[Determined CPA]

When I took FAR in November, I had a LOT of IFRS questions, so I thought it would be nice to start a thread with IFRS related questions that we can share with one another.

Here’s one I just ran into:

Question:How should a first-time adopter of IFRS recognize the adjustments required to present its opening IFRS statement of financial position?

Answer: All of the adjustments should be recognized directly in retained earnings or, if appropriate, in another category of equity. Adjustments are required to move from GAAP to IFRS to recognize or derecognize previous GAAP asset and liabilities. (For example, research costs must not be capitalized under IFRS.) The adjustment should be recognized directly in retained earnings.

A - 75
B - 78 God is good.
F - 77 Answered prayers.
R - 84! Done!!

Paperwork sent - waiting for license!!
Still on a cloud and in shock. Through God, all things will happen.

[Determined CPA]

With respect to the statement of changes in equity, what are U.S. GAAP and IFRS differences?

Both U.S. GAAP and IFRS use the term “retained earnings.”

A - 75
B - 78 God is good.
F - 77 Answered prayers.
R - 84! Done!!

Paperwork sent - waiting for license!!
Still on a cloud and in shock. Through God, all things will happen.

[Anonymous]

This just reminds me that I should have listened to one of my accounting professors. He warned us of the impending inclusion of IFRS on the CPA exam (graduated in 2009) and told us to get FAR knocked out ASAP before it was included. My dumb ass decided to procrastinate for 4 years and now I have to learn all this garbage.

[Determined CPA]

I hear you! I think if everyone posts IFRS questions as they see them, they we will have a nice IFRS review

A - 75
B - 78 God is good.
F - 77 Answered prayers.
R - 84! Done!!

Paperwork sent - waiting for license!!
Still on a cloud and in shock. Through God, all things will happen.

[jstay]

heres a similar thread that you may find helpful, i had it bookmarked

https://www.another71.com/cpa-exam-forum/topic/ifrs-vs-gaap

[Determined CPA]

That's great, thank you!

A - 75
B - 78 God is good.
F - 77 Answered prayers.
R - 84! Done!!

Paperwork sent - waiting for license!!
Still on a cloud and in shock. Through God, all things will happen.

[Anonymous]

I had 2 of them so don't kill yourself too much on it. If you're gonna crunch make it gov and nfp.

[Rocky123]

I wouldn't take the chance. Know IFRS. My version had a TON of IFRS questions.

But do know govt/nfp very well.

The tallest oak in the forest was once just a little nut that held its ground.

AUD-PASS
BEC-PASS
REG-PASS
FAR-PASS

Rocky123, CPA

[Gabe]

My experience has been whatever is emphasized heavily in a prior quarter doesn't seem to carry as much weight in the next (i.e. probably not as IFRS heavy in Q1). That said, know the basics, and I agree with Dunkin, if you're going to crunch, focus on govt/nfp

CPA, CFE
CISA- Experience will be completed by August 2016

[Determined CPA]

Dunkin you had 2 questions on IFRS??! I had so many! LUCKY

A - 75
B - 78 God is good.
F - 77 Answered prayers.
R - 84! Done!!

Paperwork sent - waiting for license!!
Still on a cloud and in shock. Through God, all things will happen.

[Anonymous]

I know it was weird. I was waiting for a couple to show up in the SIMS to even it out, but nothing…

[Determined CPA]

wanna hear weird – I had NO bonds or leases on my exam – not even 1 question – not even 1 sim

and I still failed – AND I scored ‘stronger' on governmental. These ppl just hate me! IFRS did me in

A - 75
B - 78 God is good.
F - 77 Answered prayers.
R - 84! Done!!

Paperwork sent - waiting for license!!
Still on a cloud and in shock. Through God, all things will happen.

[Author]

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