IFRS vs GAAP spreadsheet

CFA Level I
#21

wow, posting your email address so spammers can flood you with spam… hope none of these addresses are important…

#22

njlevel posted it above… cant believe no one is seeing the link… http://www.mediafire.com/?wyyyjjozywm

#23

Thanx a ton…!!!

#24

Thanks so much :slight_smile:

#25

please mail the spreadsheet prhegde2000@gmail.com

#26

For IFRS “Construction Contracts across multiple Accounting Periods,” this spreadsheet states, "“If Revenues and Costs can be reasonably estimated Percentage Completion Method is used If not then Revenue recognized to the extent of Costs incurred Profits to be recognized at Contract Completion” " I believe that percentage completion method is the same as ‘revenue is recognized to the extent of costs incurred.’ Could someone please confirm if the spreadsheet is correct, and if so, what the difference is between percentage completion method vs. ‘revenue is recognized to the extent of costs incurred.’

#27

No the two methods are very different. Difference lies in how the profits are recognized each year. In % of completion method, profits are allocated to each year in proportion to the contract completed during the year. Whereas, in completed contract method, under IFRS, no profit is recognized till the project is completed.

#28

SpyAli, I think you misread the question altogether. I am asking if there is any difference between: percentage completion method vs. ‘revenue is recognized to the extent of costs incurred.’ …

#29

I don’t think so. “revenue is recognized to the extent of costs incurred” method and “Completed Contract method” are one and the same thing “under IFRS”.

#30

SpyAli Wrote: ------------------------------------------------------- > I don’t think so. > “revenue is recognized to the extent of costs > incurred” method and “Completed Contract method” > are one and the same thing “under IFRS”. They are not the same thing. Completed contract means you don’t record any revenue or profits until the project is complete. Extent of costs incurred means you only recognize revenue equal to your costs. IFRS uses the latter.

#31

can someone please send it to me too???Really need some help on this niamhanndempsey@gmail.com Thanks

#32

Pls me too! buzzobject@gmail.com Thanks

#33

can some one send it to me pls? neil89@gmail.com

#34

mirjanamk@hotmail.com pls also to me. thanks

#35

hollar at your boy too nycgorilla@gmail.com

#36

Oh boy! This thread’s back. There was another one which has more than 100 posts on it. Alright so I believe that this spreadsheet was made by rus1bus who took the exam in June 09. Diligent as he was (and he was bloody smart too), I do not think he could have forseen the changes in IFRS and U.S. GAAP since then. I know there has been one for sure relating to capitalized interest. So PLEASE make your own notes. Good luck

#37

Please send the spreadsheet to pezbot76@hotmail.com Thanks!

#39

please send it to me Please! nupuraggarwal84@gmail.com

#40

Please send it to pezbot76@hotmail.com Thanks

#41

and abhijitc4u@yahoo.co.in please