CPA Financial Accounting and Reporting (FAR)

Certified Public Accountant Financial Accounting and Reporting examination.

Conceptual Framework of Financial AccountingFinancial Statement Preparation and PresentationRevenue Recognition
Accounting for Income TaxesLeases: Lessee and Lessor AccountingBusiness Combinations and Consolidation
Analyzing Financial StatementsApplying GAAP and IFRS to Real-World ScenariosEthics and Professional Responsibility in Financial Reporting
Mastering Multiple-Choice QuestionsTime Management on Exam DayApproaching Simulations and Case Studies
Conceptual Framework...Financial Statement ...Revenue RecognitionAccounting for Incom...Leases: Lessee and L...Business Combination...Analyzing Financial ...Applying GAAP and IF...Ethics and Professio...Mastering Multiple-C...Time Management on E...Approaching Simulati...
Practical Applications

Applying GAAP and IFRS to Real-World Scenarios

Navigating Global Standards

GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards) are the two major sets of accounting rules.

Key Differences

  • GAAP is used mainly in the United States, while IFRS is global.
  • Some rules, like those for inventory and revenue recognition, differ between the two.

Real-World Application

Companies operating internationally must adjust their reporting to comply with both sets of standards.

Examples

  • A U.S. company expands to Europe and reconciles its statements to IFRS for local regulators.

  • An auditor reviews a multinational firm's financials prepared under both GAAP and IFRS.

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Ethics and Professional Responsibility in Financial Reporting