[Road2CPA]

I’m using Wiley to study for FAR. At the end of various chapters there’s a section on IFRS differences. I’m struggling to keep up with all the differences, so I’m thinking about creating a table to compile all the differences and study the table since everything is spread out throughout the book/study lessons.

Does anyone have any tips or tricks for studying the differences? Is this an area that I should spend a lot of time on? I’m truly struggling in this area, but wanted to know if it’s a highly tested area on the exam. I’m guessing maybe the pension IFRS differences are highly tested since Wiley has a completely separate lesson for that, and not just a paragraph or two at the end of the lesson like in the others.

[Substantive Testing]

Hello,

I used Wiley also and didn't like that I had to revisit all chapters to get the IFRS vs GAAP differences too. I did exactly what you said though, I went through every chapter and put it together on a table. I do remember that I got a good number of multiple choices on IFRS vs GAAP, but they were not complicated. I would say that the main differences to keep in mind now that IFRS and GAAP are starting to look more and more similar are: LIFO, impairment/write down reversal, subsequent events.

Good luck!

[Road2CPA]

@SubstantiveTesting thanks for the feedback! Glad to know I'm not the only one that was frustrated about Wiley's layout in this area, haha! Sounds like I was at least on the right track, and now I just need to continue with creating the table as planned.

[Author]

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