[Yvonne570]

Long term vs short term liability: GAAP allows for long term debt “expected” to be refinanced in the future as short term to be disclosed as short term – IFRS requires companies to wait. LOL. I agree. Why complicate matters? I mean – what if it doesn’t happen? Why should we give them the advantage of future potential decisions?

Completed contract method: Yeah IFRS for doing away with it:)

LIFO: another yeah – why should we go backwards?

I’m still early on in the review for FAR; however, I seem to be stronger with IFRS in quite a few areas.

AUD - Passed:)
FAR - Passed:)
REG - Retake TBD
BEC - Missed by 3 points Retake TBD

[mla1169]

ugh, don't even get me going on IFRS. I am taking my last (yay) masters course this semester and its International Accounting. not sure if its a severe case of “senioritis” or that it really IS torture, but I am just about all power point presentationed out.

FAR- 77
AUD -49, 71, 84
REG -56,75!
BEC -75

Massachusetts CPA (non reporting) since 3/12.

[Yvonne570]

Well, when you get a question like if the short term debt of $100,000 should be classified as short term or long term debt in year 1….later determined in year 2 that the debt was being refinanced as long term. Then you are wrong if you stated short term. Lol, does not seem logical.

AUD - Passed:)
FAR - Passed:)
REG - Retake TBD
BEC - Missed by 3 points Retake TBD

[Yvonne570]

Lower cost or market – IFRS owns this and is so much easier than US GAAP:

US GAAP: considers net realize value (ceiling)/

net margin (floor)

***if replacement cost is higher than floor, then compare with cost to determine which lower method

****If replacement cost is lower than floor, then replace this with the floor to compare with cost record lower method.

IFRS considers only Net realize value vs cost — lower one used (easy)

AUD - Passed:)
FAR - Passed:)
REG - Retake TBD
BEC - Missed by 3 points Retake TBD

[happy75]

I'm learning a lot in this thread.

Good work!

Keep it coming. 🙂

[Anonymous]

Let's not forget no Extraordinary items reported.

The Cash Flow Statement is easier to understand and nonmonetary exchanges (Similar vs. Disimilar assets is a piece of cake to remember)

[Author]

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