I am from non-commerce background, appearing for L1 in june 2014. I am doing FRA these days and finding it very difficult to remember diifferences suggested by US GAAP and IFRS. Almost every topic has two things to remember one from US GAAP one from IFRS. How do you guys do it?
Though I came from commerce background; my major is not in area of accounting. I am reading FRA too and I am now at Study Session 9 (Reading #30). I have to agree with you that it’s sometimes quite taxing to differentiate between the ‘can’ and ‘cannot’ under both accounting standards.
I think there is no hard and fast rules to remember the differences e.g. Under IFRS LIFO is not allowed whereas U.S. GAAP allow for cost flow assumption choices. Personally, as much as I can, I will make sure I understand the underlying concepts before turning my attention to the standards; their differences per se.