How to tell if we are dealing with US or IFRS?

[gimm]

Two brief questions relating to FRA assumptions:
1) If we see foreign currency units but no mention of GAAP or IFRS, do we assume IFRS?
2) Furthermore, my qbank told me: When a question does not specify which accounting standards apply, candidates are instructed to assume International Financial Reporting Standards (IFRS). I need to confirm that this is true, as I thought we were to assume US GAAP.

 

[Greenman72]

gimm wrote:
my qbank told me: When a question does not specify which accounting standards apply, candidates are instructed to assume International Financial Reporting Standards (IFRS).

There’s your confirmation.

 

[S2000magician]

CFA Institute has moved from a US GAAP-centric world to an IFRS-centric world.
My Level II candidates assure me that on their Level I exams the applicable standard was always mentioned explicitly when it would make a difference in the answer.

 

[gimm]

S2000magician wrote:
CFA Institute has moved from a US GAAP-centric world to an IFRS-centric world.
My Level II candidates assure me that on their Level I exams the applicable standard was always mentioned explicitly when it would make a difference in the answer.

Thank you for the insight. I look forward to taking your level 2 course next spring.

 

[Topperharley]

S2000magician wrote:
CFA Institute has moved from a US GAAP-centric world to an IFRS-centric world.
My Level II candidates assure me that on their Level I exams the applicable standard was always mentioned explicitly when it would make a difference in the answer.

Those Level II candidates violated Standard VII of the Codes and Standards.

 

[S2000magician]

Shhhhh!

 

[BullishBear Finance]

I would expect that the exam would mention, whenever necessary, whether to use IFRS or US GAAP.
If you want to confirm, you can email CFA Institute.
BullishBear Finance

 

[Topperharley]

BullishBear Finance wrote:
I would expect that the exam would mention, whenever necessary, whether to use IFRS or US GAAP.
If you want to confirm, you can email CFA Institute.
BullishBear Finance

Edupristine?? Is that you??