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Study Session 6: Financial Reporting and Analysis: An Introduction

Dumbed down Accounting ....what you need to know!!!

Here’s my version of dumbed down FSA.  I’m hoping this helps someone who like me can’t seem to get things straight.  Please feel free to correct my errors.  Goodluck to us all

How assets are carried on Balance sheet/Income statement.

Current Asset

Cash and Cash Equivalent :

 Measured on Balance sheet at Fair Value under both IFRS and US GAAP

Financial Securities:

Only three types:

USGAAP vs IFRS - Tricks and patterns to absorb this crap

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

U.S. GAAP vs IFRS

I can recall how hard it was for me to remember the similarities and differences between IFRS & USGAAP. Eventually to cope with them I ended up in making a comparison chart which really helped me out in revising when the exam was approaching. I found a more organized and sorted out comparison chart between IFRS and USGAAP here http://www.finquiz.com/tips