This topic has 28 replies, 9 voices, and was last updated 12 years ago by Anonymous.

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November 26, 2013 at 9:15 am #182045

Anonymous
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Hey everyone, need some FAR advice. I know this is going to sound a bit crazy but I’m trying to take FAR before the CPA exam requirements change in the state of California. Might as well give it a shot since I’ve passed 3 parts already and will be eligible to get my license under the old requirements (and not have to take additional courses) if I pass. Unfortunately, I’ve only finished Chapters 1-5 in Becker.. So that puts me in a pretty bad situation – I have to finish all of my review by Friday (sitting on Saturday morning).

So would anyone have any advice as to how to study the final 5 chapters? Or any warnings (do any chapters take much longer than others, etc.)? I was thinking of skipping chapter 10 since I hear that it’s not a major part of the exam. Then I’d have to skim through the final 4 chapters in 4 days.. Would anyone have any strategies they could suggest given my situation?

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November 26, 2013 at 5:26 pm #485321

Anonymous
Inactive

Sorry… I think the section in ch 10 with derivatives is called “Financial Instruments”

November 27, 2013 at 12:27 am #485296

Anonymous
Inactive

Thanks everyone! I will definitely study Financial Instruments in Chapter 10 then. I'll try and do the rest of Chapter 10 but will prioritize my last day reviewing everything I've learned over learning new material. I'll also skip the Optional Questions and budget more time for the cash flow section..

From the topics below, is there anything that stands out in terms of difficulty, importance, or the time spent on the material? I know sometimes sections may not take the same amount of time to complete – cost accounting/bonds/(anything with math) problems will take much longer than conceptual questions. I would think, although important, the governmental sections would be faster to get through? Any tips would be appreciated!

F6: Pensions and Income Tax Accounting

Pension Plans

Postretirement Benefits other than Pensions

Other Deferred Compensation and Benefits

Accounting for Income Taxes

F7: Shareholders' Equity, Cash Flows, & Ratio Analysis

Stockholders' Equity

Earnings Per Share

Statement of Cash Flows

Appendix I: Ratio Analysis

Optional Practice Questions

F8: Governmental Accounting

Governmental Accounting Overview

Modified Accrual Accounting

Governmental Funds

Proprietary Funds

Fiduciary Funds

Optional Practice Questions

F9: Governmental and Not-for-Profit Organizations

Governmental Accounting (Part B)

Not-for-profit Organizations

Optional Practice Questions

F10: FV, Partnerships, VIEs, ARO, Liabilities, Contingencies,

Subsequent Evvents, & Financial Instruments

Fair Value Measurement

Partnerships

Variable Interest Entities (VIEs)

Asset Retirement Obligations (AROs)

Troubled Debt Restructuring

Other Liabilities & Debt Covenants

Estimated and Accrued Liabilities

Contingencies

Subsequent Events

Financial Instruments

November 27, 2013 at 12:27 am #485323

Anonymous
Inactive

Thanks everyone! I will definitely study Financial Instruments in Chapter 10 then. I'll try and do the rest of Chapter 10 but will prioritize my last day reviewing everything I've learned over learning new material. I'll also skip the Optional Questions and budget more time for the cash flow section..

From the topics below, is there anything that stands out in terms of difficulty, importance, or the time spent on the material? I know sometimes sections may not take the same amount of time to complete – cost accounting/bonds/(anything with math) problems will take much longer than conceptual questions. I would think, although important, the governmental sections would be faster to get through? Any tips would be appreciated!

F6: Pensions and Income Tax Accounting

Pension Plans

Postretirement Benefits other than Pensions

Other Deferred Compensation and Benefits

Accounting for Income Taxes

F7: Shareholders' Equity, Cash Flows, & Ratio Analysis

Stockholders' Equity

Earnings Per Share

Statement of Cash Flows

Appendix I: Ratio Analysis

Optional Practice Questions

F8: Governmental Accounting

Governmental Accounting Overview

Modified Accrual Accounting

Governmental Funds

Proprietary Funds

Fiduciary Funds

Optional Practice Questions

F9: Governmental and Not-for-Profit Organizations

Governmental Accounting (Part B)

Not-for-profit Organizations

Optional Practice Questions

F10: FV, Partnerships, VIEs, ARO, Liabilities, Contingencies,

Subsequent Evvents, & Financial Instruments

Fair Value Measurement

Partnerships

Variable Interest Entities (VIEs)

Asset Retirement Obligations (AROs)

Troubled Debt Restructuring

Other Liabilities & Debt Covenants

Estimated and Accrued Liabilities

Contingencies

Subsequent Events

Financial Instruments

November 27, 2013 at 1:06 am #485298

Vick609
Member

First piece of advice – do NOT underestimate F8 and F9, ESPECIALLY if you've never taken those courses in college. It will be a completely foreign language if you've never taken a course in it or took an advanced course with a section on it. I read through it once and took notes on it, and really didnt pay any extra attention to it… and got BURNED.

