FAR Study Group April May 2017 - Page 36

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  • April 20, 2017 at 7:48 pm #1536154
    Mscfisher
    Participant

    I listened to some more lectures today I'm did about 30 questions I plan to do a hundred tonight. So far it's going well. Whenever I get something wrong the explanations make sense I just need to pay more attention to the little things.

    April 20, 2017 at 7:51 pm #1536162
    mtaylo24
    Participant

    Yeh It's consumed me as well. I did 360 Monday, 260 Tuesday, 240 Yesterday. Slowed down on Tues and Wednesday because of sims. I hope to get to 300+ by midnight. Gleim keeps feeding me all of the crazy questions with their adaptive crap, so my averages aren't really that great, I just pulled an 80 on my bonds/equity/leases session tho 🙂

    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)

    April 20, 2017 at 10:48 pm #1536240
    Cruzer
    Participant

    Can someone list on this thread some details about the changes to 2017 FAR (Inventory, Deferred Taxes, and Equity Method)?

    April 20, 2017 at 10:52 pm #1536246
    mtaylo24
    Participant

    Skip to 1:45 for FAR

    2017 CPA Exam Update Summary

    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)

    April 20, 2017 at 11:04 pm #1536255
    Cruzer
    Participant

    Anyone else finding Wiley videos super helpful? I am in the financial statement accounts section of studying and really getting into revenue recognition and comp & benefits. The videos seem to draw up nice charts that are easy to memorize.

    April 21, 2017 at 7:07 am #1536322
    mtaylo24
    Participant

    Geez….can anyone make intraentity eliminations easy for me? I keep getting murked on that sub-unit

    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)

    April 21, 2017 at 7:49 am #1536333
    aatoural
    Participant

    @mtaylo24 – Which specific type of elimination you are not understanding? Inventory? or all of them in general?

    BEC - PASSED
    AUD - 8/29/16
    FAR - TBS
    REG - TBS

    April 21, 2017 at 7:52 am #1536336
    mtaylo24
    Participant

    @aatoural, usually the inventory ones involving gross profit %. Whenever i get to work, ill post a few of the ones that are giving me trouble

    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)

    April 21, 2017 at 8:20 am #1536337
    aatoural
    Participant

    Yeah those are tricky.

    But if you write down the JEs as every transaction occurs should be easier. But post the problem you get that would be easier. I think the trickiest part is when you have inter company COGS (elimination) + sale to outsiders from that inventory which you also eliminate.

    BEC - PASSED
    AUD - 8/29/16
    FAR - TBS
    REG - TBS

    April 21, 2017 at 8:34 am #1536348
    aatoural
    Participant

    On both December 31, 2003 and December 31, 2004, Kopp Co.'s only marketable equity security had the same market value, which was below cost.

    Kopp considered the decline in value to be temporary in 2003 but other than temporary in 2004. At the end of both years, the security was classified as a noncurrent available-for-sale investment. What should be the effects of the determination that the decline was other than temporary on Kopp's 2004 net noncurrent assets and net income?

    A. No effect on both net noncurrent assets and net income.
    B. No effect on net noncurrent assets and decrease in net income. CORRECT
    C. Decrease in net noncurrent assets and no effect on net income.
    D. Decrease in both net noncurrent assets and net income.

    I thought it would be A. But I guess that only be true if the entity actually sells the security? I am confused there.

    BEC - PASSED
    AUD - 8/29/16
    FAR - TBS
    REG - TBS

    April 21, 2017 at 8:42 am #1536357
    Anthony
    Participant

    In addition to realized gains when the AFS are sold, all permanent decline are realized on the income statement. There would be no effect on the asset because it was already accounted for from the temporary decline.

    April 21, 2017 at 9:03 am #1536360
    aatoural
    Participant

    But what confuses me that if I say I will have an impairment loss wouldnt we qrite down the asset (AFS security)?

    BEC - PASSED
    AUD - 8/29/16
    FAR - TBS
    REG - TBS

    April 21, 2017 at 9:18 am #1536367
    Mscfisher
    Participant

    I am ready for a power weekend. I need to get through about 600 questions this weekend to catch up.

    April 21, 2017 at 9:46 am #1536382
    aatoural
    Participant

    how can yo do so many questions in 1 weekend? I have never been able to do that.

    BEC - PASSED
    AUD - 8/29/16
    FAR - TBS
    REG - TBS

    April 21, 2017 at 9:56 am #1536387
    Mscfisher
    Participant

    @aatoural…. this is how I look at it.

    2003- lets say the security with market value of 200k declines by 10k

    DR:unrealized loss-oci on afs 10
    CR: AFS …10

    * this temporary change affects the balance sheet only. When the change is permanent then it affects the income statementWhen the change is permanent it moves from oci to the income statement.

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