Extraordinary Items eliminated from GAAP

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    Topic
  • January 16, 2015 at 9:02 pm #191456
    y_u_no_pass
    Participant

    I feel shaken at my core. And I bet this will still be on my CPA exam next month.

    Florida CPA!
    Took final exam 2/25/15.
    Sent in Application 3/12/15.
    Issued License 3/20/15.
    Used CPA Excel solely for all exams.

Viewing 12 replies - 1 through 12 (of 12 total)
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  • January 16, 2015 at 9:03 pm #642461
    CPA soon
    Member

    really? this is eliminated????????

    FAR - 71, 68, 74, (8/31/14) 78 ✔
    REG - 67, 71, 71, (10/18/14) 78 ✔
    BEC - (11/29/14) 86 ✔
    AUD - 73, (4/4/15) 86 ✔

    I can't believe this is over! 2 years and 3 months..

    January 16, 2015 at 9:04 pm #642462
    CPA soon
    Member

    PS those were easy free points mcq's

    FAR - 71, 68, 74, (8/31/14) 78 ✔
    REG - 67, 71, 71, (10/18/14) 78 ✔
    BEC - (11/29/14) 86 ✔
    AUD - 73, (4/4/15) 86 ✔

    I can't believe this is over! 2 years and 3 months..

    January 16, 2015 at 9:07 pm #642463
    Determined CPA
    Participant

    starting when? ninja notes don't mention this…

    A - 75
    B - 78 God is good.
    F - 77 Answered prayers.
    R - 84! Done!!

    Paperwork sent - waiting for license!!
    Still on a cloud and in shock. Through God, all things will happen.

    January 16, 2015 at 9:09 pm #642464
    y_u_no_pass
    Participant

    https://www.journalofaccountancy.com/news/2015/jan/gaap-extraordinary-items-201511630.html

    The article.

    Florida CPA!
    Took final exam 2/25/15.
    Sent in Application 3/12/15.
    Issued License 3/20/15.
    Used CPA Excel solely for all exams.

    January 16, 2015 at 9:10 pm #642465
    Determined CPA
    Participant

    yikes! now what?!

    A - 75
    B - 78 God is good.
    F - 77 Answered prayers.
    R - 84! Done!!

    Paperwork sent - waiting for license!!
    Still on a cloud and in shock. Through God, all things will happen.

    January 17, 2015 at 11:10 am #642466
    Zuly
    Participant

    I think we should be fine. I believe the AICPA can only test 6 months after an announcement/update.

    FAR - (11/01/14) 71 (02/07/15) 79
    AUD - (04/30/15) 86
    BEC - (07/21/15) 73 (10/01/15) 75
    REG - (11/30/15) 55 (05/19/16) 74

    January 17, 2015 at 11:49 am #642467
    jeff
    Keymaster

    This will affect exams in July at the earliest…it has a December 15, 2015 effective date with early adoption permitted.

    Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

    January 17, 2015 at 2:46 pm #642468
    Determined CPA
    Participant

    Thanks jeff!

    A - 75
    B - 78 God is good.
    F - 77 Answered prayers.
    R - 84! Done!!

    Paperwork sent - waiting for license!!
    Still on a cloud and in shock. Through God, all things will happen.

    January 17, 2015 at 3:55 pm #642469
    Anonymous
    Inactive

    Interesting….

    My question is, if extraordinary items are now eliminated from GAAP, how are unusual and infrequent transactions to be classified? There was no mention in the link…Anyone have any information on this? I have already taken FAR, but this is a pretty significant change in GAAP….

    January 17, 2015 at 5:14 pm #642470
    Anonymous
    Inactive

    the slow merge into IFRS without calling it IFRS

    January 17, 2015 at 5:25 pm #642471
    Anonymous
    Inactive

    @Bobcat87, I've been hearing about the US adoption of IFRS since I took my first accounting class back in 2002. The reality is that our regulatory environment is significantly more complex than most other countries. Rather than being closer to IFRS adoption, there has been a substantial move in the other direction. If you have the time, take a look at this research paper from a Yale accounting professor. He is one of many influential persons in the field who make a strong argument against US adoption of IFRS:

    https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1763311

    IMO, I do not think we will see full IFRS adoption in the US in our lifetimes. It most, we may see a move towards integrating some minor aspects into GAAP.

    Just my 2 cents….

    January 17, 2015 at 5:38 pm #642472
    Anonymous
    Inactive

    @Charlie — I completely agree with you which is precisely why I made my comment. I was poking fun at the concept of the U.S. picking and choosing some IFRS topics without ever actually transitioning into IFRS. It won't ever happen, but they'll slowly merge similar concepts in.

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