[HopefulCPA0601]

Let’s a full list going here as a quick reference guide for everyone studying. So far from the FAR discussion forum we have the following:

#1: Extraordinary items – GAAP/Yes and IFRS/Not allowed

#2: IFRS does NOT allow the completed contract method.

#3: Inventory: Differences between GAAP and IFRS

1. GAAP can choose between LIFO and FIFO…………………………….. IFRS LIFO is prohibited

2. GAAP inventory is carried at lower of cost or replacement cost………IFRS it is lower of cost or NRV

3. GAAP inventory write-downs cannot be reversed. ….IFRS if impairments no longer exist, the inventory can be written up back up.

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[jrosen92770]

Noncontrolling interest and Goodwill maybe computed by partial or full goodwill under IFRS; GAAP only Full Goodwill Method.

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[jeff]

This will save you some time…it's from the NINJA Notes:

https://www.another71.com/wp-content/uploads/2014/05/IFRS-GAAP-FAR-NINJA-Notes.png

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

[jeff]

This will save you some time…it's from the NINJA Notes:

https://www.another71.com/wp-content/uploads/2014/05/IFRS-GAAP-FAR-NINJA-Notes.png

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

[HopefulCPA0601]

Goodwill Impairment:

GAAP: 2 step test: @ reporting unit level

1. FV of reporting unit – carry value of reporting unit

2. FV of reporting unit goodwill – carry value of goodwill

IFRS: 1 step test: @ cash generating unit

Carry value – recoverable amount

* losses first allocated to goodwill and then prorata to other assets of cash generating unit

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[HopefulCPA0601]

Goodwill Impairment:

GAAP: 2 step test: @ reporting unit level

1. FV of reporting unit – carry value of reporting unit

2. FV of reporting unit goodwill – carry value of goodwill

IFRS: 1 step test: @ cash generating unit

Carry value – recoverable amount

* losses first allocated to goodwill and then prorata to other assets of cash generating unit

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[Kenada]

Financial Statement presentation

1. GAAP No specific comparative info requirement……………………. IFRS Requires comparative information for prior period

2. GAAP Certain items are required to be presented as extra ordinary…. IFRS No extra Ordinary Items allowed

3. Comprehensive Income maybe presented within the statements of changes in Shareholders equity…. IFRS A separate statement of Comprehensive income and statement of changes in equity required.

CA Candidate. 05/27/2014 ~ 786/110
I am done!!

[Kenada]

Financial Statement presentation

1. GAAP No specific comparative info requirement……………………. IFRS Requires comparative information for prior period

2. GAAP Certain items are required to be presented as extra ordinary…. IFRS No extra Ordinary Items allowed

3. Comprehensive Income maybe presented within the statements of changes in Shareholders equity…. IFRS A separate statement of Comprehensive income and statement of changes in equity required.

CA Candidate. 05/27/2014 ~ 786/110
I am done!!

[MustPass1988]

Statement of CF:

Interest/Dividends Received under IFRS can be either Operating or Investing

Interest/Dividends Paid under IFRS can either be operating or financing

Taxes paid can be operating, investing or financing

Under IFRS, companies are required to accrue sick pay benefits

Fixed Assets are reported using the Cost or Revaluation Model

Component Depreciation is required under IFRS

Trading Securities under IFRS are called “Financial Assets at Fair Value through Profit or Loss”

AUD: PASSED [81]; Expired, retaking August 23rd
BEC: PASSED [83]; Expired, retaking July 11th
REG: PASSED [83]
FAR: FAILED [64]; Retaking May 23rd

[MustPass1988]

Statement of CF:

Interest/Dividends Received under IFRS can be either Operating or Investing

Interest/Dividends Paid under IFRS can either be operating or financing

Taxes paid can be operating, investing or financing

Under IFRS, companies are required to accrue sick pay benefits

Fixed Assets are reported using the Cost or Revaluation Model

Component Depreciation is required under IFRS

Trading Securities under IFRS are called “Financial Assets at Fair Value through Profit or Loss”

AUD: PASSED [81]; Expired, retaking August 23rd
BEC: PASSED [83]; Expired, retaking July 11th
REG: PASSED [83]
FAR: FAILED [64]; Retaking May 23rd

[MustPass1988]

The only fundamental assumptions under IFRS are accrual basis accounting and going concern.

IFRS doesn't have the concept of a change in accounting entity

AUD: PASSED [81]; Expired, retaking August 23rd
BEC: PASSED [83]; Expired, retaking July 11th
REG: PASSED [83]
FAR: FAILED [64]; Retaking May 23rd

[MustPass1988]

The only fundamental assumptions under IFRS are accrual basis accounting and going concern.

IFRS doesn't have the concept of a change in accounting entity

AUD: PASSED [81]; Expired, retaking August 23rd
BEC: PASSED [83]; Expired, retaking July 11th
REG: PASSED [83]
FAR: FAILED [64]; Retaking May 23rd

[ahugemistake]

tagging this hopefully add to it later, thanks for starting this.

FAR - 78*
AUD - 66, 79
REG - 73, 76
BEC - 79

[ahugemistake]

tagging this hopefully add to it later, thanks for starting this.

FAR - 78*
AUD - 66, 79
REG - 73, 76
BEC - 79

[Kenada]

Leases

1. GAAP Operating leased assets are never recorded on the B.S….. IFRS Assets held by lessee under operating leases my be capitalised if they met the requirements

2. GAAP Lease of Land transferred at a bargain would be capital lease……..IFRS Elements of lease are considered seperately unless the land is immaterial so has the options of building as Finance lease and the land as operating lease.

CA Candidate. 05/27/2014 ~ 786/110
I am done!!

[Kenada]

Leases

1. GAAP Operating leased assets are never recorded on the B.S….. IFRS Assets held by lessee under operating leases my be capitalised if they met the requirements

2. GAAP Lease of Land transferred at a bargain would be capital lease……..IFRS Elements of lease are considered seperately unless the land is immaterial so has the options of building as Finance lease and the land as operating lease.

CA Candidate. 05/27/2014 ~ 786/110
I am done!!

[Author]

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