[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

[HopefulCPA0601]

IFRS requires capitalization of development costs once certain qualifying criteria are met. U.S. GAAP generally requires development costs to be expensed as incurred, except for costs related to the development of computer software, for which capitalization is required once certain criteria are met.

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]

IFRS requires capitalization of development costs once certain qualifying criteria are met. U.S. GAAP generally requires development costs to be expensed as incurred, except for costs related to the development of computer software, for which capitalization is required once certain criteria are met.

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]

Comparatives:

IFRS – requires 3 balance sheets, 2 of everything else

GAAP – requires 2 of everything.

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]

Comparatives:

IFRS – requires 3 balance sheets, 2 of everything else

GAAP – requires 2 of everything.

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]

Monetary Current Assets/Liabilities

1. GAAP- ST Obligations expected to refinance (Intent + Ability) can be classified as Non Current…… IFRS ST Obligations can only be reclassified as non current if agreement was prior to B/S date.

2. GAAP – Contingencies that are probable and can be reasonably estimated are accrued……. IFRS Contingencies that are probable and “measurable” are provision – accrue. Everything else – Just disclose.

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

[Kenada]

Monetary Current Assets/Liabilities

1. GAAP- ST Obligations expected to refinance (Intent + Ability) can be classified as Non Current…… IFRS ST Obligations can only be reclassified as non current if agreement was prior to B/S date.

2. GAAP – Contingencies that are probable and can be reasonably estimated are accrued……. IFRS Contingencies that are probable and “measurable” are provision – accrue. Everything else – Just disclose.

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

[HopefulCPA0601]

IFRS – does not mandate interim reporting

GAAP – provides minimum guidelines for interim reporting

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]

IFRS – does not mandate interim reporting

GAAP – provides minimum guidelines for interim reporting

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

[WANNABE_CPA]

Taxation:

1.IFRS – Valuation allowance not permitted. Deferred tax asset is recognized when it isprobable that sufficient taxable profit will be available.

GAAP- Valuation allowance is used.

2.IFRS – Uncertain tax positions not addressed

GAAP – Addressed

3.IFRS – Uses Enacted or Substantively Enacted tax rates.

GAAP- Enacted tax rates.

4. IFRS – Deferred tax assets and liabilities reported as noncurrent on balance sheet

GAAP- Reported as current and noncurrent based on rule1 and 2.

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[WANNABE_CPA]

Taxation:

1.IFRS – Valuation allowance not permitted. Deferred tax asset is recognized when it isprobable that sufficient taxable profit will be available.

GAAP- Valuation allowance is used.

2.IFRS – Uncertain tax positions not addressed

GAAP – Addressed

3.IFRS – Uses Enacted or Substantively Enacted tax rates.

GAAP- Enacted tax rates.

4. IFRS – Deferred tax assets and liabilities reported as noncurrent on balance sheet

GAAP- Reported as current and noncurrent based on rule1 and 2.

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[MustPass1988]

For loss contingencies, if you're given a range, use the midpoint (expected value) for IFRS [ use the lowest amount for US GAAP and disclose the highest amount].

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

[MustPass1988]

For loss contingencies, if you're given a range, use the midpoint (expected value) for IFRS [ use the lowest amount for US GAAP and disclose the highest amount].

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

[sstephenson]

This is great! I tried to stay off the internet last night because I find myself distracted and get ZERO studying done. So glad you started this, HopefulCPA0601.

REG - 75
BEC - 76
AUD - 76
FAR - 84, DONE 11/9/14!

[sstephenson]

This is great! I tried to stay off the internet last night because I find myself distracted and get ZERO studying done. So glad you started this, HopefulCPA0601.

REG - 75
BEC - 76
AUD - 76
FAR - 84, DONE 11/9/14!

[sstephenson]

Inventory Values

US GAAP

Lower of cost or mkt

The median value between the market ceiling, market floor and replacement cost.

IFRS

Lower of cost or net realizable value (mkt ceiling)

REG - 75
BEC - 76
AUD - 76
FAR - 84, DONE 11/9/14!

[Author]

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