What are the most important IFRS/GAAP differences that you are taking with you to the test?

CFA Level II
#1

This question came about when I was reading a bunch of IFRS/GAAP differences in Pensions. Here’s an important one:

Under IFRS re-measurements are fully and immediately recognized in OCI. Afterwards they are not amortized to P&L. In GAAP they can be recognized in the P&L or recognized in OCI and then amortized via corridor method or other method.

#2

Treatments on the income statement and OCI for pension expenses and actuarial gains/losses.

Reclassification of financial assets

Hyperinflation in currency translation

Impairement of goodwill, inventory, and fixed assets

I think these are the important ones.

#3

None.