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level: Miscellaneous

Questions and Answers List

level questions: Miscellaneous

QuestionAnswer
Fair Value: Most Advantageous Market (If there is a principal market)Price in the market with the greatest volume
Fair Value: Most Advantageous Market (If there is NO principal market)Determined by selecting the highest of price less cost, however the FV would exclude the cost.
Fair Value Techniques:Market Approach Income Approach (PVFCF-Discounted) Cost Approach (current replacement cost)
Derivatives Requirements (3)1) 1+ Underlying's AND either1+ notional amounts OR payment provisions 2) NO initial net investment 3) Terms require OR permit a net settlement
Financial Instruments are Disclosed at ??? along with ???Fair Value and CV
Market Risk is ??? by GAAP and ??? by IFRS to be disclosedEncouraged; Required
Concentration of Credit Risk is ??? to be disclosed.Required
Hedges: Where are undesignated "speculative" hedges reported?On Income Statement
Hedges: Where are "Fair Value" hedges reported?G/L on Income Statement
Hedges: Where are "Cash Flow" hedges reported?Effective Portion: OCI Ineffective Portion: IS
How are hedges reported on income statements?At Fair Value