[jeff]

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

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

[mtaylo24]

Top of the morning people! What topics are we hitting today?

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)

[aatoural]

Good Morning! Leases is on my menu!!!

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

[mtaylo24]

Ah! that's a good one! I need to revisit that…revisited Modified Accrual Gov't last night.

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)

[alexisle88]

Hi guys, may I ask how your review process goes? Do you read the notes first and do MCQs?
Thank you for sharing.

[LCros]

I review my notes and still continue to work problems…Days leading up to the test, I continue to review formulas that give me a hard time and watch the cram sessions. Oh remembering IFRS is always a nightmare!!!

[LCros]

I'm working practice simulations and I just got a research question on pensions…that's just awful!!! Plan dirty:(

[mtaylo24]

@LCros, That's why you gotta keep it random, the test is random as hell. You can get any topic, any time!

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)

[krstnam]

@mtaylo24 I completely agree. It's nothing but randomness.

I'm still annoyed about my test…I got a SIM that had literally 3 MCQs in the entire BECKER material and no related SIMS. I don't even recall NINJA reviewing it at all (maybe I just missed it though).

I'm convinced that during review – for FAR at least, you get the most points in little tiny blurbs written throughout the material. Remember my big ‘ol notes page I made and memorized? Yeah, that was helpful maybe 5 times in the whole exam, LOL.

[LCros]

mtaylo24, Yes indeed! You're right!!!

[alexisle88]

My exam is on 5/27. Never feel ready but have to kill this beast.

[Cruzer]

CAR IN BIG is a good way to memorize acquisition method of a sub. Becker does the best job of explaining the best way to know your debits/credits for this entry. In an acquisition, I would say the examiners would be after what is the amount of goodwill to record on the parent's BS or gain (only if deficiency in the acquisition cost compares to sub's FV). My guess is they could try and throw IFRS in there as well. They might try and trip people up with direct/indirect expenses, bond issuance costs, stock issuance fees and accounting for those as well. Just a guess based on Becker Pass Key.

Is the only difference between FV of sub's net identifiable net assets and FV of sub just the goodwill amount and under IFRS you have the choice to record the NCI by taking either of the two and multiplying by the NCI %?

[SallyCPA]

@THANH LE same here..I feel like the more I study for this exam..the less I know. Anyone have any recommendations to study with about a month out with Becker and ninja mcq? I have re-written my notes but I'm not sure if I should go back through becker chapter by chapter and redo sims and MCQ?

[mtaylo24]

@SallyCPA what did you do for BEC and REG?

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)

[SallyCPA]

@mtaylo24 BEC sucked cause I hated the material and didn't understand cost accounting so I literally just did a shitload of NINJA MCQ. REG wasn't terrible. Mostly did NINJA MCQ and practiced some sims here and there. I honestly have no clue what to do with FAR not only because of the amount of material but also because how the test is mostly sims now…

[mtaylo24]

@SallyCPA, We only get 1 more sim, but they are broken up in different testlets, and of course the weights are now 50/50. I think thats just to throw us off mentally. Wouldn't necessarily abandon the old way of studying, just don't blow off the sims like we used to lol. Maybe 3 or 4 sims for every 100 mcqs. How are the Becker sims?

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)

[Author]

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