kalisacboy
offlineMember
I'm planning to take FAR this April. I'm wondering should I pay more attention to IFRS than GAAP? I know there're many differences between those two and it's a lot to remember! I'm trying to figure out what's the best way to study for my exam. Thanks.
OnMyWayToCPA
offlineMember
I wouldn't advise devoting more attention to IFRS than to GAAP. The majority of the exam is stil over GAAP. Just dont skip over IFRS stuff because you will see some on the exam.
Also, be prepared that slowly more and more IFRS questions seem to be creeping in.
Good Luck!
That Cartoon Mouse
offlineMember
I think the lesson is don't blow off IRFS. If you're using a review course, it'll probably have the right balance between IFRS and GAAP, which is to say, mostly GAAP and some IFRS. I believe that in 2011, Roger (of the eponymous review course) said that the AICPA told him that IFRS would be around 10% of the exam, which is about how much government is supposed to be, right? So it's not huge, but you can't ignore it.
(If you got more than 10% consider that your memory is inflating the percentage because those questions were harder or that a bunch of those questions were not graded.)
There's no magic bullet for this; study for everything that is fair game for the test because you won't know what's on your particular test till you're taking it.
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