Assume GAAP if not stated? question

busprof

Do we assume GAAP if question did not state?

Ionutzakis

I think this has changed to

assume IFRS if not stated...

CP

Wasteoftime

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


Yup!

kd26gioi

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


Unfortunately

ramzes

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 ...

rgonzalez

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.

Bluetick1010

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.

mnieman

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

Assume IFRS though, yes.

Maddin

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!!!