Thank you for sharing! I really hope you passed!
Do you have any advice how to prepare for SIMS? I'm planning retake FAR in October and I had only 1 weak area II. Select Financial Statement Accounts (30–40%) and I was strong on MCQ's, but weak on SIMS and as a result I got 73. My plan is to use AICPA blueprint and master topics presented below. Do you think knowing those topics for SIMS would be helpful for you to pass the exam? I have problem of finding SIMS where I can learn about how to reconcile and investigate differences between the subledger and general ledger for the accounts like AR,PPE,Inventory.
Balance sheet/statement of financial position
A) detect, investigate and correct discrepancies while agreeing the balance sheet amounts to supporting documentation
B) calculate fluctuations and ratios and interpret the results while reviewing comparative balance sheets
Income statement/statement of profit or loss
A) detect, investigate and correct discrepancies while agreeing the income statement amounts to supporting documentation
B) calculate fluctuations and ratios and interpret the results while reviewing comparative income statements
Statement of comprehensive income
A) detect, investigate and correct discrepancies while agreeing the statement of comprehensive amounts to supporting documentation
Statement of changes in equity
A) detect, investigate and correct discrepancies while agreeing the statement of changes in equity to supporting documentation
Statement of cash flows
A) detect, investigate and correct discrepancies while agreeing the statement of cash flows to supporting documentation
B) derive the impact of transactions on the statement of cash flows
Notes to the financial statements
A) compare the notes to the financial statements to the financial statements and supporting documentation to identify inconsistencies and investigate those inconsistencies
Consolidated financial statements (including wholly owned subsidiaries and noncontrolling interests)
A) detect, investigate and correct discrepancies while agreeing the consolidated financial statement amounts to supporting documentation
Cash and cash equivalents
A) reconcile the cash balance per the bank statement to the general ledger
B) investigate unreconciled cash balances to determine whether an adjustment to the general ledger is necessary
Trade receivables
A) prepare a rollforward of the trade receives account balance using various sources of information
B) reconcile and investigate differences between the subledger and general ledger for trade receives to determine whether an adjustment is necessary
Inventory
A) reconcile and investigate differences between the subledger and general ledger for inventory to determine whether an adjustment is necessary
B) prepare a rollforward of the inventory account balance using various sources of information
Property, Plant, and Equipment
A) prepare a rollforward of the property, plan, and equipment account balance using various sources of information
B) reconcile and investigate differences between the subledger and general ledger for property, plant, and equipment to determine whether an adjustment is necessary
Payables and accrued liabilities
A) reconcile and investigate differences between the subledger and general ledger for accounts payable and accrued liabilities to determine whether an adjustment is necessary
Revenue Recognition
A) interpret agreements, contracts and/or other supporting documentation to determine the amount and timing of revenue to be recognized in the financial statements
B) reconcile and investigate the differences between the sales subledger and the general subledger to determine whether an adjustment is necessary
Account changes and error corrections
A) derive the impact to the financial statements and related note disclosure of an accounting change or an error correction
Contingencies and commitments
A) review supporting documentation to determine whether a commitment or contingency requires recognition or disclosure in the financial statements
Leases
A) interpret agreements, contracts and/or other supporting documentation to determine the appropriate accounting treatment of a leasing arrangement and prepare the journal entries that a lessee should record.
Subsequent events
A) derive the impact to the financial statements and required note disclosues due to identified subsequent events
.