“For questions relating to financial reporting and analysis, you should assume International Financial Reporting Standards (IFRS) apply unless otherwise noted.” Isn’t this different than previous? I’m almost positive for L1 it was assume GAAP applies unless otherwise noted.
Wow really I didn’t read it yet. Can anybody else confirm?
That is what it says. I found it strange too.
wtf
I think this is too important to be thrown in at the end of that dorky newsletter, which is usually just repeated text from previous times.
should send a note to cfai and ask for confirmation.
Good finding. I just re-read the letter and this is indeed what CFAI said.
So I just add FSA Synthesis back to my study list after this curveball… Will be doing it again from IFRS perspective, sigh 
was that the standard last year as well?
good q mp2438 someone needs to confirm this with them when they open tomm. bet the current L1 / L3 people got this curveball email too.
i think it is aimed at the mark-to-market suspension, it’s the most significant change recently.
There is a convergence going on between GAAP and IFRS. CFAI is just keeping up with the times
True, but a heads up more than one month before the exam would have been nice.
That explains why a lot of the end of chapter problems on the CFAI book use an IFRS approach. I thought they were just trying to show something under a different accounting std, but that statement on the newsletter explains it.
This is due to the outdated rules from GAAP, if you attend the John Harris FSA workshop, you will know there are lots of instances where US GAAP (from the textbooks) are outdated, e.g. the funded status, the new US GAAP no longer requires adjustments… things like that…
Mmmm… FML. Just when I thought I was really getting somewhere with this studying.
wtf? Well at least its a headup to go over IFRS doubletime
good for me as use only ifrs
I just checked the ‘CFA Candidate Newsletter May 2008’ that I received last year from CFAI, there is no mention as to which standard to assume on exam in that mail. This instruction has been made only this time around.
Thanks for pointing that out