标题: Assume GAAP if not stated? [打印本页] 作者: busprof 时间: 2011-7-13 15:19 标题: Assume GAAP if not stated?
Do we assume GAAP if question did not state?作者: Ionutzakis 时间: 2011-7-13 15:19
I think this has changed to
assume IFRS if not stated...
CP作者: Wasteoftime 时间: 2011-7-13 15:19
cpk123 Wrote:
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> I think this has changed to
>
> assume IFRS if not stated...
Yup!作者: kd26gioi 时间: 2011-7-13 15:19
cpk123 Wrote:
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> I think this has changed to
>
> assume IFRS if not stated...
Unfortunately作者: ramzes 时间: 2011-7-13 15:20
Agreed ... CFAI sent out an email last year to all candidates which said to assume IFRS if not stated ... keep a look out for any updates before the exam to be sure ...作者: rgonzalez 时间: 2011-7-13 15:20
In Jun 09 L1 papers, they had it as instructions in FSA Section.
Instructing us to assume IFRS, if no other information was provided at individual question level.作者: Bluetick1010 时间: 2011-7-13 15:20
Basically the Level I candidate bulletin for May 2009 said that candidates should assume the default on FRAS questions is that IFRS applies unless stated otherwise. That being said, I know that most questions specified that US GAAP applied, so not many questions had to be answered in line with IFRS.
I remember reading that Schweser and Elan Guides blogged about this on their website. What I have stated above is basically what they said as well.作者: mnieman 时间: 2011-7-13 15:20
It's not a huge issue really- most either specify, or are a comparison between the two.
Guys
I took L1 in Dec 2008 and crushed accounting.
I failed L2 in June because I was too familiar with GAAP and not enough of IFRS. When I did L1, it was all GAAP. But not anymore. I wasn't expecting that!
