[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

[lauren725]

Wannabe – It sounds like you had a good testing experience, I bet that means you did well!! Good job!!!

AUD - 73,91
FAR - 79 - Thank you God!
BEC - 73,79!!!!
REG - 92 whatttt??!

I used Becker review + flashcards, Ninja Audio, Ninja MCQ supplement on BEC and REG.

Done! Praise God!

[Mamabear]

Good luck tomorrow NJPRU, Lauren, Notaquitter, UHC, and DLPratte! You've got this!

@NJPRU–I am the same way. I can inspire others but I don't feel confident in my own abilities. We are our own worst critics. You can do it! You've inspired many of us and kept us up when we felt down. You will do great!! I just know it!

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!!

[jennibfox]

I am so close to taking my test on Friday. I have lost motivation to study. I am so worn out from studying. Is this happening to anyone else? I spent all day studying at work so I have probably put in 8 hours today. I am so over looking at this. I am trying to find motivation to study for the next 1.5 days. Any suggestions?

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

[HopefulCPA0601]

@Jenni – you need to think of ALL the work and time you have put into this, you are at your last 1% of studying now. 1.5 days is NOTHING compared to the amount of hours you have given up having fun with friends/family for this exam. So push through this last bit of time so you NEVER have to look at this material again and never have to give up another night out or a night to relax for FAR materials. Good luck! Get some dark chocolate, some coffee, maybe some 5 hour energies and keep powerign through this!!!

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

[jennibfox]

Good Call. Will brew some coffee. Thanks.

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

[lauren725]

Thanks mamabear! You are an inspiration to us all and your advice is appreciated so much! Jenni – yes girl, I am the same way. I feel like I just hit these walls after looking at this stuff so much. I am having trouble this evening myself. Although my test is tomorrow, I definitely think I should still be looking over my notes/ JE's etc. I just keep telling myself that no matter what, after 4 pm tomorrow I am free of this stuff for a week. Just. keep. going!!!!

AUD - 73,91
FAR - 79 - Thank you God!
BEC - 73,79!!!!
REG - 92 whatttt??!

I used Becker review + flashcards, Ninja Audio, Ninja MCQ supplement on BEC and REG.

Done! Praise God!

[NJPRU]

Go figure that i would get the stomach flu today.. i got home from work and it was all down hill.

I'll only be able to do some light studying tonight and then a little review tomorrow. Exam is at 1230PM.

I would like to thank everyone in this thread, current and old FAR test takers for their continuous support. You have given me the strength and encouragement to continue when I really felt like i could not any longer. (I feel like I'm giving a speech right now, but it's true. (lol)) You are all so very awesome and I wish you the best of luck with all of your studies and your careers if you are finished with the Exam!

xo NJ

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

IM GOING TO BE A CPA!!!!!

[willpassby2014]

Any one can help

AFS ( Available for sale seciurity) iF Fair value is adopted gain or loss goes tp P&L

If fair value is not adopted gain or loss goes to OCI

Is this correct

BEC Passed
FAR Passed
AUD Passed
REG Passed

[Guti]

AFS gains or losses go to OCI on any situation. What is this about FV adopted? I dont see that in Becker.

FAR-84
AUD-
REG-
BEC-

[willpassby2014]

On April 1, year 2, Calico Corp. purchases 10,000 shares of stock in Linwood Corporation for $60 per share, representing 5% of the outstanding shares of Linwood. Calico classifies the investment as an available-for-­sale security. During year 2, Linwood pays a dividend of $.30 per share. On December 31, year 2, the Linwood shares are valued at $62 per share. Calico elects to use the fair value option for reporting its investment in Linwood. What is the amount that Calico will record as unrealized gain on the securities in its year 2 income statement?

$0

$ 3,000

$20,000

$17,000

This answer is correct. The $3,000 (30 cents per share X 10,000 shares) is reported as dividend income on the income statement. Per ASC Topic 825, if the fair value option is elected, the difference between the fair value at December 31, year 2 of $620,000 and the purchased price of $600,000 ($20,000) is an unrealized gain and is reported on the income statement.

BEC Passed
FAR Passed
AUD Passed
REG Passed

[willpassby2014]

The Fair Value Option

ASC Topic 825 allows an entity to value its securities at fair value. A firm can elect the fair value option on an instrument-by-instrument basis. If the firm elects the fair value option for reporting available-for-sale or held-to-maturity securities, the security is revalued to fair value, and any gain or loss is recorded in earnings for the period. Likewise, if the fair value option is elected for instruments that would otherwise be reported using the rules of ASC Topic 323 (equity method), the securities are revalued to fair value, and any gain or loss is recorded in earnings for the period. If the fair value option is elected for instruments that would normally use the equity method, it must be applied to all interests in that entity (i.e., both the debt and equity instruments must be valued at fair value).

The fair value option can be elected on the date an investment is first recognized, or when the investment no longer qualifies for fair value treatment under ASC Topics 320 or 323. For example, if Company A has a trading security in Company B stock and acquires more than 20% of Company B, the rules of ASC Topic 323 (equity method of reporting) would normally apply. However, if the fair value option is elected, Company A is no longer required to use the equity method, but instead values the security at year-end at fair value. Any unrealized gain or loss is recognized in earnings for the period.

The rules of ASC Topic 230 continue to apply for determining the classification of a purchase or sale of a security on the statement of cash flows. Additional disclosures in the notes to the financial statements are required if the fair value option is elected.

BEC Passed
FAR Passed
AUD Passed
REG Passed

[willpassby2014]

Gian read this

BEC Passed
FAR Passed
AUD Passed
REG Passed

[willpassby2014]

CCOUNTING AND REPORTING OF MARKETABLE DEBT

AND EQUITY SECURITIES

Category Definition How the security

is reported on

the balance sheet How unrealized holding gains and losses are reported on

the income statement* How realized gains and losses are reported on

the income statement

Trading

(trading securities) Debt and equity securities bought and held principally for the purpose of selling them in the near term Reported at fair market value, and grouped with current assets on the balance sheet Unrealized gains and losses are included in earnings in the period they occur Realized gains and losses not already recognized as unrealized components are recognized

Available-for-sale Debt and equity securities not classified as trading or held-to-maturity Reported at fair market value and may be classified as current or noncurrent Unrealized gains and losses for a period are excluded from earnings and reported as other comprehensive income (If decline is “other than temporary” then recognized in earnings) Realized gains and losses are recognized (which include unrealized holding gains and losses recognized previously as unrealized)

Held-to-maturity Debt securities that the organization has the positive intent and ability to hold to the maturity date Reported at amortized cost and may be classified as current or noncurrent Unrealized gains and losses are excluded from earnings (unless decline is “other than temporary”) Realized gains and losses are recognized in accordance with amortized cost method

*Or on the statement where items of other comprehensive income are reported

BEC Passed
FAR Passed
AUD Passed
REG Passed

[Anonymous]

if FV option is chosen – all goes to income

if not, unrealized gains/losses -> OCI

realized gains/losses -> income

[lauren725]

NJ nooooo! I hope you feel better soon. Take it easy and get some rest, don't overdue yourself! I too will be taking the exam tomorrow at 12:30. Good luck, I know you will do great you have worked so hard. Looking forward to seeing how everyone feels after the exam, and after we have had a few days away from this chaos. Good luck to everyone tomorrow and this weekend!

AUD - 73,91
FAR - 79 - Thank you God!
BEC - 73,79!!!!
REG - 92 whatttt??!

I used Becker review + flashcards, Ninja Audio, Ninja MCQ supplement on BEC and REG.

Done! Praise God!

[Author]

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