Hey people. Any thoughts on this?

[geekystuff]

I came across this blog when searching for free stuff..

http://elanguides.com/wp/

Says that the default on FRAS questions on the exam is now IFRS. My friends who took the Level I exam in June say that the default was definitely IFRS, but very few questions relating to IFRS were asked, and that most of the questions specifically asked candidates to apply U.S GAAP...

 

[rus1bus]

Yes, in Jun exam, it was mentioned in the beginning of FSA sections to take IFRS by default, unless US GAAP is specifically mentioned at question level.

As far as I can remember, there was only 1 question in pm, to which IFRS by default had applied.

And there were very few questions anyways, (both am and pm combined), where IFRS or GAAP could have mattered.

 

[cloudstrife]

i agree with rus. i sat in June and most questions didnt really matter whether IFRS or GAAP was used. Last week i read an ACCA publication that says that most countries are joining IFRS, with the USA tentatively penned in to join in 2012.

so candidates from then on wont have to worry about the differences between IFRS and GAAP.... but then again i'm sure The Institute will come up with something else for them to worry about...