FAR Study Group April May 2017 - Page 44

Viewing 15 replies - 646 through 660 (of 1,619 total)
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  • #1538808
    Wannafree
    Participant

    @BananaCPAna ,what I understood there would no more select “whether Consolidated financial statements are an 1.economic truth 2.Legal fiction 3.both 4.All” type question. Now they will ask you to calculate Consolidated R/E at the date of acquisition and one year after acquisition and pass JE based on CARINBIG and calculate the depreciation for inter company sold equipment and pass the JE. LOL

    #1538817
    Anonymous
    Inactive

    Wannafree yes

    #1538826
    Wannafree
    Participant

    Wuhu i will pass as I am preparing for that situation only . @bananaCPAna I could smell the new format in my last window exam.It was out of blue and knocked me out.This time I am practicing long questions and using stop watch.Not kidding.My assumption is that you can solve all questions if exam is extended for 5 hours.I would try to squeeze MCQ and SIMs as much as possible in 4 hours.

    #1538833
    krstnam
    Participant

    MCQs were rougher than I thought they would be – at least 3 could have been SIM questions due to the number of calculations I had to perform to get to the answer.

    My SIM research question was insane. That took longer than I would have expected. I remember going through my BECKER SIMs and there was a disclaimer saying something to the effect of, you won't see a SIM this comprehensive on the exam but it's good for practice. I basically got that SIM plus extras. One SIM had supporting documents that were several pages long. I had to read through a two page accounting policy before I could even answer probably 1/3 of the questions on the SIM. I think all of the SIMS except two I had to switch back between source documents which sucked. The split screen feature does not auto-zoom so when I used that option, it showed me half of two pages so I had to constantly scroll left and right. I ended up eliminating the split screen feature all together and clicking between tab.

    As for timing, I did the 45/45/30/60/60. The 2nd set of MCQs, I had 10 minutes left to do 12 questions. I ended up taking an extra 5 minutes so I could get them right. I had to outright guess on probably 2 MCQs, there were probably 15 that I was maybe 80% sure of getting correct. What gets me is when I know how to do a calculation and I make a mistake somewhere and it doesn't work. That's what happened with my 2nd set of MCQs.

    My first two FAR exams I was hammered with NFP and government – this time, it wasn't an absurd number of questions but they were still there.

    How do I feel…resigned. Not like I want to drive off a cliff like I did for my first FAR exam, just more like I missed some, I knew some, no way of knowing if I've passed or not. The other two times I felt this way, I ended up passing, so I'm not overly confident but not completely discouraged either.

    #1538845
    Jj
    Participant

    These videos are nice quick review for consolidation, intercompany trans
    and RE
    https://www.youtube.com/watch?v=EreFDrvfEm8
    https://www.youtube.com/watch?v=uWbjhBjhsmI

    #1538886
    Anonymous
    Inactive

    The assessments of the exam are correct. The mcq were not difficult just time consuming. That's before you get to the SIMS. It's very hard to leave enough time for SIMS. Gleim's mcq helped a lot because I did not see anything shocking on the exam.

    #1538889
    Jj
    Participant

    If I'm trying to consolidate FS dates don't matter right? If I acquired it on jan 1 or march 1, does it affect the process other than purchase price maybe?

    #1538895
    Wannafree
    Participant

    Beantown , Consolidated I/S and B/S will be impacted because you add up items of subsidiary after the acquisition date only.so if it's 1st March 2 months exp and revenue will be eliminated.

    #1538908
    Wannafree
    Participant

    I guess going by the Becker's new material Cost method of Investment is gone.

    #1538916
    Jj
    Participant

    @WANNAFREE cost method is gone? so 0-49% is equity? Referring back to consolidating, when eliminating the subs BV and the parents investment in sub account, would dates matter? as far as consolidating REV and EXP if the acquisition date is april 1, on Dec 31 would you do 8/12 (66%) X the subs REV?

    #1538947
    aatoural
    Participant

    The FV method is the “new way” of the cost method as it accounts for no significant influence cases and no investment in sub account exist. It is also supposed to be treated as if owning a security

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

    #1538956
    Jj
    Participant

    Is the FV method basically the same as the cost method as far an recording income and dividends?

    #1539015
    SallyCPA
    Participant

    For people that have taken the new exam, do you think that reading the book and doing the questions/examples in the book may be more helpful? I didn't do that with previous exams but I found that the REG sims were VERY similar to the book material..

    #1539018
    mtaylo24
    Participant

    @bananaovercpana and @krstnam Thanks for sharing. Hopefully we will all pass in August 👌

    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)

    #1539142
    Wannafree
    Participant

    @BananaoverCPA and @kstrnam thanks for sharing your experience.

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