2 years out and starting the review for FAR using a Gleim review book

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  • July 28, 2011 at 1:36 am #161074
    Anonymous
    Inactive

    I have Gleim FAR CPA review book that I have been going over for the past 2 months. Just finished taking Intermediate Accounting 2 so that material is fresh on my mind. However, I had to relearn all the Intermediate 1 material and I did so by going through the CPA questions on the asset side of the balance sheet. Just started on payables and taxes today. I am 2 semesters away from being a candidate. I plan on taking FAR first so this is why I started this process, but I was interested to hear a 3rd party’s feedback on whether this is beneficial in some way or another or a waste of time. I already feel like I have benefitted(better speed and accuracy with problem solving etc.). Just curious to hear what others have to say. I am taking classes for the other 3 parts of the exam the next 2 semesters and plan on taking becker courses to help really pound the stuff in my head next summer. Also, what CPA software do people recommend the most?

Viewing 12 replies - 1 through 12 (of 12 total)
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  • July 28, 2011 at 1:58 am #291404
    IwannaBaCPA
    Participant

    To be honest, I think it is good to keep the info fresh in your mind, but as far as actually studying for the exam, you should really wait until you are closer to the time you are ready to take it. The exam is constantly changing, information is shifted around, new rules are constantly being added…Any materials you buy now will likely be kind of outdated by 2013 or whenever you would be taking the exam.

    Just my couple pennies…

    BEC: 79 - April 2011
    FAR: 78 - May 2011
    AUD: 81 - May 2012
    REG: 79 - October 2012
    Ethics: Passed - March 2013
    I am finally DONE!

    July 28, 2011 at 2:05 am #291405
    ilcpa123
    Participant

    Its a waste of time. You may not remember all that info when exam time comes around. The exam also changes over time so your study materials will not be up to date.

    10/2010 AUD (95) BEC (87)
    11/2010 REG (84) FAR (90)
    Wiley/Gleim

    July 28, 2011 at 2:12 am #291406
    IwannaBaCPA
    Participant

    Also, I am betting that IFRS and international standards will really affect these exams more in the coming few years…review courses you buy now will not include those changes. That and Becker expires in a certain amount of time, so you would run into that problem.

    BEC: 79 - April 2011
    FAR: 78 - May 2011
    AUD: 81 - May 2012
    REG: 79 - October 2012
    Ethics: Passed - March 2013
    I am finally DONE!

    July 28, 2011 at 2:17 am #291407
    Minimorty
    Participant

    Waste of time. Start again closer to graduation.

    July 28, 2011 at 2:26 am #291408
    T-rex
    Participant

    Yep, waste of time.

    AUD - 95, BEC - 85
    REG - 85, Rawrrrrrr FAR - 88
    Used Becker for all sections.
    CA candidate not residing in CA

    July 28, 2011 at 10:43 pm #291409
    Anonymous
    Inactive

    Yea, this stuff does seem really outdated to me at least. IFRS standards will change everything in the coming years, I agree with you on that one. For example, Dollar value LIFO; the concept of it as I was working through the respective chapter is just plain silly, why would a company be interested in applying this method of valuing inventories. I am taking IFRS vs GAAP this semester, thankfully because I read somewhere that IFRS material will be on the next CPA exam, whenever that may be. Ok cool, appreciate everyone's feedback.

    July 28, 2011 at 10:49 pm #291410
    Minimorty
    Participant

    IFRS is already on the CPA Exam.

    July 28, 2011 at 11:44 pm #291411
    mla1169
    Participant

    I agree that it's a little early but studying anything is never a waste of time. Just keep an eye out on this website, nasba, and aicpa for changes to the CPA exam. Maybe even create yourself a google alert for it!

    FAR- 77
    AUD -49, 71, 84
    REG -56,75!
    BEC -75

    Massachusetts CPA (non reporting) since 3/12.

    July 29, 2011 at 12:59 am #291412
    IwannaBaCPA
    Participant

    Yes, IFRS is already on the exam, but not at full force yet like it will be in a few more years…that and it is not replacing GAAP! You will see US GAAP change some, but you will not be tested on IFRS instead of GAAP…

    btw, Dollar Value LIFO may seem like a pain, but it is very useful for some businesses as it reduces the cost of inventory records. You don't have to keep track of the cost of every single item of inventory and it is an acceptable method for tax pruposes that can reduce tax liability in a period of rising prices…

    BEC: 79 - April 2011
    FAR: 78 - May 2011
    AUD: 81 - May 2012
    REG: 79 - October 2012
    Ethics: Passed - March 2013
    I am finally DONE!

    July 29, 2011 at 4:26 am #291413
    Anonymous
    Inactive

    I destroyed Intermediate 2 but that bears no relevance to how well I will fare on this part of the exam. I want to eventually get to the point where i can dissolve concepts and then situationally analyze them with ease.

    July 29, 2011 at 4:30 am #291414
    Anonymous
    Inactive

    Is dollar value LIFO still tested on FAR?

    July 30, 2011 at 4:44 pm #291415
    Anonymous
    Inactive

    @czttrgrn, yes, dollar value LIFO is still tested.

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