[Anonymous]

Under Section I. IFRS — it states there are 2 choices to report OCI under IFRS in comparison with 3 choices under US GAAP. (Pg 14 Under the heading Comprehensive Income). I thought US GAAP no longer allowed 3 options to report OCI…is that right?

Also, on pg 63 there is a heading “FUND FINANCIAL STATEMENTS” (after the section on Fiduciary Funds and Fund Balance Types). The Balance Sheet and Statement of Revenue, Expenditures and Changes in Fund Balance are listed under this heading. However, I am confused…there were no financial statements listed for the Fiduciary Fund Section and I thought the B/S and Statement of Rev, Expenditures… we’re Governmental Fund Statements?

Any clarification would be greatly appreciated.

[jeff]

I'm running out the door – I an emailing you an updated copy.

AUD - 79
BEC - 80
FAR - 76
REG - 92

Jeff Elliott, CPA (KS)
NINJA CPA | NINJA CMA | NINJA CPE | Another71

[Anonymous]

@AugDawn75 Thanks for pointing this out, because I also have that in my notes.

[Anonymous]

Thanks, Jeff!

You're welcome ceesmitty116!

[Anonymous]

One more question.

On pg. 96 under ” Direct Method” (for Statement of Cash Flow), the definition given states : “Starts with Income from Continuing Operations…adjusts for changes in account like A/R, A/ P…” I thought that was the definition for the Indirect Method. Am I confused? (Basic Facts are all a jumble to me right now…)

[Author]

Replies