IFRS is becoming increasingly important on the exam, so don't underestimate it, but really its much more entrenched in the FAR book then you think (i.e. you'll be reviewing something like leases, and there will be a little world icon below it with the IFRS rule, and that'll be the only mention of it)

10 would be the one to skip if you were going to skip any, although I would at least read it through once

You also might benefit from getting the NINJA notes for FAR (like around 100 something pages, single sided, nice big print) and reading through them a couple times after you dredge through the Becker once… the NINJA notes are to the point, no b/s, and really direct… also they clear up some concepts Becker seems intent on confusing you on. I can remember during my last attempt at FAR (finally passing), visualizing the NINJA notes for quite a few concepts… sure, I read them in Becker, but NINJA stuck in my mind.

It's worth a shot – sometimes you get lucky! I took BEC with only about 2 weeks of studying because my NTS was expiring… and shocked myself with an 83.

Good luck!

FAR - 66, 71, 76!
AUD - 75
REG - 82
BEC - 83

DONE.

November 27, 2013 at 1:06 am #485325

Vick609
Member

First piece of advice – do NOT underestimate F8 and F9, ESPECIALLY if you've never taken those courses in college. It will be a completely foreign language if you've never taken a course in it or took an advanced course with a section on it. I read through it once and took notes on it, and really didnt pay any extra attention to it… and got BURNED.

IFRS is becoming increasingly important on the exam, so don't underestimate it, but really its much more entrenched in the FAR book then you think (i.e. you'll be reviewing something like leases, and there will be a little world icon below it with the IFRS rule, and that'll be the only mention of it)

10 would be the one to skip if you were going to skip any, although I would at least read it through once

You also might benefit from getting the NINJA notes for FAR (like around 100 something pages, single sided, nice big print) and reading through them a couple times after you dredge through the Becker once… the NINJA notes are to the point, no b/s, and really direct… also they clear up some concepts Becker seems intent on confusing you on. I can remember during my last attempt at FAR (finally passing), visualizing the NINJA notes for quite a few concepts… sure, I read them in Becker, but NINJA stuck in my mind.

It's worth a shot – sometimes you get lucky! I took BEC with only about 2 weeks of studying because my NTS was expiring… and shocked myself with an 83.

Good luck!

FAR - 66, 71, 76!
AUD - 75
REG - 82
BEC - 83

DONE.

November 27, 2013 at 4:02 am #485300

Anonymous
Inactive

Thanks Vick.. I've never taken anything on F8 and F9 so I'm a bit worried about that. I have the Ninja notes too and I think I'm going to spend my last day studying that/reviewing Chapters 1-9 rather than trying to finish Chapter 10.

November 27, 2013 at 4:02 am #485327

Anonymous
Inactive

Thanks Vick.. I've never taken anything on F8 and F9 so I'm a bit worried about that. I have the Ninja notes too and I think I'm going to spend my last day studying that/reviewing Chapters 1-9 rather than trying to finish Chapter 10.

November 27, 2013 at 4:10 pm #485302

MarathonRunner1
Member

It's possible….. you just got to hit it hard and put in long days.

AUD: 94 (Nov. 2013)
FAR: 76 (Oct. 2013)
BEC: 79 (Nov. 2012)
REG: 84 (Dec. 2013) It's Mile 26.2, and we finished. Blood, sweat and tears, passion, perseverance, and never giving up, we did it!

California Candidate

November 27, 2013 at 4:10 pm #485329

MarathonRunner1
Member

It's possible….. you just got to hit it hard and put in long days.

AUD: 94 (Nov. 2013)
FAR: 76 (Oct. 2013)
BEC: 79 (Nov. 2012)
REG: 84 (Dec. 2013) It's Mile 26.2, and we finished. Blood, sweat and tears, passion, perseverance, and never giving up, we did it!

California Candidate

November 27, 2013 at 4:14 pm #485304

Anonymous
Inactive

chapter 10 has many topic which they test on exam. atleast read them once and concentrate on disclosure's

November 27, 2013 at 4:14 pm #485331

Anonymous
Inactive

chapter 10 has many topic which they test on exam. atleast read them once and concentrate on disclosure's

December 7, 2013 at 3:03 pm #485306

Anonymous
Inactive

Thanks everyone, I passed 🙂

December 7, 2013 at 3:03 pm #485333

Anonymous
Inactive

Thanks everyone, I passed 🙂
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