[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

[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!

[sstephenson]

I feel like such a nerd, but I have started a spreadsheet with the differences, can I share on here or would anyone even find it useful? Ha!

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

[sstephenson]

I feel like such a nerd, but I have started a spreadsheet with the differences, can I share on here or would anyone even find it useful? Ha!

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

[QuesoDip]

@sstephenson – I'd use your spreadsheet, I'm going to be reviewing IFRS/GAAP differences this week and I think it would be useful 🙂

REG - 88 - 8 Weeks (Becker, Ninja Audio/Flashcards, Wiley TB)
FAR - 87 - 10 Weeks (Becker, Ninja Audio)
AUD - 98 - 6 Weeks (Becker, Ninja Audio, Ninja MCQ)
BEC - 87 - 2 Weeks (Becker & Ninja Audio)

[QuesoDip]

@sstephenson – I'd use your spreadsheet, I'm going to be reviewing IFRS/GAAP differences this week and I think it would be useful 🙂

REG - 88 - 8 Weeks (Becker, Ninja Audio/Flashcards, Wiley TB)
FAR - 87 - 10 Weeks (Becker, Ninja Audio)
AUD - 98 - 6 Weeks (Becker, Ninja Audio, Ninja MCQ)
BEC - 87 - 2 Weeks (Becker & Ninja Audio)

[sstephenson]

How can I post or share it?

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

[sstephenson]

How can I post or share it?

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

[sstephenson]

https://drive.google.com/file/d/0B3_9NtBpdbs6UFhiSVAxc0ExX3M/edit?usp=sharing

You should be able to download from here. Hope this is allowed!

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

[sstephenson]

https://drive.google.com/file/d/0B3_9NtBpdbs6UFhiSVAxc0ExX3M/edit?usp=sharing

You should be able to download from here. Hope this is allowed!

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

[Anonymous]

do you guys think there will be IFRS calculation questions or more theory based questions on the FAR exam?

[Anonymous]

do you guys think there will be IFRS calculation questions or more theory based questions on the FAR exam?

[Anonymous]

is this all the main differences or just the one's we have spoke of so far?

[Anonymous]

is this all the main differences or just the one's we have spoke of so far?

[Anonymous]

IFRS allows for inventory write-downs, while GAAP does not.

[Anonymous]

IFRS allows for inventory write-downs, while GAAP does not.

[Author]

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