An entity may choose either the cost model or the fair value model as its accounting policy. But it must apply that policy to all of its investment property. Under the cost model, investment property is carried at its cost minus any accumulated depreciation and impairment losses. Under the fair value model, investment property is measured at fair value, and gain or loss from a change in its fair value is recognized immediately in profit or loss
Under IFRS, a contingent loss must be recognized if it is more likely than not. This loss meets that criterion. Under US GAAP, a contingent loss must be recognized if it is probable. This loss does not meet that criterion. Probable is defined as “likely” which is a higher threshold than 51 percent. f
IFRS permits recording noncontrolling interests at either fair value or the proportionate share of the value of identifiable net assets of the acquiree.
Yep – Under IFRS, past service cost is recognized as pension expense at the earlier of (1) when the plan amendment or curtailment occurs or (2) when the entity recognizes related restructuring costs or termination benefits.
All the pension questions – I am seriously guessing.. this is bad..
Kenada i actually learned this IFRS differnce as…only one thing in IFRS goes to OCI that is Remeasurements and that too not like GAAP that means it doesnt get amortized… hope this helps u remember
FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23
Under U.S. GAAP, an exception is allowed for the “impracticality” of calculating the impact of changes in accounting principles. For which category does IFRS allow an exception of “impracticality”?
A. Changes in accounting principles
B. Changes in accounting estimates
C. Correction of errors
D. Changes in accounting principles and correction of errors
I have decided to postpone the test till first of July. I don't feel like I am prepared at all. Thanks everyone that has helped along the way. This test is way overwhelming. I hope I am able to put time in over the next 4.5 weeks to fully prepare in order to pass the first time.
FAR - JULY 2014 - PASSED
BEC - MAY 2015 - PASSED
REG - AUG 2015 - PASSED
AUD - AUG 31 2015
I know it may damage your confidence, but why not give it a try this window since you would only lose a week of study time? We never feel fully prepared for this test but there is always a chance of passing if you take it! Just my 2 cents.
CPA Hunter – I am terrible at the SIMS. I haven't really study much for those and I tried a few today and I felt very overwhelmed by it. Have you passed all on the first try.
FAR - JULY 2014 - PASSED
BEC - MAY 2015 - PASSED
REG - AUG 2015 - PASSED
AUD - AUG 31 2015
For me I would just got do the exam as I would want to do my utmost best to pass. Secondly, if I failed the next time round I would already get a feel of the exam and then be able to make a better plan of attack.
PS only passed BEC on the first try. The rest I had to go for a few rounds as the SIM where BADDDD… can you every be ready for them like 100% comfortable. Not really … LOL
So in this case…what is the best plan for the next 2 days? I mean I feel like the SIMS are so wordy and complicated. I think I am just overwhelmed at this point and think I letting that get the best of me.
FAR - JULY 2014 - PASSED
BEC - MAY 2015 - PASSED
REG - AUG 2015 - PASSED
AUD - AUG 31 2015
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