[jeff]

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

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

[CPAIN2K17]

@2017cpa because it needs to be valued at fair value. 200,000 was the original cost, not the fair value. They stated that the 975,000 reflects an appropriate fair value so to get the fair value for the entire entity you would do 975,000/.8=1,218,750. Then of course subtract the FV of the controlling interest (975,000) which leaves you with the FV of the 20% NCI of 243,750

[mtaylo24]

Only one more slot left on May 30 at 8 am…thinking about doing it

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)

[jeff]

New Podcast – I'll be doing another one Wednesday-ish if you have any study questions.

CPA Reviewed #79 – CPA Exam Study Motivation with August Score Release

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

[CPAIN2K17]

@mtaylo I say go for it! An extra week of studying can only help and you'll want to go in as confident as possible for your last one!!!

[mtaylo24]

^^^^It's already done! I tested for BEC and FAR at 8am last window…Going to do the exact same thing as last time and hope for the best!

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)

[CPAIn2018]

Is there a way to guess the reasearch Sim question (out of the 9 sim questions on the exam).

Took the exam on 5/7, and I guess I spent hell of time in one SIM which I believe is the research question. I wish I could skip it and kill the other sims, which in my opinion are easy for a candidate who set aside 2 hours for the remaining 8.

I hope, I pass this Beast. If not, next time, I would never ever attemp all the SIMs. I would skip, at least one and do the rest.

Sounds cool?

<Always surprised to see people score above 97 on FAR. How could it be? Impossible as there is high probablity of doing at least one or two mistakes here and there. Something fishy here..!!!:-) 🙂 🙂 ;

[CPAIN2K17]

@mtaylo awesome! Three weeks from today! I'm confident you'll kill this!!!!

[Wannafree]

@Balck Tulip ,last March I failed due to same mistake , I kept trying Research question and wasted my time.Overall how were the SIMs ?

[Anthony]

@Balck Tulip Nothing fishy about it. Scoring a 97 doesn't actually mean you got 97% of the questions correct because every question is weighted differently. For all you know they could have about 80% of it correct and it can translate to a 97.

[Wannafree]

Agree with Anthony , one person on this forum got 99 in AUD and he/she confirmed on one of the thread
he also did some questions wrong.

[CPAIn2018]

Wannafree, then how would be ur best guess to konw the research question or just skip one which is longer or difficult. Guess this would help.

My plan was to give 45 minutes each to MCQs and 30 minutes to Sim 1. This went wrong, as MCqs took me more than 2 hours and the 2 questions in z first Sim were also long and time consuming.
I tried all i can to claw back to my budgeted time, but with every next question, it was impossible. While doing the 1st sims, I was paniking with the thought of how I will manage 6 questions, with almost 2/3rd of the time gone. I took the allowed break with 1:17. To my surprise, the questions in the two remaining sims were short and managable and also relatively simple. With ample time, you can do it.
Time management is key and I would say, the 45,45, and 30 minutes rule was a bit misleading for me. 1 hour for the two final sims is enough and the two long questions in sim 1 deserve a huge chunk of time. skipping one of them would be ideal to focus and nail the 2 sims.

[CPAIn2018]

@ anthony and @ wannafree. Thx guys, that must be the case.

Thx

[mtaylo24]

Section 2 of Ninja is such a drag (634 questions), been on it since last Thursday smh

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)

[Trucker90]

A quick question here – for Inventory Valuation

between LCM and LCNRV –
it used to be that US GAAP required inventory to be valued at LCM, and IFRS – LCNRV.
Due to the simplification / conversion of IFRS and US GAAP,
FASB ASC 330 now states that all inventory, other than inven accounted for under LIFO ore retail inven methods, be reported on the B/S at LCNRV, effective Dec. 15th, 2016.

Now.. what do we do if we see this on the exam.. for US GAAP questions, and have both LCNRV & LCM in the choices?

Do we go with LCNRV or LCM?
If we are to go with LCNRV, why is LCM still in all the prep courses?

[CPAIN2K17]

You use LCNRV for everyThing except for LIFO and retail value. Some prep courses just haven't updated properly I think.

[Author]

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