[jeff]

Welcome to the Q2 2017 CPA Exam Study Group for FAR. 🙂

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Anthony]

@automn3 Correct. Once it's has been written down, you can't bring it back up unless it's held for sale.

[Anonymous]

Yup impairment losses. Ok got it… thank you both!

[mtaylo24]

Does anyone know the diff between an available for sale operating activity and an available for sale investing activity? I swear i seen it fall under both. Studying cash flows tonight…

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[Anthony]

I believe trading security will fall under operating activity and AFS will go into investing. It's pretty easy to get both mixed up.

[mtaylo24]

^^^^idk, it might have been a gain. All gains are operating right?

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[hwasup7]

does anyone know how to unsubscribe this thread…

[mtaylo24]

^^^Should be at the top under the page count

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[Anthony]

@mtaylo24 Gains on operating sections.

[hwasup7]

For NFP, can anyone explain the difference between conditional gifts and when you have to record the gift as liability? I feel like they are pretty much the same thing. Struggling to tell them apart.

[Anonymous]

As it relates to impairments and writing something back up under U.S GAAP, one of the few instances you can do this is if the asset is held for sale. Under such conditions, you may write an asset back up, but only to the extent of prior writedowns.

Cheers!

[Anonymous]

Consolidating journal entries for breakfast. FML.
On the upside, I've gotten used to the new Becker format. Easier and faster than the old lectures.

[HoldMyBeerCPA]

@chyna, how is Becker when it comes to consolidations?

I feel as if the Roger lectures and the book are only scratching the surface, if that at all.

In my advanced accounting courses in college we went a lot more in depth on consolidating entries at the acquisition date and reporting date. Maybe the scope of consolidations on this exam isn't as wide as I thought?

[Anonymous]

Same with becker, in my opinion. Not that great (same with intercompany transactions which i absolutley HATE). Looked for supplementary info but I couldnt find anything. Please share if anyone finds something good/detailed?

[HoldMyBeerCPA]

@automn3 I've referred to my advanced accounting book and I'm getting a nice refresher as to how overly complex consolidations are. I remember learning about internal methods of accounting for consolidation (equity method, partial equity method, initial value method), upstream/downstream sales, step acquisitions, pushdown accounting, etc. I don't think I've heard one peep about these to this point. Hopefully, it's beyond the scope of the exam.

[Anonymous]

@TurboSandwich I havent seen those either, that section was like a summary and few MCQs. I didnt go over SIMS for that chapter yet so i cant speak. Ninja notes didnt have that much either.

Maybe someone that is not using becker/roger can give some input?

[Author]

Replies