Browse CFA Level 2

Chapter 2: IFRS and US GAAP—High-Level Differences

In this section

  • Conceptual Frameworks and Presentation Variations
    Explore how IFRS and US GAAP conceptual frameworks guide the development of accounting standards, highlighting principles- vs. rules-based approaches and key financial statement presentation differences.
  • Financial Instruments: Classification and Measurement
    Explore IFRS 9 and US GAAP frameworks for classifying and measuring financial instruments, highlighting differences, real-world implications, and exam-ready insights.
  • Revenue Recognition and Key Divergence Points
    Explore the five-step revenue recognition model under IFRS 15 and ASC 606, uncover critical differences in contract costs, licenses, and collectability, and learn how timing impacts earnings and disclosures.
  • Practice Vignette: IFRS vs. US GAAP Basics
    Explore a comprehensive walkthrough of IFRS vs. US GAAP key differences through a practice vignette, including real-world scenarios, practical tips, and exam-focused insights.
View the page source Edit the page History
Sunday, June 22, 2025 Monday, January 1, 1

Important Notice: FinancialAnalystGuide.com provides supplemental CFA study materials, including mock exams, sample exam questions, and other practice resources to aid your exam preparation. These resources are not affiliated with or endorsed by the CFA Institute. CFA® and Chartered Financial Analyst® are registered trademarks owned exclusively by CFA Institute. Our content is independent, and we do not guarantee exam success. CFA Institute does not endorse, promote, or warrant the accuracy or quality of our products.

Chapter 1: Orientation and Exam Framework
Chapter 3: Intercorporate Investments—Foundations