[itooshallpass]

I know that it’s technically 10%, but… realistically? How heavily is it tested, and what’s most important to know? In my Roger quizzes I’ve gotten questions like asking to calculate a certain amount if under IFRS. Are questions like that on the exam?

[PNS2CLT]

There were a few random IFRS questions on my exam – I didn't really bother to count.

[Anonymous]

Becker didn't emphasize the differences much….

[Ana]

I don't know how much to say without saying too much. There's a chance you'll get a IFRS sim and can realistically expect 2-3 mcq on the test. However, anyone correct me if I'm wrong, you won't get standalone ifrs questions or sims with the new format. It should always test the difference between the two. I would say the 10% allocation is fair but when you get a sim on it and it's not a strong point at that moment it feels like 90%.

[mad max]

I wouldn't go too crazy over IFRS, but of course you need to know it. You can be sure, the less you study it, the more it will appear on your test. Still, for example, the Becker textbooks can go in to a LOT of detail– I would say even too much detail. To be perfectly honest with you I did not even read these parts of the Becker book. With that said, I would definitely memorize the points Jeff mentions in the NINJA AUDIO if you have that…

Those include, but are not limited to,

Knowing the IFRS terms for b/s, i/s, r/e, cash flows.
Knowing that IFRS is principles-based (GAAP is rules-based)

Just memorize the key GAAP and IFRS methods and the differences between them. I do not think you will need to do to much more than that. Do not wrack your brain over ever single difference. Examples of important differences:

Under IFRS, LIFO is not allowed (LIFO & FIFO are OK under GAAP)
Under IFRS, a write-down of inventory can be reversed (all reversal prohibited under GAAP)
Under IFRS, acquired intangibles must have a future economic benefit that can be reliably measured (Fair Value is OK under GAAP)
Under IFRS, certain development costs can be capitalized and amortized over multiple periods (GAAP expenses as incurred)

[PNS2CLT]

IFRS

[itooshallpass]

Thank you everyone for your input! @mad max, I don't have the ninja audio but I have the notes. Is that pretty much it?

[jeff]

Please watch exam disclosure and questions like this – it's asking for information that can only be obtained by taking the exam.

I'm just the messenger.

jeff

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

[mad max]

Yes, Ninja Notes and Ninja Audio should give similar (identical?) points on the differences. I never had notes so I cannot confirm.

At least due to convergence there are less and less differences over the years.

[Wannafree]

My view :They may ask just 2 mcq ,you don't know which two will appear in exam .When people are failing at 71 or 74 how can you ignore it.I feel question should be asked how to memorize IFRS points when you are reading US GAAP all the time.I am weak in IFRS hence studying for 2-3 mcq ( total 3 marks ).I have failed with 68 so every marks counts and I pray that this time I should be able to recall the IFRS treatment of the asked topic in exam.I don't know why they are so obsessed with IFRS when US GAAP is not going to merge ( mandatory ) any time soon with IFRS ?

[Ana]

@wanna that's the real question. I don't know why we get tested on ifrs at all. as if far doesn't have enough material. not to give them any ideas but that's like testing international audit standards on AUD.

[Wannafree]

@Ana , last 3 attempts I just skimmed through IFRS and couldn't recall correctly ,US GAAP was clear to me but knew iFRS is little different ,I had almost 3 mCQ may be 4 and I guessed all and you know when came out checked it n found all wrong.LOL
Since you are expert in using AL ,can you tell if IFRS things can be searched in AL and same for SFAC ? BTW this time I have gone too far with IFRS hopefully this time I will fetch 3 marks from IFRS.3 from disclosures ,still looking area for 3 more marks( 68 + 9 = 77 , extra 2 marks for for safety ).LOL

[Ana]

@wanan I've never attempted to use AL to look up IFRS but I don't think that will help you since AL only deals with US IMO. I've never tried but doesn't seem like it will work.

[Wannafree]

Thanks Ana.This time I have created some home made mnemonics to remember this IFRS. As I mentioned earlier I have gone too far just for 2 MCQ ,borrowed an IFRS manual from my office library and reading as if IFRS is a subject of my college for 6 semester hours.LOL.In AUD I was avoiding to read Auditing and Attestation standards and getting stuck at 70.Finally I was deep into standards and next time it crossed 79.So this time it's IFRS and disclosures ,let us see how it goes.
I am surprised people on this forum are so much engrossed into IFRS rather than on JE which are again left out when you keep hammering MCQ.

[Anonymous]

IFRS could be in MCQs and SIMs.

[Anonymous]

My advice – which may have been given in some of the other replies – is to make a table of the differences.
Expect some questions about IFRS in MCQ. Doesn't the AICPA include an “up to X percent of the test is on IFRS”??
It might be only 5-6 percent, but actually if you know all the key differences, and there are about 10-15 of them, it should be easy points. Like for inventory valuation,
GAAP = LCM (lower of cost or market) and IFRS = LCN (lower of cost or NRV.) I remember some people on here, who passed FAR, mentioning awhile back that if they got an IFRS question
and they forgot if there was any difference between it and GAAP, they just picked the GAAP answer.

International Auditing Standards, I don't know. I never memorized those but got no questions on them. Some of them are wacky weird though….

Does IFRS come up on BEC? I don't think so. I don't recall getting any on there. Probably not on REG either, but I could be wrong. Every country has different taxation accounting.

[Author]

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