标题: FRA - morning session directions [打印本页] 作者: atate2007 时间: 2011-7-11 20:06 标题: FRA - morning session directions
Quick question – On the afternoon session of FRA I saw the disclaimer “assume IFRS for all questions…” or something like that, which didn’t make a huge impact because instructions for GAAP or IFRS were given in so many questions. However, I didn’t see this on the morning session as I was moving quickly through it so I may have missed it. Does anyone remember if it said “assume US GAAP or IFRS” or nothing at all? Thanks.作者: ramzes 时间: 2011-7-11 20:06
I actually had the same concern. I was flying through the FRA in the afternoon and I'm so used to answering based on GAAP that I hope I didn't miss any easy questions by accidentally applying GAAP out of habit. I don't believe the morning session had that disclaimer, but I could be wrong..作者: pacmandefense 时间: 2011-7-11 20:06
@ okiew5 - was it definitely IFRS? I was assuming US GAAP, but if I remember correctly there were a significant amount of questions in which it GAAP or IFRS was stipulated in the question itself. Based on this I wouldnt say there were more than just a few questions it would negatively impact on the morning session if I did it in GAAP would you?
The only reason that I looked on the afternoon session was because of the R&D capitalization cost question in which there were no instructions in the questions. I don’t remember any questions on the morning session tipping me off like that.作者: JRossSter 时间: 2011-7-11 20:06
The instruction in the morning was definitely "assume IFRS unless specified"
I paused there with 5 sec and was like ... "Huh ... IFRS ... not GAAP ... interesting"作者: draz 时间: 2011-7-11 20:06
I definitely remember IFRS disclaimer in the AM section, no doubt. I double checked... but I also checked over in the end all the questions that would have had that assumption make a big difference, and there weren't any to my knowledge.作者: chetan86 时间: 2011-7-11 20:06
I thought I remember GAAP for morning and IFRS for afternoon, lol.作者: kd26gioi 时间: 2011-7-11 20:06
Every question seemed to state if GAAP or IFRS should be used.作者: Wasteoftime 时间: 2011-7-11 20:06
Just to calm my nerves I'm going to assume drgonzo is right and hopefully there is no impact. From my memory, it seemed that any of the questions that had different answers based on whether you used GAAP or IFRS explicity stated the method in the title. Either way, I guess there's nothing I can do about it now.作者: JoeyDVivre 时间: 2011-7-11 20:06
Assume IFRS unless otherwise noted. This was included in the candidate email before the exam and on both papers. There were a few trick questions that didn't mention which standard to use and there was the GAAP answer and the IFRS answer.....can't talk specifics on the forum though.作者: leadcfa 时间: 2011-7-11 20:06
cfacowtown - any idea how many were those? Because this is so freaking out the most of us...作者: Ionutzakis 时间: 2011-7-11 20:06
About 3 over both sessions, if I remember correctly.作者: dontknow1987 时间: 2011-7-11 20:06
sumz - I'm right there with you.
It's gone. Goodbye!
You'll see my rant on another thread. but basically - let's relax and enjoy being DONE...for now.作者: invic 时间: 2011-7-11 20:06
This is absolutely the LAST thing i wanted to hear
This is truly amazing....i was so worried about being fast and making sure i finish the paper that I didnt even read that disclaimer....
I know i did pretty well.....but am unsure how *badly* this would effect my chances now
aaaw maaan 作者: mnieman 时间: 2011-7-11 20:06
Like others said, don't worry about it too much. There were only a few that would fall under that disclaimer. Most of them specified whether to use GAAP or IFRS.作者: orang3eph 时间: 2011-7-11 20:06
Cant recall any question in which GAAP/IFRS would have made a difference, and the question didnt state which to use......作者: dotamasta 时间: 2011-7-11 20:06
Thanks Kevin....you are right...but my only fear is that due to the enormous number of candidates this time, the margin of error is gonna be very narrow....and I think every point will count - what do u think?作者: rgonzalez 时间: 2011-7-11 20:06
am (code 3030) - there wasn't any disclaimer .. almost all FRA questions were neutral (except for one or two questions that specified which standards to assume) .. frankly I was expecting that ..
