[Anonymous]

Hey guys , taking FAR in 2 days and I have not really looked into IFRS stuff thus far although I do know a few differences.

I heard that the AICPA was looking into adding more IFRS in this testing window.

I have the NINJA notes and flashcards already and will be reading the IFRS section .

I’m wondering if I should be using other materials to supplement my IFRS knowledge .

thanks in adv

[Tux]

Two days isn't much to cover, understand, and remember all of the differences. Just do what you can.

Here are a few points to remember:

IFRS does NOT allow:

LIFO

extraordinary items

completed contract method for long-term projects

Installment method of accounting

push-down accounting

IFRS has NO specific rules for computer software development costs. They use the R&D rules for software development costs.

Know what's require for 1st time IFRS adoption.

And, when a change in principle occurs, retrospective treatment applies to 3 balance sheets (end of current period, end of prior period, and beginning of prior period) and 2 of all other statements.

Revaluation Surplus is part of OCI in IFRS, but not in GAAP.

Of course, there's more, but too much to write here.

FAR - 86 - 2/27/14
AUD - 75 - 5/29/14
BEC - 80 - 8/31/14
REG - 89 - 2/27/15
Praise Jesus! I'm done!!

Study resources:
Becker
Wiley test bank

[Tux]

Two days isn't much to cover, understand, and remember all of the differences. Just do what you can.

Here are a few points to remember:

IFRS does NOT allow:

LIFO

extraordinary items

completed contract method for long-term projects

Installment method of accounting

push-down accounting

IFRS has NO specific rules for computer software development costs. They use the R&D rules for software development costs.

Know what's require for 1st time IFRS adoption.

And, when a change in principle occurs, retrospective treatment applies to 3 balance sheets (end of current period, end of prior period, and beginning of prior period) and 2 of all other statements.

Revaluation Surplus is part of OCI in IFRS, but not in GAAP.

Of course, there's more, but too much to write here.

FAR - 86 - 2/27/14
AUD - 75 - 5/29/14
BEC - 80 - 8/31/14
REG - 89 - 2/27/15
Praise Jesus! I'm done!!

Study resources:
Becker
Wiley test bank

[Anonymous]

Thanks, Tux!! We should expend this…great last minute review!!

-Segment reporting: IFRS requires disclosure of liabilities for each reportable segment if such amount is regularly provided to the chief operating decision maker.

-Related party Disclosures: IFRS require the disclosure of compensation arrangements, while GAAP doesn't.

-Principle owners (those owning more than 10% voting interest aren't mentioned as related parties under IFRS.

-IFRS require Interim financial stmts to have same accounting principles as annual accounting period. GAAP allows certain modifications.

-IFRS require disclosure of judgments and estimate that mgmt has made in the process of applying accounting policies and that have a significant effect on the F/S. GAAP only requires disclosure of significant estimates.

[Anonymous]

Thanks, Tux!! We should expend this…great last minute review!!

-Segment reporting: IFRS requires disclosure of liabilities for each reportable segment if such amount is regularly provided to the chief operating decision maker.

-Related party Disclosures: IFRS require the disclosure of compensation arrangements, while GAAP doesn't.

-Principle owners (those owning more than 10% voting interest aren't mentioned as related parties under IFRS.

-IFRS require Interim financial stmts to have same accounting principles as annual accounting period. GAAP allows certain modifications.

-IFRS require disclosure of judgments and estimate that mgmt has made in the process of applying accounting policies and that have a significant effect on the F/S. GAAP only requires disclosure of significant estimates.

[Anonymous]

Great responses guys! much appreciated

[Anonymous]

Great responses guys! much appreciated

[Kodiak]

Fantastic list guys! This is a great summary of key points.

If any other FAR-vets have something to add, please do! I'll definitely be referring to this.

AUD - Pass
FAR - Pass
BEC - Pass
REG - Nov

[Kodiak]

Fantastic list guys! This is a great summary of key points.

If any other FAR-vets have something to add, please do! I'll definitely be referring to this.

AUD - Pass
FAR - Pass
BEC - Pass
REG - Nov

[jeff]

If NINJA FAR doesn't cover it … you don't need to know it: https://www.another71.com/products-page/ninja-audio/

🙂

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

[jeff]

If NINJA FAR doesn't cover it … you don't need to know it: https://www.another71.com/products-page/ninja-audio/

🙂

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

[Whyme]

I wonder if all of the IFRS questions on the exam are pre-test anyways. I guess we will never know.

AUD- 71, 73, 87 Done!!!!!
BEC- 75
FAR- 72, 77
REG- 77

[Whyme]

I wonder if all of the IFRS questions on the exam are pre-test anyways. I guess we will never know.

AUD- 71, 73, 87 Done!!!!!
BEC- 75
FAR- 72, 77
REG- 77

[tbstew]

@Whyme

It's can be interesting to speculate which topics are pre-test sometimes, but it's not something I would ever recommend doing. We have absolutely no way of knowing what topics are pre-test. If we approach certain topics in our studying with even the smallest assumption that it's pre-test, that will likely detract from our preparation.

My goal is to study every topic as if my entire score depended on each one, individually (while also trying to identify and put a little extra focus on the fundamental/pervasive topics).

Good luck everyone!

AUD - 79
BEC - 88
REG - 87
FAR - 86 - Woot, all done!
Ethics - 100

[tbstew]

@Whyme

It's can be interesting to speculate which topics are pre-test sometimes, but it's not something I would ever recommend doing. We have absolutely no way of knowing what topics are pre-test. If we approach certain topics in our studying with even the smallest assumption that it's pre-test, that will likely detract from our preparation.

My goal is to study every topic as if my entire score depended on each one, individually (while also trying to identify and put a little extra focus on the fundamental/pervasive topics).

Good luck everyone!

AUD - 79
BEC - 88
REG - 87
FAR - 86 - Woot, all done!
Ethics - 100

[Lisa_Jane]

I took the exam on April 9th and I was ready for IFRS but they did not ask many questions on it. I was kind of surprised. My exam was weird all in all- the topics were not tested evenly in my opinion- big emphasis on a few topics. Of course all exams are different, so know as much as you can about IFRS.

FAR Passed 5/28/14
AUD Passed 1/22/13
BEC Passed 7/12/13
REG Passed 5/9/14
Virginia CPA license issued July 2014

[Author]

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