FAR Study Group – Q1 2018 - Page 13

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  • January 30, 2018 at 12:33 pm #1705039
    SONA
    Participant

    By the way what are you studying with? When is your exam?

    January 30, 2018 at 8:06 pm #1705189
    Sir Plus
    Participant

    just got to pensions, kill me … now

    January 30, 2018 at 8:13 pm #1705195
    Anonymous
    Inactive

    Pensions are ’’G-R-E-A-T’’, hahaha.

    I think, pensions are lesser evil than consolidation.

    January 30, 2018 at 8:30 pm #1705201
    Anonymous
    Inactive

    @SONA-not sure if your question was to me but I will answer it anyway-for my retake I am using Ninja for MCQ and Becker for SIMS/book. My test is scheduled for 2/12

    January 30, 2018 at 9:01 pm #1705213
    Sir Plus
    Participant

    @Amor

    Don't scare me, I'm not even there yet 🙂

    I think that's chapter 31 on Roger software.

    … thirty-one chapters .. FML!

    January 30, 2018 at 10:56 pm #1705233
    pcm
    Participant

    30 days into watching cpa excel and feel that i am falling behind because of time spent on videos – starting tomorrow i plan to only do practice tests until my exam in march-anyone else feel that videos put you behind

    my uncle passed the exam only doing practice exams – never read a book or watched a lecture

    GL!

    January 30, 2018 at 11:47 pm #1705248
    Anonymous
    Inactive

    With such a limited time, yes, skipping lectures is smart. However, I will need to read the book before I can have the confidence to tackle the MCQs and SIMs. I'm 95% finished with the book and I cannot wait to begin pounding 100-300 NINJA MCQs a day.

    January 31, 2018 at 12:51 am #1705254
    J King
    Participant

    So I know I shouldn't be thinking about this but if I failed FAR when scores are out next week, I would think it's because of me not having any idea how heavily tested Gov't and NFP were. Saw about 8-9 questions about NFP.

    With SIMs, I bombed 2/8 of them; one was partially answered. Had a DRS that was too damn long. Then finished research in 3-4 minutes (I should be able to get credit from those!).

    One thing I would also regret is my terrible time management. I took the standardized break with 1 hr 25 mins remaining. I am the kind of test taker that doublechecks his work before leaving the point of no return. Had I properly managed my time, I would've spent a good time on the SIMs I bombed. But it was my first ever exam, mistakes are bound to happen and we are meant to learn from them.

    That all said, at least I have thought of a back-up plan just in case I failed FAR.

    January 31, 2018 at 8:55 am #1705359
    m.91
    Participant

    I have 2 days until my exam (2/2/2018) and would like to get some clarifications on a few calculations.

    How do i calculate:
    – the imputed interest rate of LT debt with no rate or unreasonable rate?
    – effective interest rate when bonds are issued at a premium or discount and issuance costs?

    Pensions-

    Service charge is now categorized as a compensation expense, however is it still included in the calculation for net periodic pension cost? When you do the journal entry Service charge is not included in the net periodic cost balance? Correct?

    here is what i believe the JE is:

    DR: compensation expense (this is the service charge)
    DR: Net periodic cost ( this is IRAGE)
    CR: Pension benefit liability (SIRAGE)

    or if the plan is over-funded plan

    DR: Compensation expense (S)
    CR: Net periodic pension cost (IRAGE)
    CR: pension benefit liability (SIRAGE)

    January 31, 2018 at 11:15 am #1705420
    Sir Plus
    Participant

    @m.91

    Where are you getting your info for Pensions from?

    I have Roger and haven't seen that entry in my review course.

    January 31, 2018 at 11:32 am #1705426
    Anonymous
    Inactive

    Pension journal entries

    Pension Journal Entries

    January 31, 2018 at 1:36 pm #1705479
    SONA
    Participant

    @anyatvar Yes, That question was for you.

    To all, I am scared after reading all the posts after my post. Some people are already done with listening to the review and they are only practicing for a month for exam in march.

    I need an honest suggestions from you all about should I take FAR on 9th March. I have done Roger's Section 1 Conceptual framework, 5 Financial instrument,,6 Foreign Operations, 7 Inventory, 14 Pension & post employment, 20 Interim Financial reporting, 24 Going concern Issues. Roger have total of 31 chapters and my plan to finish all by 20th Feb with practicing on every sundays the chapters I have done.

    I did not buy any Supplement for FAR yet, thinking for Wiley MCQs + TBS or NINJA mcqs.

    Please suggest me in this regard. My REG score expiring 14th April, so I want to give FAR in March Q1 and then if result is negative then I would retake in April 1st week.

    January 31, 2018 at 2:24 pm #1705495
    J King
    Participant

    @sona, didn't know you were taking Roger too. Good to know!

    Definitely take the FAR on March! To me, the heavily tested areas seem to involve around fixed assets, bonds, contingent liabilities, cash flows, and Gov't/NFP. But still, you have to digest basic concepts from each chapter. What I did was every 10 Roger chapters I finish watching, I would go back to chapter 1 and do a quick review/MCQ drills to refresh memory. Be familiar with how you navigate research questions and drill Roger SIMs.

    If you read my FAR experience few posts above, I'd say Roger prepared me decently enough for SIMs, had I not been terrible on time management. Supplements are always good. I have read Roger + Ninja is a great combo MCQ-wise while Roger + Gleim TB if you want to feel confident taking on actual SIMs.

    January 31, 2018 at 3:00 pm #1705509
    m.91
    Participant

    @sir Plus

    I received this from Becker FAR Chapter 7

    January 31, 2018 at 4:03 pm #1705513
    Anonymous
    Inactive

    As for some changes on revenue recognition, Statement of Functional Expenses is OUT, as in gone?
    So it is no longer required for Voluntary Health & Welfare Organizations [VHAWO] and NO LONGER encouraged for other organizations?

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