now that they want to converge the two standards, that’s job guarantee for all accountants
Cut and dried, shouldn’t have been on there as a liability unless it was measureable under IFRS. For _G_AAP, a _G_uess is good enough (estimable, more likely than not to occur = guess from counsel/accounting). Not so for IFRS. Total BS that 90% of these types of questions were IFRS-based on the exam, I guess that’s CFAI’s gentle way of reminding us where accounting standards are heading.
^they sent us an email 1 month before the exam stating that the questions would IFRS and not GAAP based.
Didn’t get that email #$%