[jeff]

NINJA Study Notes, Flashcards, and Audio: https://www.another71.com/products-page/

Wiley Software: https://www.another71.com/wiley-cpa-software/

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

[Anonymous]

Um, maybe Jeff can answer this question better, I'm not sure if its been updated for SFAC#8, it does still refer to feedback value as a component of relevance, but all of my study materials from Wiley and Gleim, updated for 2011, still referred to feedback value as being a component of relevance for FASB, and confirmatory value as being a component of relevance under IASB.

In the appendix to SFAC #8 it says “The Framework (1989) identified predictive value and confirmatory value as components of relevance, and Concepts Statement 2 referred to predictive value and feedback value. The Board concluded that confirmatory value and feedback value were intended to have the same meaning. The Board and the IASB agreed that both Boards would use the same term (confirmatory value) to avoid giving the impression that the two frameworks were intended to be different.”

But I have no idea how this is being tested on the exam!

[yankeeaccountant]

@calcpasoon,

Thanks for that info. Cindy did go over the change in verbiage. Yaeger said since it went into effect on 9/28/10 it should be what is tested begining on 4/1/11. Like it isn't hard enough to study for these exams, just a little more spice into the mix!!

When I was studying for this in the early part of the year I put a note in the Wiley book on page 62 only until 3/31. The Yaeger FAR 2011 homestudy was giving a heads up on that then. It is also referenced in the Yaeger notes page 1. I haven't looked at Becker to see if they are referencing SFAC 8 instead of #2.

Cindy talked about confirmatory value…that is the new “term” she said to use. I was going to redo the chart in the Wiley book pg 62 so that I can get it straight in my head.

I just want to pass this one!! I will try and remember to send Jeff a post and ask him.

Thanks!

[Anonymous]

Not sure how many of you do Govt acct/auditing but for the exam under the Govt section you might want to make sure you understand the changes to the governmental funds as it relates to GASB 54 which is effective for audits ending June 30, 2010 (now). I know CPAexcel has the new fund balance terms (assigned, committed, nonspendable, etc) not sure if any other do or not.

[Anonymous]

Thanks @yankeeaccountant and @dhuffman! I really hadn't realized that SFAC#1 and 2, and GASB 54 had changed, so I'm really glad you brought them up!

[Anonymous]

Where can I find the new information on GASB 54? I'm using 2011 Wiley test bank and 2011 Becker and haven't came across anything

[Anonymous]

Does anyone know if the changes to GASB 54 are going to be tested on the exam this year?

[Anonymous]

So i just googled GASB 54 changes, and they aren't effective until June 30, 2011, so I'm guessing they won't be testable until at least six months after that?

[Anonymous]

Not quite correct…financial statements issued beginning June 30, 2011 (all of my schools and towns have June 30 year ends) require the new GASB 54 description which means they could be tested.

As required by GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, effective for financial statements for periods beginning after June 15, 2010, governmental fund balances are required to be reported in one of five classifications—nonspendable, restricted, committed, assigned, and unassigned—replacing the previous classifications of reserved, unreserved, and designated.

[kb24]

If standard effective 6/30/11, shouldn't be tested until 12/31/11.

FAR 4/1/11 - 89
AUD 4/15/11 - 85
REG 4/29/11 - 80
BEC 5/13/11 - 85

[KERI0323]

Nonspendable, unassigned, committed, assigned, and restricted are all that is in my Becker 2011 material and final review, referred to by the mnemonic NUCAR.

BEC 10/11/2010 77
AUD 11/30/2010 81
REG 02/25/2011 78
FAR 11/28/2011 74,68, 83 and DONE!!! NTS LA #460

[magster]

So here is me needing a little advise…..

I am scheduled to take FAR (3rd attempt) on May 26th; I still need to cover NFP and Government as well as Derivatives. I do not feel comfortable on the other topics, these questions really mess with my head. While I understand the concepts the wording of the questions just throw me off (english is my second language, maybe that has something to do with it). I have only passed REG which will expire in January, I took AUD in April with results pending and I never took BEC.

I thought I would take FAR in May and then June and July study for BEC to take at end of July. That would leave August to re-take FAR or AUD (or both) if needed and then the last window to retake any of them again (including BEC if need be) before REG expires and hopefully be done by the end of the year.

Here I am so shaky on all the FAR material and feel drastically overwhelmed….perhaps I should push FAR into the next window and take it beginning of July. However, nothing open until the 2nd week of July which then cuts my study time for BEC to only 7 weeks and no time to re-study for AUD and retake in window 3 if I failed it again.

GGGRRRRR what to do…should I just take it on the 26th and hope for the best? I failed the last 2 with a 70 and 72, I believe the SIMs do me in every time and some tricky questions get the best of me.

I know nobody can tell me how to handle this, but perhaps can I get your insight on what you would do? I just want to make the best out of the study time available. I work full-time with 1 hr travel one way. I get up in the am, listed to Cd on the way to work and home, study at lunch, and then have about an hour in the pm.

Thanks

REG - Passed
FAR - Passed
BEC - Passed
AUD - 2-25-12 PASSED - DONE !!!!!!!! WOOHOO

*** One day I will get my life back.... maybe today is the day ***

[Anonymous]

I take FAR in a hour and am in a bad mood already. I've prepared as much as I could and I know it's going to not be good. Sweet.

[Anonymous]

Question….. I was planning on sitting for REG at the end of this month; however, I had unexpected expenses this month. I am now looking at sitting for REG July 1st or 2nd. Do you think I would have enough time to take FAR at the end of August? I will be in Mexico for 5 days in July for a friends wedding. This will only allow me about 7 weeks of studying time to prepare. Any advice would be appreciated. 🙂

[Anonymous]

@magster, I would advise taking the exam this window. At the very least, you lose money but you may gain some insight as to what to expect as far as newer material. I never let a window pass without at least getting some exposure to the exam. I am scheduled for REG on May 31 and haven't even looked at the material… just curious to see what all has changed. Maybe I can get some of the same questions when I retake it. Crazier things have happened.

@ErinBrooke, that's doable for sure. I really think that if you spread FAR out too much, you forget the stuff you began with. Forget about trying to study in Mexico. It ain't gonna happen, and don't ruin a nice trip by feeling gulity about your review material still in your suitcase. If you need some reading material for traveling, print Jeff's notes because they travel light, or get your review on audio.

[magster]

Allyson – thank you so very much for your response. I have been going around in circles on this and I think I must agree with you. It makes sense…I don't think I will EVER be really prepared for what they will throw at me…..

By the way – I have been following you for some time on here and you have been an inspiration for me when I was close to calling it quits and throwing in the towel. THANK YOU!!!!!!!

REG - Passed
FAR - Passed
BEC - Passed
AUD - 2-25-12 PASSED - DONE !!!!!!!! WOOHOO

*** One day I will get my life back.... maybe today is the day ***

[Author]

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