FAR Study Group – Q1 2018 - Page 10

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  • January 14, 2018 at 1:27 pm #1692913
    big_dolphin
    Participant

    @jnwilliams328, thanks! i've been using Wiley, and supplement with Ninja's mc. I read the material and take notes, then practice hundreds of mc and some sims.

    January 14, 2018 at 5:28 pm #1693028
    Jess
    Participant

    Quite impressive, did you pass on the first try? I take FAR on 1/16/18. I feel like I am on FAR overload and not quite sure if I have retained enough information.

    January 15, 2018 at 12:36 am #1693136
    J King
    Participant

    Good luck on FAR y'all!

    Just a friendly reminder: you may want to spend some time on Govt and NFP as they are decently heavily tested on exam, let alone the big change they did on NFP this year (Donor with/without restrictions).

    January 15, 2018 at 8:37 am #1693192
    Anonymous
    Inactive

    Yes, do not ignore NFP and government accounting-ridiculously heavily tested in MCQ!

    January 15, 2018 at 1:04 pm #1693307
    Jess
    Participant

    Hi All,

    I have my test tomorrow, I feel doomed. I have studied for the past three months and it feels like I have retained a fraction of the material. Do you guys have any recommendations on sections to review before the big day? Any advice would be greatly appreciated.

    January 15, 2018 at 1:37 pm #1693322
    itooshallpass
    Participant

    @Jess I felt just like that the last few days before taking FAR. I suggest taking a mental break and just doing something lighter like reading your notes or a short comprehensive quiz. Don't overdo it, you likely won't have any breakthroughs in the final 24 hours. Recharging my brain made me feel more confident, rested, and able to recall and apply what I'd learned. Good luck tomorrow!

    January 15, 2018 at 2:18 pm #1693366
    suzieemac
    Participant

    Quick question in reference to impairment loss under GAAP… I've been skimming the boards for the answer and I think I've come up with the correct statement that I need to memorize, but I want to be absolutely certain:

    “Impairment recovery: recovery is ALLOWED for fixed assets Held For Sale/Disposal (Not to exceed previously written down loss), Recovery is NOT allowed for fixed assets held for USE.”

    Can someone confirm that this is accurate? My head is spinning. Thanks in advance.

    AUD - 8/12/16
    REG - 10/7/16
    BEC - 11/18/16
    FAR - TBD

    #300before30 - Pass the CPA exam before my 30th Birthday.

    January 15, 2018 at 7:57 pm #1693556
    Jess
    Participant

    thanks! You are right, at this point, there isn't much I can. I will just relax and try to work on my flash cards!

    January 15, 2018 at 9:11 pm #1693588
    Anonymous
    Inactive

    @Suzanne-that's correct. Under IFRS recovery is allowed for both assets held for use and held of sale.

    January 15, 2018 at 10:09 pm #1693609
    suzieemac
    Participant

    @anyatver – Thank you!

    AUD - 8/12/16
    REG - 10/7/16
    BEC - 11/18/16
    FAR - TBD

    #300before30 - Pass the CPA exam before my 30th Birthday.

    January 16, 2018 at 7:39 pm #1693963
    Sween1012
    Participant

    I took FAR today. MCQ were tough – but nothing outrageous. I had 2:25 left for SIMS and finished them at exactly the last second. SIMS were complex with multiple documents for the majority of them. I just took my time and worked through them. I literally have no idea how I did, so I am just hoping for the best. I took AUD in December, and I plan to take REF in February, then BEC the first week of March. Just want to get this done!

    January 16, 2018 at 7:53 pm #1693970
    satyakatiwal
    Participant

    FAR retake : focused on SIMs as per Blueprint. Any suggestions for preparing SIMs ?

    January 16, 2018 at 8:59 pm #1694003
    Sween1012
    Participant

    @satyakatiwal I feel like it's really easy to get overwhelmed with SIMS. Practice the method of how to approach them (specifically the ones with multiple source documents). You shouldn't have to look at every document for each questions (usually). Each question tends to relate to 1 or 2 documents. So if you haven't already, I'd just suggest to get familiar with how to handle SIMS since it is difficult to pin point which type of SIMs you will have.

    January 16, 2018 at 9:00 pm #1694005
    Sween1012
    Participant

    Basically, after reading the question, you should I have an idea of what you are looking for to answer the question, rather than having to sift through and make sense of everything all at once.

    January 17, 2018 at 7:41 am #1694083
    satyakatiwal
    Participant

    Sween1012 , can u explain hwhat u mean by each question relate to 1-2 documents. Any suggestions on SIMs approach? How you prepared SIMs ? I am focusing on bond ,lease ,cash flow , inter company,new revenue recognition, pension for SIMs. Basically going by analysis items from Blueprint.
    For mcq ,giving importance to NFP/ Govt.

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