[thetalambda2002]

I know that the hierarchy of accounting principles changed from relevance and reliability to relevance and faithful representation. Did they change for IFRS as well? I have tried googling the answer, but keep getting conflicting answers.

Thanks!!

BEC - 77
AUD - 83
REG - 76
FARS - 74, 84

[JeffSkilling]

From what I can understand, the framework is currently a joint project from the FASB/IASB and IFRS & GAAP share the Relevance/Faithful Representation characteristics. The only thing different of note in that section is that while GAAP has the economic entity, going concern, monetary unit etc assumptions, IFRS only has 2

1. Accrual Accounting

2. Going Concern

Hope this helps.

BEC - 83 | AUD - 85 | REG - 77 | FAR - 87

[thetalambda2002]

Thanks, I probably should have splurged for the newer version since I have 2011, but I was so close to passing in January, I figured that I could just use the updates. They aren't as clear as I'd like them to be 🙂

BEC - 77
AUD - 83
REG - 76
FARS - 74, 84

[jeff]

https://www.youtube.com/watch?v=tlwzs1_sY6c

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

[thetalambda2002]

Jeff that was my question, because according to the Wiley updates reliability was replaced with faithful representation so I didn't know if IFRS had changed too.

BEC - 77
AUD - 83
REG - 76
FARS - 74, 84

[Author]

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