[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]

Stoleway – what was your answer for the Warranty question ?

[stoleway]

@kenada

Do you mean the right answer or what I came up with ?

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

Mass-CPA

[Anonymous]

the right answer..

[stoleway]

$4000

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

Mass-CPA

[Anonymous]

Ok thank you !

[stoleway]

The Barbelon Corporation is being sued for $1 million and believes that there is a 51 percent chance of losing $400,000 and a 49 percent chance of losing nothing. What should Barbelon record as the loss on this lawsuit?

A Recognize $400,000 under both US GAAP and IFRS.

B Recognize nothing under both US GAAP and IFRS.

C Recognize $400,000 under US GAAP but nothing under IFRS.

D Recognize $400,000 under IFRS but nothing under US GAAP.

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

Mass-CPA

[Anonymous]

B Recognize nothing under both US GAAP and IFRS.?

[Kimboroni]

Kenada,

If the lease qualifies as a capital lease (TT BPO 75 or 90), then the lessEE has it on their books as a capital lease.

The lessOR will either have it on their books as a direct financing lease (income is interest only, like if you buy a car on credit through the dealer) or as a sales-type lease (income will be both revenue and interest, as if they had sold it).

A SALE LEASEBACK is a special arrangement where there is a SALE and then they LEASE it BACK.

AUD 84 (1/9/14-Wiley books/TB + free materials)
FAR 83 (5/21/14-the above + NINJA 10 Pt Combo Lite)
REG 84 (7/9/14-Wiley books/TB + NINJA Audio/FC/Notes)
BEC 76 (10/5/14-Wiley books/TB + NINJA Audio/FC)

Disclaimer: My ninja avatar is not meant to imply that I have any affiliation with this site other than being a forum member. That's a pic of a T-shirt that my daughter gave me for my birthday. 🙂

[Anonymous]

I cant get my mind off of FAR haha, so pathetic. That question stoleway posted made me think of a lingering question I had. Becker says that for IFRS probable contingencies, take the midpoint amount and US GAAP, take the lowest amount and accrue. So..for example, its probable the the company will lose between 100,000 and 200,000. For US GAAP, you would accrue $100,000….for IFRS, would you accrue $150,000 since its the midpoint?

[Anonymous]

would you consider 51% probable?

[WANNABE_CPA]

i think yes Amanda, it says to consider midpoint…

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[Not a Quitter]

Amanda- yes

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

[Anonymous]

Kimboroni – thank you

[Anonymous]

According to IFRS, which accounting policy may an entity apply to measure investment property in periods subsequent to initial recognition?

A. Fair value model or revaluation model.

B. Cost model or revaluation model.

C. Fair value model only.

D. Cost model or fair value model.

[WANNABE_CPA]

so friends..i am left with NFP and Govt and then IFRS and JEs, review notes and i ll be done for the day…need to get some rest..i ahve not been so active these tow days…had to get done with stuff and plus not answering questions was giving me panick attacks… lol

Time to tackle the beast, tommorow morning 8:00 .

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[Author]

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