[LD]

I only have 3 days to review before my exam and I’m wondering what you would focus on for the review? If you only had a chance to review the top topics over a long weekend, what do you wish you had looked over?

[Eaglebig4]

focus on Goodwill/amortization and Not-for-profit organizations
They are heavily tested during my exam.

[Eaglebig4]

and IFRS/GAAP difference by the way

[LD]

thank you! IFRS in all topics/areas?

[Eaglebig4]

I think at the very end of Becker FAR, you will see a table showing all differences between IFRS and GAAP that you might see during the exam…understand (even memorize) them definitely would increase your chance of passing

[LD]

@eaglebig4 very cool! thanks for the tip!

[Anonymous]

Government and Nonprofit. Know those two areas cold. I got about 15 MCQs on those topics and after the 15th one I was like “Stop it already, enough!” haha
They'll be on your score report too, as to how well you handled them.
I flunked FAR this past time, but I did well on the Govt/NPO questions because I did study them a lot. The other areas to study, no clue. Some people get a bunch
of questions on pensions and stock options, some don't. Some people get a bunch on assets and depreciation, some don't. If I had to answer the question in a single
sentence – or two words (like I just did right here), it would be, “Know everything, but especially government and nonprofit.”

[rb2017]

Governmental stuff
Funds are easy points if you get down the Graspp Se Papi and whether they use modified/full accrual accounting basis.
Also the journal entries and names of financials. At least just read through once how funds move around once so you have a general understanding. Same for NFP – the questions are very basic but if you don't review them you'll lose out on easy points!

Also the types of contract revenues – I forgot to review that right before the test and totally blanked.

Good luck!

[LD]

thanks @crazyleon what do you think about construction accounting? % completion, etc? i already forgot that entire chapter.

[LD]

thanks @toni!

[LD]

how about pensions and/or leases and bonds payable – did anyone feel like pensions were heavily tested? or if i have a basic understanding is that enough? the JEs are killing me, there's so many to remember

[Anonymous]

Toni and OP –

You can also use the mnemonic PDCSG, IPIPEA for remembering the governmental funds… Translation: (The) Police Department Consents to Smoking Grass. (I smoke my) PIPE Alot

Also, know that the fund financials and the government wide financials go right after the MDA (Management discussion and analysis) section and the notes and budgetary stuff go
after the financials. You can remember this by
Many Green (marijuana) Fields, Never Brown…. Management Discussion/Analysis, Fund Financials, Government-wide financials, Notes to financials, Budgetary schedule.

Oops Toni nevermind, you already passed FAR, good job!

[Anonymous]

@lczar Yes pensions can get heavy testing. They are a royal pain in the ass, I hate them with a ****ing passion, I will never use them in a job, but yes. I need to go back and thoroughly review pensions before my retake, thanks for the reminder.

Yes, bonds payable also can get heavy testing. Those JE's are simpler. My strategy for that was to know my amortization table (learned in intermediate acctg) very well too. I remember doing a practice question or two or three (conceptual and numerical) about straight-line amortization of discount/premium and how that affects retained earnings and bond carrying value. Straight-line, as opposed to effective-interest (usual one.)

[Eaglebig4]

Pensions/bonds are not heavily tested in my exam–just know the basic formulas and concepts.
Also don't forget Franchise accounting and know the JEs–they are easily neglected.

[rb2017]

Yes definitely construction revenues! You might not get a lot of mcq on it but that can easily be a sim. Also I didn't see any crazy pension questions, maybe just figure out how to get to the pension cost.

[Anonymous]

Some of us got more heavily tested than others in certain areas. Sorry if my answers conflict with those of other people. Bottom line is what I said earlier “Know it all, but esp. govt and nonprofit”

[Author]

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