[Anonymous]

According to the AICPA CSO for FAR, we should know “Standard setting process for IASB” and “First Time Adoption of IFRS”

I’ve been primarily studying the differences between recording transactions in U.S. GAAP and IFRS. I dont know that I specifically saw any material regarding how the IASB sets standards, or special rules for first time adoption of IFRS.

Are there additional materials I should be studying specifically regarding standard setting and first time adoption, or is understanding the differences in recording transactions enough?

[kb24]

Becker has a table of the most significant differences between GAAP and IFRS applicable to each section at the end of each section. The Wiley Update book for 2011 has a section that describes the differences and has a table with some of the most significant ones. I'm assuming that the Wiley FAR 2011 book has something similar, but I used my 2010 book along with the update and Becker so I don't know for sure. I took FAR on 4/1 and found that my preparation for IFRS using these materials was sufficient. I hope this helps. Good luck.

FAR – 4/1/11

AUD – 4/15/11

REG – 4/29/11

BEC – 5/13/11

FAR 4/1/11 - 89
AUD 4/15/11 - 85
REG 4/29/11 - 80
BEC 5/13/11 - 85

[Anonymous]

For those who've taken the 2011 Far, whats the most effecient way to study for IFRS? I have beckers 2011, and plan on simply reading through the appendix's w/ the differences. Haven't really focused too much on it through my initial studying.

Also how many ?'s on IFRS did you get? Was it a significant amount? (please specify Window)

[Anonymous]

I don't think just reading through the differences is really enough, unless you can remember them just by reading it. Make sure you do MCQ's on IFRS, in addition to memorizing the major differences and rules for first time implementation.

I took FAR last week, and I used ninja notes and wiley. I didn't have any problems answering the IFRS questions.

[Author]

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