[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]

Thanks NJ. It's my pleasure to help where I can. You have also helped me and the rest of the team here.

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]

Defined Benefit Costs are generally reported SEPARATELY ON THE INCOME STATEMENT (GAAP REPORTED AS ONE AMOUNT).

Past (Prior) Service Costs is recorded on I/S, NOT IN COMPREHENSIVE INCOME, LIKE GAAP.

Gains and losses referred to as REMEASUREMENTS of defined benefit liability are reported in OCI, but are NOT reclassified (amortized) to I/S in subsequent periods.

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]

Gian….if you have significant control you can elect to use the FV or equity method.

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

Mass-CPA

[jrosen92770]

Finished my review of IFRS. Heading to bed to wake up first thing and see if I can absorb some more gov and NFP. Good night.

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]

Night joe

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

Mass-CPA

[Guti]

jrosen, good luck!

Stoleway, if you have significant influence, you use the equity metho,but here you have control. You dont consolidate>? I remember this question from the first qtr.

FAR-84
AUD-
REG-
BEC-

[jstay]

Hello all,

new to this forum, first post!

So i just started studying for FAR last weekend (using becker) did F1 completely 100%, even the optionals and felt pretty good about it. made my notes and index cards, etc. studied all week. Yesterday I did F2 lecture and today i attempted the m.c. questions. I say attempted because I only could complete about 40% which has me very frustrated. I am going to attempt to finish them tomorrow and do the sim tomorrow as well, hopefully. and monday do the progress test. I don't know why but I just couldn't get it today and I am so frustrated!! I feel like it was a complete waste. Anyway I'm just venting. but any tips or anything in general would be great.

I plan on taking FAR the latest possible day in august for as much study time as possible. This is my first attempt at any CPA part. In fact I don't even have the 120 credits required for my state (NY). I am currently taking a 9 short to get me to 117 and then a class ends july 3rd for 120. so I will have to send my stuff in THAT day to get my NTS in time and everything.

ALSO, a little post fact is that I have never taken advance accounting. So i have not learned partnerships & consolidations. But I have taken gov't & NFP. I've read online that it is doable without taking the an advanced course. And once this 9-day course ends i'm going to spend at least 25-30 hours every week studying until the test date, prob more in the final 3-4 weeks. I work 20 hours a week as an intern and have to take that 4 hour course every thursday night. so from thursday- sunday i will be hitting the books hard starting june 1. Any thoughts are greatly appreciated, Thanks. sorry for the length , just trying tone thorough!!

[stoleway]

@Gian

You have control but you're not up to the consolidation level yet which is 50% and above.

Absent election of FV method, you automatically account for the investment using equity method.

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

Mass-CPA

[stoleway]

Fact Pattern: Nolan owns 100% of the capital stock of both Twill Corp. and Webb Corp. Twill purchases merchandise inventory from Webb at 140% of Webb’s cost. During the current year, merchandise that cost Webb $40,000 was sold to Twill. Twill sold all of this merchandise to unrelated customers for $81,200 during the year. In preparing combined financial statements for the year, Nolan’s bookkeeper disregarded the common ownership of Twill and Webb.

Question: 103 By what amount was unadjusted revenue overstated in the combined income statement for the year?

A. $81,200

B. $40,000

C. $56,000

D. $16,000

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

Mass-CPA

[Anonymous]

Must consolidate for 50% ownership or over, NO EXCEPTION. Correct?

[stoleway]

correct.

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

Mass-CPA

[Guti]

Stoleway, I remember that question from Q1 Beckers cram. You have to consolidate cause is an Ive. Like the issue we had with Enron. Stoleway, how can you go for Ghana and not the US. You came here at a young age?

FAR-84
AUD-
REG-
BEC-

[stoleway]

@Gian….you can search for that q1 cram and post it, im curious to know how the question was presented.

Well I came here 5 yrs ago, I love this country but for the sake of fair play, the love of the game and the fact that Ghana excel in soccer competitions, I will always root for Ghana.

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

Mass-CPA

[Anonymous]

Hello Everyone, How is everyone doing today night 🙂

[stoleway]

@kenada….

I did 120mcqs today….got 6 questions wrong, so far so good but I still dont feel strong on all chapters.

government still being a bitch. Got to hit the hay…hope u had a lot done today?

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

Mass-CPA

[Author]

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