[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

[Anonymous]

Joe, how did you feel after reading 20 years since Curt Cobain's death? I felt like I was 100 years old

[Anonymous]

Mamabear – awww thank you !!

Yes I know my name is very silly. After having to change my login four times – I seriously could not think of anything — and then suddenly this came into my head and here we are 🙂

Most of the others call me Kenada – my old username. Welcome to use that if you like or Brainfarts is fine if you want the Giggles 🙂

[stoleway]

Par value treats stock acquisition as if the stock is being retired.

Common stock and apic are released from the ballance sheet.

It also treats the re_issuance as if the stocks are being issued for the first time.

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

Mass-CPA

[NJPRU]

stoleway – i literally just reviewed this and didn't see annnas post and was like, how the heck did you just read my mind??

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

IM GOING TO BE A CPA!!!!!

[Anonymous]

So APIC-TS does stay there forever

[stoleway]

Umm….it does becuase at the end of the day the only thing that will affect shareholders equity will be either RE or PIC from treasury stock.

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

Mass-CPA

[Anonymous]

For leases – Qs

In IFRS you can split the lease between land and Building. – Land is Operating and Building is Financing.

In GAAP both have to be either Operating or Capital –

Have I got this right?

[jrosen92770]

Anna It goes fast… just hoping I dont have to start taking geritol 🙂

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]

I'm soooo tired and still have 50 MCQs to do! it's almost 1230AM and I just had my second cup of coffee! I will get throughhhhhh this!

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

IM GOING TO BE A CPA!!!!!

[Anonymous]

Hiya – can anyone confirm my above Qs about the leases please 🙂 Many thanks

[Mamabear]

You will NJPRU! Drink up and get to clicking. Pass this sucker and come on over to Q3 REG!!

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[NJPRU]

Thanks Mamabear! 🙂 Your faith in all of us is empowering!

@Kenada – I'm not sure I understand your question.. I'm studying Cash Flows tomorrow maybe that will help me ring some bells.

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

IM GOING TO BE A CPA!!!!!

[Anonymous]

Its based on leases – The differences between IFRS how they record Leases Verse GAAP..

I thought one of the differences was how they treat the land part of the lease. Like if you lease both the land and building.

So I think GAAP said – you can't separate them and I am not sure if if you are leasing both land and building if then it is always Operating lease.

Verse IFRS – i think you can split how you treat the leases between Operating and Financing (It would be called Capital in GAAP)

Sorry for the confusion. I wanted to ensure I understood this difference well.

[Anonymous]

Not fond of sales lease backs

Melville Company leased equipment from Rice Corporation on July 1, year 1, for an 8-year period expiring June 30, year 9. Equal payments under the lease are $600,000 and are due on July 1 of each year. The first payment was made on July 1, year 1. The rate of interest contemplated by Melville and Rice is 10%. The cash selling price of the equipment is $3,520,000 and the cost of the equipment on Rice’s accounting records is $2,800,000. Assuming that the lease is appropriately recorded as a sales-type lease, what is the amount of profit on the sale and interest income that Rice should record for the year ended December 31, year 1?

$0 and $0.

$0 and $146,000.

$720,000 and $160,000.

$720,000 and $146,000.

[NJPRU]

I've been using this “cheat sheet” for some of my IFRS questions, I'm not sure I see that issue in here:

https://www.kpmg.com/CN/en/IssuesAndInsights/ArticlesPublications/Documents/IFRS-compared-to-US-GAAP-An-overview-O-201311.pdf

Also, Gleim speaks about interest and dividend received and paid as the main difference in the statement of cash flows.

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

IM GOING TO BE A CPA!!!!!

[Author]

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