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Assume GAAP if not stated?

Do we assume GAAP if question did not state?

It's not a huge issue really- most either specify, or are a comparison between the two.

Assume IFRS though, yes.

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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!

Know your IFRS for both levels now!!!

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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.

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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.

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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 ...

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cpk123 Wrote:
-------------------------------------------------------
> I think this has changed to
>
> assume IFRS if not stated...


Unfortunately

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cpk123 Wrote:
-------------------------------------------------------
> I think this has changed to
>
> assume IFRS if not stated...


Yup!

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I think this has changed to

assume IFRS if not stated...

CP

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