So I am about 1/3 of the way through FRA, and I am seeing this recurring theme of IFRS doing things one way and US GAAP doing things another. Most of the time, its a simple IFRS gives you 2 choices of how to handle something and GAAP gives you one or visa-versa. However, I can already see that when its all said and done there will be a laundry list of these items.
So, the question is, should I expect to be challenged on the differences and committing them to memory? Should I expect to see exam questions that intentionally put answer choices that are ok under GAAP but not under IFRS to test whether I know that? Should I expect to see conceptual questions that flat out ask me if its acceptable to do something a certain way under IFRS?
Any guidance on this would be appreciated.
Thanks