[jeff]

Welcome to the FAR CPA Exam study group for October, November, and December 2018 exams. 🙂

Please introduce yourself & when you’re taking your exam (approximate timeframe).

FAR Study Group Links and Resources:

1. NINJA Monthly – Full FAR Course for $67/mo
2. How to Study for FAR with NINJA Only
3. How to Pass FAR in 20 Days
4. How to Retake FAR After Failing
5. Video: Study Advice for FAR
6. CPA Reviewed Podcast
7. CPA Exam Score Release Dates
8. NINJA MCQ Trending vs Actual FAR Scores
9. I Passed the CPA Exam!
10. I Passed FAR!
11. NINJA FAR SIMS List by Topic
12. Free CPA Review: FAR

[Anonymous]

Taking FAR early November
Comfortable with most of the material
Weakness is conceptual framework, and Financial Reporting

[Notgivingup!]

Hi Jeff,
My test date is Approx. Nov. this year and I’ll be sitting for FAR. I am most comfortable with the Accruals section, I am struggling a little bit with memorizing some of the ratios/formulas. I need all the help I can get.
Thanks,

[Campanita]

Hello I am taking FAR last week of November. I took FAR back in July and I did not pass. One of my strongest area is conceptual framework and the weakest is cash flows (cash to accrual)

[Preksha]

Hey! This will be my First CPA exam and studying for FAR has been quite challenging.

1. Approx exam date (Late October, mid-November, etc)
22nd November
2. Topic you're most-comfortable within this exam section
Conceptual Framework and Financial Reporting
3. Topic you're weakest in / worries you the most.
Governmental Accounting and Liabilities

[Anonymous]

Took my Far exam in August and i didn't make it.
1.Approximate exam date : early November
2.Most comfortable with: govertment accounting.
3. Topics your weakest in/worries: bonds and Leases.

[jeff]

Winners announced – thank you everyone for participating and thanks for being part of the study groups:

https://www.another71.com/cpa-exam-forum/topic/announcement-big-study-group-giveaway/#post-2010899

[lucblayne]

December depending on exam results.
Strong points: Inventory. Bonds.
Weak point: Gov accounting.

[tbizzle]

1. Approx exam date: December 10th
2. Topic you're most-comfortable within this exam section: TBD
3. Topic you're weakest in / worries you the most: Cash flows and any new material since 2012; it's been six years since I've studied for this exam!

[shanonymous]

Hey y'all! I recently passed REG, my first exam, with a 76 (though I actually have no idea how) and have now moved on to studying FAR.

1. Approx exam date: December 3rd
2. Topic you're most-comfortable within this exam section: I feel pretty okay with Trade Receivables and AJEs (though I haven't gotten too far through my materials yet)
3. Topic you're weakest in / worries you the most: Everything else – Governmental specifically sounds daunting

I'm having a hard time figuring out how to get enough studying in throughout the weeks. I work full-time in public accounting, and while I can set aside a few hours each day after work to study, I feel like it's not enough for me to actually retain everything. I feel like I'm forgetting things I studied the week prior because it's just not sinking in. Any advice is appreciated 🙂

[Operation_CPA]

Just started studying FAR again after losing credit….first 2 chapters are actually pretty easy, but I am seriously struggling with module 7 –> special purpose frameworks. Specifically all cash to accrual MCQs. I feel completely lost on these. Any advice is appreciated.

[Operation_CPA]

False alarm, it clicked. Amazing what some T-accounts will do versus trying to memorize the formulas in the book.

[ahugemistake]

Four years ago on January 2, Randall Co. purchased a long-lived asset. The purchase price of the asset was $250,000, with no salvage value. The estimated useful life of the asset was 10 years. Randall used the straight-line method to calculate depreciation expense. An impairment loss on the asset of $30,000 was recognized on December 31 of the current year. The estimated useful life of the asset at December 31 of the current year did not change. What amount should Randall report as depreciation expense in its income statement for the next year?
$20,000.
$22,000.
$25,000.
$30,000.

Questions like this make me so confused. If the impairment was recognized on december 31st, then why is depreciation not adjusted going forward but has to be changed for the current year too? I would think the company has already recognized $25K of depreciation for the year, why would they adjust it to $20k?

FAR - 78*
AUD - 66, 79
REG - 73, 76
BEC - 79

[maplewood]

Ahugemistake – The net book value of the asset at the time of impairment (Year 5) was $150,000: $250,000 cost less $100,000 accumulated depreciation (4 years of depreciation at $25,000 a year). After the impairment of $30,000, the net book value is $120,000 ($150,000 – 30,000). The remaining life is 6 years (Years 6-10) and annual depreciation is $20,000.

[Green CPA]

I am using becker. I am wondering how well I need to memorize FI M1 lecture. the nuances of the standard setting and developement of the fasb codification etc. anyone have suggestions?

[ahugemistake]

@maplewood I was on like hour 5 of studying on saturday when I posted that. I totally missed that it said next year at the end, doh! Thanks for explaining. Makes sense.

FAR - 78*
AUD - 66, 79
REG - 73, 76
BEC - 79

[Author]

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