How to memorize differences between US GAAP & IFRS

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  • #188347
    Anonymous
    Inactive

    I was very confused as to how to memorize the differences between US GAAP & IFRS, then one of the faculty members of Beckers suggested this-

    First just learn the concepts of US GAAP thoroughly leaving out IFRS completely. When US GAAP rules are on your tips, then take out 4-5 days to just learn the differences. Thats given in F10 last section.

    Has anyone tried this before? Does this help in memorizing?

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  • #596370
    playonwards
    Member

    I assume you're using Becker. The book and software are good about making you aware of the differences that are most important. I would just try to learn the differences they emphasize as you go because you'll need to know them when you do the homework questions & some sims. Then use Chapter 10 to review what you already know or need to brush up on. I passed FAR with a 92 and didn't worry a lot about the differences.

    FAR- 92 (7/25/2014)
    AUD- 93 (8/30/2014)
    REG- 93 (10/10/2014)
    BEC- 91 (11/10/2014)

    Using Becker self-study only. Working full-time.

    #596371
    mystical guy
    Member

    My rule of thumb is, master the US GAAP (which is what I did). Then make two columns in your notebook with one side being US GAAP, the other being the different code in IFRS.

    You must also know the basics first like which is rules-based, and which is principles-based? What are the advantages and disadvantages of US GAAP vs. IFRS?

    And if you want to go deeper, you then look at Accounting differences, and examples.

    CPA - Since 2015
    CISA - Smashed 2012
    CIA - Passed 2015

    #596372
    Tux
    Member

    I agree with Playonwards – learn the differences as you go through each topic. Don't wait till the end.

    As mentioned, you'll have to know the differences when doing the homework, anyway.

    I would suggest typing up a document in MS Word.

    List GAAP-IFRS differences in the same order as topics are listed in your book, and list by chapter.

    That will create a quick and easy reference for study, and also for practicing the MCQ's.

    FAR - 86 - 2/27/14
    AUD - 75 - 5/29/14
    BEC - 80 - 8/31/14
    REG - 89 - 2/27/15
    Praise Jesus! I'm done!!

    Study resources:
    Becker
    Wiley test bank

    #596373
    Anonymous
    Inactive

    Thanks for your responses.

    I did studied the differences while I was viewing the lectures and also attempted the IFRS MCQs. However, I always had to refer to the book to find the right answer. Thats when I was told to master US GAAP first and then learn the differences because I mostly used to get confused and end up selecting US GAAP answers for IFRS and vice-versa.

    Now, when I am redoing all Mcqs and Sims, I am only trying to master US GAAP first. And then when I'll be done with all Mcqs, I will do differences. So my question is that has anyone tried memorizing IFRS like this before? Does this help?

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