For people who felt they failed....

For someone who messed up and didn't see the disclaimer "assume IFRS" on the morning session, I really think there are only a few questions that relied on that statement as so many questions indicated which standard to use, if it even mattered at all. However, I'm still worried so if anyone else can verify this please do.

I also thought regardless of the accounting standard the onyl answer that made sense to that question was valuation allowance.
 
I think we will be fine.



Edited 3 time(s). Last edit at Tuesday, June 9, 2009 at 03:29PM by ksn.
 
A non-pass in July would be tough for me to swallow. But I would start immediately and hit it twice as hard.
 
cfacowtown - I really don't think you'd not pass :)
 
I had a dream that I skipped question #1 on the scantron and answered everything out of order......I woke up thinking......ah crap.....likely not though, thanks for the vote of confidence.
 
I was fine until today....when i read the IFRS stuff and my hopes shattered :(

I know it would make only a marginal difference....but i feel every single point is gonna count in this exam, since there are many many more candidates this time and the margin of error is pretty narrow... :(

*fingered crossed*

But if i fail....i'll sing the song - "I fall down...but i get up again....aint nothing gonna keep me down...!"

good luck...somehow i feel this is gonna be a looong wait until th 28th :(
 
I was well aware while doing the problems in the FSA section that we had to assume IFRS when there is no mention of any particular standard in the question. And while doing the section I realised at most there were 2-3 questions in both AM & PM that we had to assume IFRS.. And all other question sets did mention what standard that we were supposed to follow.

I dont think you guys should worry too much about this IFRS assumption thingi.. because at most you may loose 2 or 3 questions... and that should not be of a very big problem... if you have done other sections well.
 
Guys enough, this IFRS thing is becoming a nightmare. let's end it once and for all; so if anyone could simply answer yes or no?:

1: the total impact is 3 questions ( 2 am and 1 pm) yes/no

2. under these circumstances, the direct/indirect cash flow issue suggests that under IFRS the correct approach in chosing direct is that you don't need to disclose the indirect. yes/no

3. one question indicated IFRS as a factor in chosing FIFO, so basically the disclaimer didn't play much role here. agree/ disagree

4. last but not least, the other point which might have been lost is the one where you shouldn;t have pointed for valuation allowance. yes/ no

Please answer shortly and let's end this story, because people are going crazy about that.
The most pessimistic scenario is that you are 3 points down....
 
Maybe I forgot the valuation allowance, or we had diff versions but I recall a question about how much could you reverse an inventory write down but that specifically asked the differences between GAAP and IFRS so in general if you knew it you should have gotten it, didn't need assumption.

Ben

www.tradeconfession.blogspot.com



Edited 1 time(s). Last edit at Wednesday, June 10, 2009 at 06:56PM by legacy01.
 
Thanks for the post Rinald...

I too wanna get this IFRS issue over with before i go into a depression :(

guys, please answer to Rinald's questions in yes/no/brief.....i'm sure many of us are in the same boat on this one!
 
rinald Wrote:
-------------------------------------------------------
> Guys enough, this IFRS thing is becoming a
> nightmare. let's end it once and for all; so if
> anyone could simply answer yes or no?:
>
> 1: the total impact is 3 questions ( 2 am and 1
> pm) yes/no
>
> 2. under these circumstances, the direct/indirect
> cash flow issue suggests that under IFRS the
> correct approach in chosing direct is that you
> don't need to disclose the indirect. yes/no
>
> 3. one question indicated IFRS as a factor in
> chosing FIFO, so basically the disclaimer didn't
> play much role here. agree/ disagree
>
> 4. last but not least, the other point which might
> have been lost is the one where you shouldn;t have
> pointed for valuation allowance. yes/ no
>
> Please answer shortly and let's end this story,
> because people are going crazy about that.
> The most pessimistic scenario is that you are 3
> points down....


IF YOU DID NOT READ THE IFRS DISCLAIMER....DON'T WORRY!!!

MY FRIEND AND I AGREED THAT EVEN IF YOU HAD NOT READ THE IFRS DISCLAIMER IN THE PM SESSION, THE QUESTIONS WERE NOT TRICKY ENOUGH TO CONFUSE YOU AS TO USE GAAP OR IFRS.

EXAMPLE, I THINK THEY ASKED...IF A COMP USES LIFO AND WANTS TO COMPLY WITH IFRS (IT ACTUALLY MENTIONED IT IN THE PROBLEM)..THEN THEY SHOULD USE LIFO, FIFO OR NOT CHANGE.

DONT WORRY PEOPLES!!!!!!!!!! WE'RE GOOD!!! PLUS, THERE WERE MAYBE 3 PROBLEMS MAX.



Edited 1 time(s). Last edit at Thursday, June 11, 2009 at 02:29AM by Rasec.
 
So anyone else?! I think everyone is curious, especially point 2) common people, share your knowledge.....
 
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