[Anonymous]

Hello guys,

I’ve been reading comments and using this forum as help for my preparation to pass the darn CPA exams.
Today what motivated me to take 10 mins of my time and post for the first time are the new changes of the exam content for Q1. STUDY THE NEW CHANGES ( INVENTORY VALUATION METHOD & NON-CURRENT DEFERRED TAXES) I WAS HEAVILY TESTED ON THIS CHANGES INCLUDING A SIM FOR THE NEW INVENTORY VALUATION METHOD. I was thrown at least 10-12 question on these changes.

Consider this as a warning, not an advice lol.

Good luck to all!!

[Cruzer]

Thanks for the heads up. Where would this stuff even be in NINJA products? I believe the deferred taxes as non current is but what inventory valuation are you talking about (without being so specific to providing exam content)?

[728daniel]

When you said inventory valuation method…did you mean lower of cost or market for GAAP and lower of cost or NRV for IFRS?

[Anonymous]

@Cruzer & @728daniel

here is a great short video from Jeff regarding the updates.

2017 CPA Exam Update Summary

You guys are on the right track with the Q1 changes. GAAP method is equal to IFRS but with a small tweak for LIFO and the Retail Method.

[Cruzer]

@andito0527 Kind of sounds like most could be pretest if newly adopted, don't you think? Regardless, everything is fair game. It's why the CPA exam stands for Cant Pass Again.

[Author]

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