Term
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Definition
+Compensating balances - legally restricted deposits that are either CA or NCA, but not considered part of cash.
+Postdated checks or non-sufficient funds - REC
+Overdraft protection
-Same bank, net them
-Different Banks, show the positive as an asset, the negative as a liability
-Restricted cash:
*CA - segregated from cash
*NCA
+Postage Stamps |
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Term
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Definition
Balance on bank statement: Deposits in transit - Outstanding checks +/- Errors made by bank = Corrected balance
Checkbook balance: Amounts collected by bank - Unrecorded bank charges =/- Errors = Corrected balance |
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Term
| CA and CL under IFRS: What is a current asset? |
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Definition
Asset is classified as current when:
Entity expects to realize the ASS or to consume or sell it within 12 months or normal operating cycle OR ASS is held for trading |
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Term
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Definition
| Cash, financial instruments, equity instruments |
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Term
| IFRS Financial ASS & LIAB are reported at_? |
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Definition
| Reported at cost, w/ an option to report them at FV. |
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