[ITSTIMETOPASS]

Can someone explain the ‘blueprint’ that keeps being referenced in the forum?

AUD: PASSED!
REG: Q4 2015
FAR:
BEC:

[ITSTIMETOPASS]

UghhI'm still confused. Can someone explain this to me.

When using https://www.another71.com/cpa-exam-forum/topic/potential-far-simulation-topics-straight-from-the-aicpa/

If I take the first set:

Balance sheet/statement of financial position
A) detect, investigate and correct discrepancies while agreeing the balance sheet amounts to supporting documentation
B) calculate fluctuations and ratios and interpret the results while reviewing comparative balance sheets

How should I go about studying this?

AUD: PASSED!
REG: Q4 2015
FAR:
BEC:

[Lentilcounter]

@kbshah

“supporting documentation” in (A) tells me that this could be a DRS. Don't you think?

I think of it as taking a balance sheet and being able to verify that it is right based on the supporting documents provided. You are checking each supporting document against what makes up the assets, liabilities, and stockholder's equity in the provided balance sheet. Some of the stuff might be given to you and you might have to verify it. Some of the stuff may not be provided to you such as an AP amount that belongs in the liabilities section and you have to get it from the supporting documents.

BEC = 72 (6/08/16)
FAR = ?
REG = ?
AUD = ?

[Lentilcounter]

(B) is calculating financial ratios on two balance sheets and interpreting what happened between the two balance sheets.

BEC = 72 (6/08/16)
FAR = ?
REG = ?
AUD = ?

[Anonymous]

To chime in for the first one, as an example, you have to be able to find what's wrong with the balance sheet and know how to fix it or adjust it based on supporting information, know how to calculate related ratios, and know what they mean. When I started going through Becker SIMS when studying for my re-take, I found it very obvious how some SIMS matched to these tasks.

[Anonymous]

Using these to focus my studying over the next three weeks.

Am I reading it correctly to assume that bonds and pensions shouldn’t be tested in sim format?

[loveandbeloved]

Oh wow. I've never looked at the blueprints in detail due to sheer laziness and rebelliousness, but after looking through the blueprints for the last 30 minutes, and having taking every section at least once now, I can definitely see how this can make one's study time more efficient. I definitely can attest to @Lentilcounter's comment above regarding what can be a MCQ and a SIM based on the checked boxes. I will definitely be using these as a guide from now on.

[Anonymous]

@loveandbeloved-I honestly think this thread was a key to my pass in FAR the 2nd time around (on top of extra study time of course).

[cpaislife75]

Thank you for this thread! I noticed that GAAP vs IFRS is not a “analysis” Item, does this mean I don't have to worry about IFRS for the SIMs? thanks!

[YouCanDoIt]

Michael.Zahorik , I had an IFRS related SIM in my Q3 , cannot say what topic it was (due to exam disclosure reasons), but someone on this site had posted about it. It was not a complex topic, and was pretty straight forward.

FAR: 76
REG: Currently studying
AUD:
BEC:

[Author]

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