Just going through FRA 2nd read-through. I was wondering if anyone had any tips for remembering all the differences between USGAAP and IFRS?
I downloaded the following which is quite helpful in summarizing ALL the differences but it’s still way more information than I think I’ll ever be able to retain for the exam (in addition to all the other stuff we already have to remember).
http://www.finquiz.com/tips
I’m going to try to remember as many as possible, but I think realistically I’m hoping I can narrow them down to a “top 15” list of some sort, and just remember that, and hope for the best on the rest.
Questions for the veterans as well as the newbies:
1) Am I being crazy thinking I’m going to get away with this?
2) Regardless of answer to above, would agree that certain IFRS/USGAAP difference are more important to remember? For example, that USGAAP allows both FIFO/LIFO whereas IFRS only allows FIFO seems to be one that is emphasized more than others. If I’m going to remember any rules, this should be one of them. What other rules do you guys think are heavily emphasizes and more likely to be tested on.
3) Have you guys noticed any patterns of any kind in the rules (i.e. USGAAP is more leniant, IFRS doesn’t allow lots of things, etc.), something to allow one to make an educated guess if in doubt.
4) Sometimes the best way to remember this sort of material is to create associations for yourself. For example, in the LIFO/FIFO example above, LIFO is better for taxes in an inflationary environment, so the way I remember that USGAAP allows it and IFRS doesn’t is that I think “Americans like to dodgy up their taxes so they pick whatever inventory method suites them best”. It’s stupid, I know, but I remember it this way. Anybody else out there care to share the embarrassing associations they’ve created to memorize stuff? Come on, let’s hear them.
I downloaded the following which is quite helpful in summarizing ALL the differences but it’s still way more information than I think I’ll ever be able to retain for the exam (in addition to all the other stuff we already have to remember).
http://www.finquiz.com/tips
I’m going to try to remember as many as possible, but I think realistically I’m hoping I can narrow them down to a “top 15” list of some sort, and just remember that, and hope for the best on the rest.
Questions for the veterans as well as the newbies:
1) Am I being crazy thinking I’m going to get away with this?
2) Regardless of answer to above, would agree that certain IFRS/USGAAP difference are more important to remember? For example, that USGAAP allows both FIFO/LIFO whereas IFRS only allows FIFO seems to be one that is emphasized more than others. If I’m going to remember any rules, this should be one of them. What other rules do you guys think are heavily emphasizes and more likely to be tested on.
3) Have you guys noticed any patterns of any kind in the rules (i.e. USGAAP is more leniant, IFRS doesn’t allow lots of things, etc.), something to allow one to make an educated guess if in doubt.
4) Sometimes the best way to remember this sort of material is to create associations for yourself. For example, in the LIFO/FIFO example above, LIFO is better for taxes in an inflationary environment, so the way I remember that USGAAP allows it and IFRS doesn’t is that I think “Americans like to dodgy up their taxes so they pick whatever inventory method suites them best”. It’s stupid, I know, but I remember it this way. Anybody else out there care to share the embarrassing associations they’ve created to memorize stuff? Come on, let’s hear them.