[Wannafree]

In FAR review material it keep on telling how US GAAP differs from IFRS .I am wondering if CPA exam covers the IFRS ? Is it important or can I expect questions on IFRS ?

[bhunt815]

Remember that 99% of the time IFRS and GAAP agree. If you get a problem and you don't remember the difference between IFRS and GAAP, just use GAAP because you are likely correct.

FAR 04/11/2016 - 84
AUD 05/12/2016 - 79
BEC 07/06/2016 - 81
REG 08/29/2016

[Anonymous]

I agree 100% with bhunt. Make sure to study IFRS differences but remember most of the time it isn't any different.

[jombe]

please read the cso of each section.

https://www.aicpa.org/BecomeACPA/CPAExam/ExaminationContent/ContentAndSkills/DownloadableDocuments/CSOs-SSOs-Effective-Jan-2017.pdf

pg12

“ Identify and understand the differences between financial statements prepared on the basis
of accounting principles generally accepted in the United States of America (U.S. GAAP)
and International Financial Reporting Standards (IFRS).”

FAR - 94 (10/4/15), Local Prep Online Lectures, BISK & NINJA MCQ
AUD - 99 (1/19/16), Local Prep Online Lectures, BISK & NINJA MCQ
REG - 96 (4/19/16), Local Prep Online Lectures, BISK & NINJA MCQ
BEC - 91 (7/19/16), Local Prep Online Lectures, BISK & NINJA MCQ

581 days of listening to lectures, reading texts & 10,000+ MCQs...

[Wannafree]

Thanks Bhunt and Allies.Thanks Jombe. I noticed your marks 94 96 99 , amazing .Can you share your exam experience e.g. how far you cracked the SIM etc ?

[Trele6]

I would disagree with the “default to GAAP” advice provided above. You need to know how to calculate multiple things the GAAP way and IFRS way.

First go at the CPA! Only using Becker
Reg / Nov 2015 - 87
Far / Apr 2016 - 79
Bec / May 2016 - 80
Aud / Aug 2016

[Andria – Another71]

Hey ninjas! Please remember exam disclosure rules. I've edited two posts in this thread that were in violation. Check out #1 here for examples: https://www.another71.com/cpa-exam-forum/topic/cpa-exam-forum-faqs-and-help-center/

HiYa!

[ncjm304]

Do not neglect IFRS. It could be the difference between passing and failing

AUD- 71,79
BEC- 72,77
FAR- 83
REG- 63,71,83

DONE!

[Anonymous]

I would strongly suggest reviewing IFRS!

[Wannafree]

@aspiringcpaveteran thanks a lot . appreciated.

[Anonymous]

This topic is a must-know stuff you have to take with you when going into the testing center for BOTH FAR and BEC sections.

[Wannafree]

Thanks Amor , got the message ,i have time to cover the chapter 10.

[vodrldnr]

In my opinion, the huge difference between GAAP and IFRS is coming form impairment of long lived asset.
I mean the method used in IFRS is really different from GAAP. You really treat the part as one of main part of FAR.

Other than fixed asset part, the difference between IFRS and GAAP just comes for terms but a lot of different terms mean the same thing in IFRS and GAAP.

[Author]

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