[jeff]

I’ve had a few requests for April/May Study Groups…March will be here before you know it.

In order to take an early April exam, you should begin studying…now. 🙂

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

[jrosen92770]

Ana – But the loss can be ordinary.

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[NJPRU]

On September 22, Year 2, Yumi Corp. purchased merchandise from an unaffiliated foreign company for 10,000 units of the foreign company’s local currency. On that date, the spot rate was $.55. Yumi paid the bill in full on March 20, Year 3, when the spot rate was $.65. The spot rate was $.70 on December 31, Year 2. What amount should Yumi report as a foreign currency transaction loss in its income statement for the year ended December 31, Year 2?

AUD: DONE
FAR: DONE
BEC: DONE
REG: DONE

IM GOING TO BE A CPA!!!!!

[jrosen92770]

1,500.

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[NJPRU]

🙂

AUD: DONE
FAR: DONE
BEC: DONE
REG: DONE

IM GOING TO BE A CPA!!!!!

[jrosen92770]

Formula for corridor approach? It arises from 2 sources?

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[Anonymous]

Gain/Loss

(Greater of 10% beg PBO or 10% beg FV of plan assets)

=Excess/ Average Remaining Service Life

Two sources G/L can arise from are- the difference between the actual & expected return when the expected return is used & actuarial gains and losses

[jrosen92770]

Going from control (equity) to non-control (cost), what is the accounting treatment?

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[Anonymous]

Joe, did you memorize land+building lease thing? I am reading ASC on this topic now and it just seems impossible to systematize all the criteria. Do you have some kind of chart for it?

[jrosen92770]

No Anna, sorry I don't. I actually guessed at the answer 🙂

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[Anonymous]

I hate this particular topic…would you just account for it retrospectively and back out the investee income and add back in the dividend income?

[jrosen92770]

Impairment losses are recorded gross of tax or net of tax?

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[jrosen92770]

That's for non-control to control, which I don't like either.

Step 1) Recognize gain/loss on sale

Step 2) Remeasure the remaining non consolidated interest to FV

Step 3) Recognize the adjustment to FV on I/S.

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[stoleway]

In the income statement, gain form the extinguishment of debt are most likely classified in ?

a) continued operations

b) extraordinary items

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[Anonymous]

would it not be A as its part of Continued Operations

Extraordinary has to be unusual and does not happen all the time.

[jrosen92770]

If material, unusual and infrequent, extraordinary, net of tax. If not continued operations.

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[Author]

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