[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]

please help me how can i find the professional standard code from the research tab for FAR? I was doing an exercise from the Wiley test bank and it is very hard to find the code. for instance: basis for inventory valuation when it is initially acquired. I tried to search by putting inventory valuation, inventory aquisition, inventory…but couldnot find the code. any technique please

Thanks

[Lisa_Jane]

@CPA for Mom

Go to: https://asc.fasb.org/

and you can get a free membership for the codification. I use it to practice research. I just went there and found Inventory:

330 Inventory

10 Overall

30 Initial Measurement

I could not cut and paste it, but I think that's what you wanted. For your search- start with just Inventory.

FAR Passed 5/28/14
AUD Passed 1/22/13
BEC Passed 7/12/13
REG Passed 5/9/14
Virginia CPA license issued July 2014

[Anonymous]

Can someone help me with fair value? When they say something like “if you pick the Fair Value Option, all other property must use this.” Does this mean if for example you pick fair value on say a car, then all your cars have to be fair value? It's just an example of course. Just trying to use simple items to understand this concept. I kept hearing this when they talk about the fair value option. I want to know how similar an item has to be, to be included in the FV option. Thanks!

[Lisa_Jane]

Ashley- what sort of question is this- fair value on a fixed asset or fair value on an investment? It makes a difference- with investments the fair value realized gains/losses and unrealized gains/ losses are reported on the income statement for all the investments. For fixed assets I would need more info about the question. This also affects impairments- or are you talking about valuation methods? It is a pretty complex issue and important!

FAR Passed 5/28/14
AUD Passed 1/22/13
BEC Passed 7/12/13
REG Passed 5/9/14
Virginia CPA license issued July 2014

[ledgermaven]

@Ashley – Wiley page 137 You can elect FV on an instrument by instrument basis, bit if elected it must be applied to the indidvidual instrument, not just a portion of if like multiple advances to a borrower for a single contract, or to an investment that uses the equity method, all the little debt and equity interests inside that individual investment will also be FV. Or if it is applied to insurance contracts, it is applied to all claims and obligations of that individual contract.

In IFRS – long lived assets are divided into classes like all trucks and all equipment, all ships…the cost model and the revaluation model (like FV) are used and if you elect Revaluation model, all assets in that class are also revaluation model.

Does this make sense?

Cheers,

[Anonymous]

Thanks. I was looking at the IFRS notes and that's what it said. But I remember the lectures kept saying “similar items” or something to that affect like what I had just read in IFRS. I haven't gone back to the GAAP investments and fixed assets yet, but I wanted to make sure I was understanding it correctly when they say similar items. Sorry if it sounded confusing, I was confused on how to ask the question. Thank you!

[MChro12]

Hopefully this will be the last Friday night I have to give up for this exam.

Reg 77 (Aug 11)
Aud 80 (Nov 11)
BEC 79 (Jan 12)
FAR 80 (April 12)

[Lidis]

Hi ,

I need to know if you guys memorize the F/S format on the governmental and not-for-profit. Like statement of activities, statement of Revenues, Expenses, and Changes in Fund Balance.

Any advice how to memorize these statements are welcome

Thank you

[ledgermaven]

@Revenue, I don't have a memory device for these but I would memorize them for sure. What I've done for all the financial statements is to create them in word, large print and spaced out. I then print them and put a color dot next to the beginning of each line item like red for GAAP cash flow, green for gov statement of activities, etc and then cut them up into slips.

I then put together all the slips of one color and try to rearrange the FS the way it is supposed to be. I learn it better by actually working with each line item and placing it in the correct position.

Good luck!

[wickedrentlover]

Can someone please explain exchange rates to me? I don't understand the whole “direct method” vs. “indirect method.” I'm having a lot of multiple choice questions in my Becker software that pertain to gains/losses and I'm getting mixed up, and the way Becker explains it isn't helpful at all.

REG (2/24/12) - 89
AUD (4/5/12) - 89
FAR (5/31/12) - 91
BEC (7/7/12) - 84

[jomarie]

Who's using Roger for FAR? I'm just wondering how long did it take you to watch the lectures?

Started sitting in May 2002, on and off. But since 2008 I've been nonstop and my scores are....
AUD - 39, 48, 56, 65, 68, 73, 76!!! (Finally passed in Oct 2011!!!) Becker, NINJA, & Wiley
REG - 75 (Lost Credit) 72, 68, 73, 75 (Passed again in Aug 2011) Becker, NINJA, & Wiley
FAR - 65, 68, 75 (Lost Credit) 68, 73, 73, 80 (Passed again in May 2012) Roger, NINJA, & Wiley
BEC - 65, 68, 71, 72, 72, 71, 76 (Lost Credit)- 70, 76!!!! I AM DONE!!! - Roger, NINJA, & Wiley
After 10 long years of studying, I AM DONE!!!! Finally a Licensed CPA in the State of New York!!

[Anonymous]

@Lisa_Jane

Thank you, it works!

[Anonymous]

so…….who else is tired of waiting for their scores? I'm studying AUD right now, but I can't stop thinking about how I scored for FAR lol

[misanthrope87]

Once again, I don't get Intercompany Transactions…ugh.

B 2/12 87
A 11/11 90
R 8/11 86
F 5/12 88

[Marivy22]

@Revenuw,

Not sure if my comment is coming late, but here I come.

My recommendations for non for profit and governmental is to work MCQ's. I didn't memorize the statements, just got familiar with them.

I will say just memorize the govermental funds categories and for not for profit be comfortable with identifying between permanently restricted, temporary restricted, etc. As I mentioned before, you can get familiar with all the concepts by working all the MCQ's.

Done 😉
Class of 2012!!!!
Lots of prayers and hard work....

[Author]

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