3 days until FAR

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  • April 7, 2012 at 2:03 pm #169194
    Anonymous
    Inactive

    I take the exam on Tuesday. This past week, I’ve been focusing on Stockholder’s equity, bonds/leases, consolidations, statement of cash flows, pensions, NFP, gov’t, and nonmonetary exchange since I feel those are the really important subjects.

    What I haven’t done, however, is brush up on the smaller subjects that I’m not as familiar with, such as sale-leaseback, foreign currency accounting, partnerships, troubled debt restructuring, ratio analysis, and estimated accrued liabilities. With 3 days until the exam, how much time should I put into these “smaller” subjects? I still plan on doing Becker/Wiley MCs on the bigger subjects.

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  • April 7, 2012 at 3:04 pm #337717
    mgoloubenko
    Member

    Right there along with you. I think with FAR it really seems like the devil is in the details, when I went over problems I kept seeing questions about 1)transactions that lack commercial substance 2) treatment of small stock dividend compared to large. It seems likely we'll get some questions on that. How do you feel about governmental and not-for-profit? I was confident in the material when I was doing the Becker homework, but the practice final questions were a lot more intense than that.

    FAR 4/9/12- PASSED
    BEC 7/13/12- PASSED
    AUD 8/16/12- Ughhh 71, Rematch: 90!!!
    REG-12/6/12 PASSED

    USC MAcc- Fight on!

    They say good things come to those who wait, but only those things that are left by those who hustle.

    April 7, 2012 at 3:08 pm #337718
    Anonymous
    Inactive

    Remember that Gov/NFP is 20% of the exam and there are no simulations relating to them.

    April 7, 2012 at 3:17 pm #337719
    mgoloubenko
    Member

    I've heard that people did have Gov't/NFP simulations.

    FAR 4/9/12- PASSED
    BEC 7/13/12- PASSED
    AUD 8/16/12- Ughhh 71, Rematch: 90!!!
    REG-12/6/12 PASSED

    USC MAcc- Fight on!

    They say good things come to those who wait, but only those things that are left by those who hustle.

    April 7, 2012 at 3:19 pm #337720
    ledgermaven
    Member

    a friend had one sim on gov.

    April 7, 2012 at 4:02 pm #337721
    hopecpa
    Member

    ya u can get sims on govt, but i had another Q, do u think we need to prepare for price level basis of accounting i see some mcq in gliem but is not covered in wiley…

    April 7, 2012 at 4:04 pm #337722
    mgoloubenko
    Member

    I haven't seen any question in Becker about price level basis, and I think it's because you would need to have really good rationale to be allowed to use that basis.

    FAR 4/9/12- PASSED
    BEC 7/13/12- PASSED
    AUD 8/16/12- Ughhh 71, Rematch: 90!!!
    REG-12/6/12 PASSED

    USC MAcc- Fight on!

    They say good things come to those who wait, but only those things that are left by those who hustle.

    April 7, 2012 at 4:12 pm #337723
    hopecpa
    Member

    i think i will just ignore it…..lots of other major things to concentrate right now and i think i cant spent time on that now.

    April 7, 2012 at 4:13 pm #337724
    Anonymous
    Inactive

    To be honest, I really don't know how Gov't and NFP will turn out for the exams. I scored really high on the Becker and Wiley test bank questions regarding govt'/nfp. The ones on the final exam were a bit harder, but not too bad. The Wiley test bank questions for those were just as easy as Becker so I don't know what to expect. By the way, if you're using Becker 2011, there are a few NFP questions in the 2012 Wiley test bank that weren't covered at all on Becker 2011.

    I think with NFP, you have to really focus on knowing how to classify things as either unrestricted, permanent, and temporary. I think working out JEs, especially when there were transactions that required reclassification, really helped me solve those

    EDIT – I hate Dollar value LIFO. I know how to solve the way Becker taught me, but there are some questions that require voodoo magic to arrive at the answer.

    April 7, 2012 at 4:15 pm #337725
    hopecpa
    Member

    this exam is full of surprises dont know what will suddenly pop up in the next MCQ so just makes me tensed to leave any topic though, but that said cant study topics which r covered only in few review courses, better to concentrate on topics which r covered by all the review courses, what say ppl.

    April 7, 2012 at 4:15 pm #337726
    mgoloubenko
    Member

    I feel pretty good about governmental, but I am having trouble distinguishing some contributions in NFP like the difference between assigned and committed. How is that not the same lol

    FAR 4/9/12- PASSED
    BEC 7/13/12- PASSED
    AUD 8/16/12- Ughhh 71, Rematch: 90!!!
    REG-12/6/12 PASSED

    USC MAcc- Fight on!

    They say good things come to those who wait, but only those things that are left by those who hustle.

    April 7, 2012 at 4:19 pm #337727
    Anonymous
    Inactive

    isn't assigned and committed only for GRaSPP fund balances for gov't? NUCAR

    I thought NFP contributions can only be classified as permanent, temporary, and unrestricted? PUT

    April 7, 2012 at 4:20 pm #337728
    hopecpa
    Member

    i too find them too confusing mgoloubenko.

    April 7, 2012 at 4:32 pm #337729
    mgoloubenko
    Member

    ahhhh sorry you're right, I just lumped that into one category.

    FAR 4/9/12- PASSED
    BEC 7/13/12- PASSED
    AUD 8/16/12- Ughhh 71, Rematch: 90!!!
    REG-12/6/12 PASSED

    USC MAcc- Fight on!

    They say good things come to those who wait, but only those things that are left by those who hustle.

    April 7, 2012 at 4:45 pm #337730
    hopecpa
    Member

    i have a doubt about these pledges, if a person pledges to contribute 10000 for each 10 years should we recognise a revenue of 100000 this year or 10000 every year for 10 years.

    April 7, 2012 at 8:11 pm #337731
    ledgermaven
    Member

    restricted – someone else locked us into spending the funds this way; committed – we locked ourselves into this type of spending. assigned – we intend to spend money for this purpose, even at the board level. assigned is not permanent.

    I suggest we also study IFRS IFRS IFRS…

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