FRA - morning session directions question, remember, something, afternoon

atate2007

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.

ramzes

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..

pacmandefense

@ 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.

JRossSter

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"

draz

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.

chetan86

I thought I remember GAAP for morning and IFRS for afternoon, lol.

kd26gioi

Every question seemed to state if GAAP or IFRS should be used.

Wasteoftime

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.

JoeyDVivre

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.

leadcfa

cfacowtown - any idea how many were those? Because this is so freaking out the most of us...