Hello everyone, I am reading through the FSA book and I was wondering, for those who took the test in December, how much emphasis, if any, was on specific disclosure requirements for financial statement items on the test. While this information is good to know, I am finding it difficult to try to memorize the specific GAAP and IASB references. There isn’t anything that specifically calls out this knowledge in the LOS’s but I want to make sure that I cover everything that I need to. Thanks in advance for your replies. Best, TheChad
hmmmm i wouldnt bother trying to memorise the specific references…
I did see those type of questions on the CFAI sample tests, but I don’t recall how many were on the real exam.
oh yeh? i dont remember that…unless im thinking of something totally different…
In case there is any confusion as to what I am asking about, I am referring to sections that detail changes to requirements in financial reporting due to the creation of madates in GAAP and the IASB. For example, do I need to specifically memorize all of the provisions of SFAS 143 (as they deal with Asset Retirement Obligations) and when it was implemented or could I simply have a general understanding of how ARO’s are handled without having to memorize which specific FASB section it falls under? Thanks again, TheChad
I can’t remember if this was on the actual exam or on the sample CFAI exams, but there were questions related to AROs and how they affect certain ratios. Mostly they do bad things. I think a general understanding is probably fine. You don’t really need to memorize which section they fall under. At least that was my experience.
yeh i agree with prossetti… to give you some peace of mind read the LOS and see exactly what it requires of that topic…