About to finish reading the second book and I realized that their are a lot of regulatory examples (US, Europe, Canada Japan each with different requirements etc…) Are we suppose to memorize how each rule treats, for example, diffferent institutional investors classification. or will they be described on the exam?
I would imagine that any regulatory rules will be given to us on the exam. This is not a law exam, nor is it a tax exam. They’re not going to test us on the details of the Internal Revenue Code, but whether or not we can put together concepts.
That’s what I believe will happen on gameday.
Hope you’re right. the reason I asked was in level 2 accounting we had to know the difference between gaap and international standards…
No they are not going to test on that.
Yeah, but that’s because there are only two standards–GAAP and IFRS. One of the two will apply to all companies, regardless of where they are. And they’re 95% the same. The differences were not that great.
Tax codes and regulatory requirements vary from state to state (just in the U.S.), and from country to country. They don’t expect us to memorize all the laws from all the countries. For example–you may have to remember the formula for income tax drag, but you don’t have to remember that the income tax rate is 35% for all income over $379,150 plus $102,574 for a married filing jointly return, including the 4.2% of all earned income up to $4,486, plus 1.45% of all earned income with no limit.