GAAP vs. IFRS Overview
Two Major Financial Reporting Frameworks
Although the CPA FAR exam primarily focuses on U.S. GAAP, candidates should understand the existence of International Financial Reporting Standards (IFRS), which are used in many countries around the world.
Note
Unless specifically stated otherwise, assume CPA FAR questions use U.S. GAAP.
Summary
Understanding both frameworks provides context, but mastering U.S. GAAP is the priority for CPA FAR.