Gross Profit Method = 簡便法。GAAPでは限定的に許容される
条件: 天然災害 or 中間財務諸表
過去のGPの比率(粗利率)で算出すること
粗利率が前年と同じとして、Inventory BI -> P -> CGS -> EI を出しちゃう方法
本当は BI -> P -> EI -> CGS

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FAR1 [○] Unit 4-13.
Retail Method (1) Concept
売価還元法(1) 概要

KEYWORDS:
Retail Method
Cost-to-retail retio = 原価率

NOTES:
売値(retail price)を使ってEIを出す方法
Inventory の BOX を Cost と Retail の2つ書く
売価でEI出す -> 原価率を掛けて、原価のEIを出す

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FAR1 [△] Unit 4-14.
Retail Method (2) Calculation of Cost-to-retail Ratio
売価還元法(2) 原価率の計算

KEYWORDS:
markups = 値上金額
markdowns = 値下金額

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FAR1 [○] Unit 5-1.
Definition of Current Liabilities
流動負債の定義

KEYWORDS:
Current Liabilities
short-term debt
accounts payble - cf. Inventory, CGS
accrued expenses = 未払費用 cf. SGA
salaries payable
dividends payable
taxes payable

NOTES:
1yr以内に支払義務のある債務

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FAR1 [○] Unit 5-2.
Accounts Payable
代表的な流動負債の会計処理(1) 買掛金

KEYWORDS:
Accounts Payable
open account, on credit = 掛け購入, 信用購入

NOTES:
仕入に付随する

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FAR1 [○] Unit 5-3.
Salaries Payable
代表的な流動負債の会計処理(2) 未払給与

KEYWORDS:
Salaries Payable (BS) - 流動負債
Salaries expense (IS)

NOTES:
当月分を25日払い = 月末〆なら5日分を先払いしてる

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FAR1 [○] Unit 5-4.
Taxes Payable
代表的な流動負債の会計処理(3) 未払税金

KEYWORDS:
Taxes Payable
sales tax

NOTES:
事業単位
sales tax は、基本四半期毎に納付するもの。
但し、一定額を預り税が超えてる場合、四半期関係なく翌月に超過分を納付する。

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FAR1 [○] Unit 5-5.
Interest Payable
代表的な流動負債の会計処理(4) 未払利息

KEYWORDS:
Interest Payable
Interest Expense (IS, Other)
Accrued Interest (BS, Liabilities)
calendar year = 暦年

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FAR1 [△] Unit 5-6.
Escrow Accounts Liability
代表的な流動負債の会計処理(5) 保護預り負債

KEYWORDS:
Escrow Accounts Liability

NOTES:
中立的な第三者が預かるお金
Dr. Cash / Cr. Escrow liability (BS) = 預かってるお金なので負債。

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FAR1 [◎] Unit 5-7.
Refinancing of Short-term Debt
短期買入金の借換え

KEYWORDS:
Notes Payable; NP
intend
ability
refinance

NOTES:
借入の時は流動にせずに固定に入れる。
会社は流動負債を小さくしたいもの。 = 流動比率を上げたいから

以下を満たせば、先日付なものでもその分を流動から固定に計上できる (USGAAPがOKで、IFRSはNG)
借換えの意志があること = intends to refinance
借換えの能力があること = ability to refinance

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FAR1 [○] Unit 5-8.
Gift Certificate
商品券の会計処理

KEYWORDS:
gift certificate
unearned revenue (BS, Liability)
revenue at delivery
deferred revenue = 繰延収益

NOTES:
販売代金を前受
@商品券売却 - Dr. Cash / Cr. unearned revenue (BS)
@delivery - Dr. unearned revenue (BS) / Sales revenue (IS)
@有効期限 - Dr. Unearned revenue / Cr. Sales revenue

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FAR1 [○] Unit 5-9.
Subsriptions
雑誌等の予約申込の会計処理

KEYWORDS:
Subsriptions
unearned revenue

NOTES:
delivery するまでは subscription reveue (IS) は ゼロ

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FAR1 [○] Unit 5-10.
Concept of "Evenly"
「均等」の概念

KEYWORDS:
unearned revenue (BS, Liability)
evenly

NOTES:
eveny -> over its period で中間地点で販売したと見なす

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FAR1 [○] Unit 5-11.
Product Warranties
製品保証の会計処理

KEYWORDS:
warranty
expenditure = cash-out
warranty expense (IS)
Matching concept = 費用収益対応原則
conservatism

NOTES:
warranty expense (IS) -> 製品の引渡で認識

売れたのは保証がついていたからと考える。
@delivery
Dr. Cash / Cr. Sales Revenue
Dr. warranty expense / Cr. warranty liability
@repair
Dr. warranty liability / Cr. cash

製品 = 自分で作って売るもの
商品 = 仕入れて売るもの

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FAR1 [○] Unit 5-12.
Definition Contigencies
偶発事象の定義

KEYWORDS:
contingencies = 偶発事象 cf. 裁判、訴訟

NOTES:
@違法行為
Dr. Loss from damaged claim (IS) / Cr. Estimated Liability for damages (BS)
@判決
Dr. Estimated liability for damages (BS) / Cr. Cash

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FAR1 [◎] Unit 5-13.
Recongnition and Disclosure of Contingencies
偶発事象の認識及び開示

KEYWORDS:
contingencies

NOTES:
被告の場合 - 敗北率 - 3段階
- 大 Probable = over 80%
- 中 Resonably possible = 50 ~ 80 %
- 小 remote = <50%

大 x resonably estimable 金額見積可能 -> 損失を前倒しして負債を認識する
大 x 金額範囲見積可能 -> better estimate もしくは range の minimum amount を損失として認識 (保守主義でもココではminimumを採用する)
大 x 金額見積困難 -> 開示のみ
中 -> 負債認識不要、注記による開示(disclosure)
小 -> 負債認識不要、注記開示も不要

原告の場合
利益の前倒し計上 gain contingencies は NG cf. 保守主義

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FAR1 [○] Unit 5-14.
Compensated Absences
有給休暇の会計処理

KEYWORDS:
compensated absences

NOTES:
消化ではなく付与した時に計上 - IS

@有休付与時 @期末
Dr. Compensated absence expense (IS) / Cr. Accrued liability for compensated absence (BS)
繰越有休分の費用は昇級に応じて再評価する

差額補充法 = BS アプローチ cf. A/R, Unit 3-9.
step 1 - 残高を決める
step 2 - 必要額を補充する

vests or accumulates - 確定しているか
cf. 有休+病休がある場合 -> 病休は確定していないので負債計上しない

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tag : CPA USCPA FAR1 IFRS SFAC BS IS Dr Cr GAAP

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