[Wannafree]

Hi
I am trying make a list of items under GAAP vs IFRS. Please contribute.
IFRS does not permit Last In First Out (LIFO) as an inventory costing method.
IFRS uses a single-step method for impairment write-downs rather than the two-step method used in U.S. GAAP, making write-downs more likely.
IFRS has a different probability threshold and measurement objective for contingencies.(minimum vs average )
IFRS does not permit curing debt covenant violations after year-end.
IFRS guidance regarding revenue recognition is less extensive than GAAP and contains relatively little industry-specific instruction.

[Over_It]

Becker already has a list. Are you using something else? I wouldnt waste too much time on them.

[Mike J]

@over_it,

No offense, but not everyone is getting ripped off from using Becker.

Eg to study for FAR I spent only a little over $100 on study materials–NINJA MCQ & Bisk Videos.

Now, if you want to link to a PDF or YouTube video where everyone could benefit, that would be useful.

[Over_It]

I got it for free. No offense taken.

[Anonymous]

Pretty sure Nath is actually using Becker though based on past posts. Nath, if you are, that summarization of all the differences at the end of F10 is extremely helpful. And it's easy to make it into flashcards if you learn better that way.

[Wannafree]

Thanks Allison for referring to chapter 10.I was focusing on my notes which I prepared from Beckers but had left the IFRS through out FAR study for last things to do.Got it.Thanks again.
over_it : No offence taken, ultimately I got what I wanted , you assumed I knew the chapter number but explained above why I was scratching my head.Thanks for giving lead.

[Author]

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