[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

[stoleway]

Do you guys see my post, I dont see it. I guess the NINJA bug got me:(

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

Mass-CPA

[HopefulCPA0601]

Under IFRS, a parent may exclude a subsidiary from consolidation if all of the following conditions exist, except:

A) It is wholly or partially owned and its other owners do not object to nonconsolidation.

B) It reports only one class of stock in its balance sheet.

C) Its parent prepares consolidated financial statements that comply with IFRS.

D) It does not have any debt or equity instruments publicly traded.

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[Anonymous]

Still not great in IFRS.

I pick B) It reports only one class of stock in its balance sheet.

I know A and D are part of the conditions ..I think C is too.

[Anonymous]

You know what I the CPA review test banks had – the ability to just have a Section called IFRS where you can keep doing various IFRS questions as batch.

Instead of it being sprinkled amongst all the other topics… Jeff should think about that for his Ninja test bank. I sure there will be many students doing FAR that will like that ability

[Not a Quitter]

Kenada- check our cpareviewforfree. He's got IFRS split out by itself.

FAR- 85 I'm DONE!
BEC- 75
REG- 60,60,75
AUD- 74,74,83

CPAExcel used for BEC, AUD, REG
Exam Matrix used for FAR plus NINJA Blitz, cpareviewforfree and a little CPAExcel

[NJPRU]

Gleim actually has that option Kenada, I plan on actually doing a couple 30 section quizes on IFRS alone tonight and tomorrow night.

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

IM GOING TO BE A CPA!!!!!

[Anonymous]

Gleim does ?? I have the Gleim test bank and its lists all the 20 chapters..

I don't see one for IFRS alone.. Maybe i missing something.

I got to Test Prep – Create a study session… and then I see the list of 20 chapters..

[NJPRU]

When you “create a study session”, select the chapter you want to study, and then at the bottom click, “customize exam options”. You have a whole slew of question options you can utilize. On the second page of this option, it asks you if you want to work on IFRS questions only.

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

IM GOING TO BE A CPA!!!!!

[HopefulCPA0601]

B is correct! All other 3 are conditions that must be met to allow a parent to exclude a sub from consolidation under IFRS 🙂

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[Anonymous]

Son of a !!! OMG thank you – I didn't even know that option existed.

Right now I have some IFRS to beat down 🙂

[jennibfox]

How have you guys prepared for the SIMS? I don't feel like I have done enough and now I am running out time. I am starting to freak out. My test is Friday and I was planning on just doing multiple choice till then but started flipping through some of the SIMS and they are so overwhelming. Any suggestions?

FAR - JULY 2014 - PASSED
BEC - MAY 2015 - PASSED
REG - AUG 2015 - PASSED
AUD - AUG 31 2015

[Anonymous]

Yes Jenni – do a few samples but its just to see if you have the concepts to problem solve through them. I would spend some time on it but not a lot.

Focus more on MCq's and locking down your concepts.

[Anonymous]

This confused me. Can someone explain to me how can this be a capital lease?

On January 1 of the current year, Tell Co. leased equipment from Swill Co. under a nine-year sales-type lease. The equipment had a cost of $400,000, and an estimated useful life of fifteen years. Semiannual lease payments of $44,000 are due every January 1 and July 1. The present value of lease payments at 12% was $505,000, which equals the sales price of the equipment. Using the straight-line method, what amount should Tell recognize as depreciation expense on the equipment in the current year?

$44,444

$26,667

$33,667

$56,111

[stoleway]

@kenada

Answer is $56,111

505,000/9yrs

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

Mass-CPA

[jennibfox]

Kenada- Thanks for the advice. The question states its a sale-type lease=capital lease! I believe that is how you know.

FAR - JULY 2014 - PASSED
BEC - MAY 2015 - PASSED
REG - AUG 2015 - PASSED
AUD - AUG 31 2015

[Author]

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