How to tell if we are dealing with US or IFRS?

CFA Level I FRA
#1

Two brief questions relating to FRA assumptions:

  1. If we see foreign currency units but no mention of GAAP or IFRS, do we assume IFRS?

  2. Furthermore, my qbank told me: When a question does not specify which accounting standards apply, candidates are instructed to assume International Financial Reporting Standards (IFRS). I need to confirm that this is true, as I thought we were to assume US GAAP.

#2

There’s your confirmation.

#3

CFA Institute has moved from a US GAAP-centric world to an IFRS-centric world.

My Level II candidates assure me that on their Level I exams the applicable standard was always mentioned explicitly when it would make a difference in the answer.

#4

Thank you for the insight. I look forward to taking your level 2 course next spring.

#5

Those Level II candidates violated Standard VII of the Codes and Standards.

#6

Shhhhh!

#7

I would expect that the exam would mention, whenever necessary, whether to use IFRS or US GAAP.

If you want to confirm, you can email CFA Institute.

BullishBear Finance

#8

Edupristine?? Is that you??