As you all know by now (from the CFA Institute): “For questions relating to financial reporting and analysis, you should assume International Financial Reporting Standards (IFRS) apply unless otherwise noted.” So here’s my question: If the q. is about US-based firm, and the reporting currency is in US$, BUT does not say that co. reports in GAAP. Is that enough to assume GAAP? I fear trick questions here a la typical CFA ethics shenanigans. Thoughts? Strategies?
yes. I am sure CFAI will say GAAP. Don’t worry
I think you have to assume IFRS unless it specifically says in the problem or footnote that they report in GAAP. No hinting, it eeds to be a definitive statement. They can’t expect us to have to try and figure it out on every single question… well maybe they can, but that would be supremely f*cked up. Here’s to hoping the CFAI decides to be nice.
oh this is really sh*t news. there could be lots of potential influences, FS, CORP, EQUITY … anywhere we can find a comprehensive list of difference betwen IFRS & GAAP, especially for CFA exam?