[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

[Anonymous]

dont forget about the ifrs requirements for investment properties ! all investment properties that are held for capital appreciation and rent income producing are reported under the cost or fair value methods. however, if you report under the cost method, u need to disclose the fv as well.

[Anonymous]

dont forget about the ifrs requirements for investment properties ! all investment properties that are held for capital appreciation and rent income producing are reported under the cost or fair value methods. however, if you report under the cost method, u need to disclose the fv as well.

[needhelpfar]

Installment Method:

IFRS : Not allowed – Cost Recovery method is used.

GAAP: Allowed when reasonability of collection cannot be estimated.

[needhelpfar]

Installment Method:

IFRS : Not allowed – Cost Recovery method is used.

GAAP: Allowed when reasonability of collection cannot be estimated.

[sstephenson]

Whew, test in 3 days. Hail Mary attempt for me!

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

[sstephenson]

Whew, test in 3 days. Hail Mary attempt for me!

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

[Author]

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