FAR Study Group April May 2017 - Page 76

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  • #1558963
    Wannafree
    Participant

    SallyCPA, as far as OCI is concerned I like the Tim Gearty's explantions.
    Think of any item which should go to RE ( profit ) but it's not there yet like unrealized profit on AFS ,eventually when AFS will be sold it will realize the profit and then it will go to RE.So till it goes to RE OCI is the place holder ( credit to OCI +).
    When AFS is sold ,now profit is realized and ready to go to RE through Income statement earnings,now Debit OCI and credit IS ( indirectly or eventually credit RE ).
    Then Becker has listed PUFFR ( R is for IFRS ) and you just remember that 4 things of PUFF.Pension ,Unrealized gain on AFS/HTM ,Foreign exchange Translation,Cash Flow Hedge ).
    That's all for OCI.

    #1558965
    Wannafree
    Participant

    Anybody who took exam on Monday is welcome to volunteer his/her exam experience.Curious how you all done .

    #1558995
    SallyCPA
    Participant

    @Wannafree

    To be honest, you explained it way better than Gearty. Thank you! It helps getting input from someone else than olito or gearty especially when you tune them out half the time.

    I would also love to hear input from anyone else who has taken the exam this past Monday.

    #1559065
    cmrn89
    Participant

    @wannafree and @SallyCPA

    I took the test yesterday (first-time test taker) and going into the exam I was extremely nervous after hearing so many horror stories, test takers getting drilled with IFRS, 5 DRS sims, people getting all of their trouble areas, etc., but I did not experience any of that. The areas that I thought were going to be huge on exam, were barely tested and some non-existent. However, I did not see an MCQ or simulation that I felt I did not prepare for or see in the study materials. I used Becker and Ninja materials to supplement (MCQ, Blitz videos, notes) and they are on par in difficulty with the actual exam. MCQs were straight forward and the simulations were not overly complex, again comparable to the study materials we are using. The areas that I thought were going to be huge on exam, were barely tested and some I didn't even receive a question on. I did have 2 DRS simulations and it is frustrating going back and forth between documents on such a small screen, but it was doable.

    Here are my time breakouts, I used the Roger time estimates that I saw in a youtube video, I believe others mentioned it in this thread already. Times are given in time remaining, actuals are estimates:

    T1 goal: 3:15 actual: 3:30
    T2 goal: 2:30 actual: 2:55
    T3 goal: 2:00 actual: 2:10
    T4 goal: :55 actual: 1:15
    T5 goal: DONE actual: :25

    I wanted to give myself enough time for sims, but I wasn't rushing through the MCQs either. I would mark questions I didn't feel good about (~3-4 each on T1 and T2) and skimmed through it at the end of the testlet, but did not change any answers. 30 minutes is a bit ambitious for T3, but I was glad I had a bit of a buffer after the first two testlets. I did find that those 2 sims were the trickiest ones, which is consistent with what I have been hearing from other test takers. I imagine Roger and others will adjust the time goals accordingly.

    My take-aways: The test is fair and straight forward, you either know/understand the material or you don't. Trust your study materials and do not get so caught up with the minutiae! READ THE QUESTION! There were multiple instances where just by reading the simulation question over or carefully reading the instructions made a difference.

    Waiting til August is going to be rough. :/

    I have been a bit vague in order to avoid any disclosure issues, but I'm more than happy to provide more feedback if you have any questions. Good luck this week! Onto Audit now!

    #1559076
    abmoore
    Participant

    @cmrm89 thank you for the helpful information! I'm a first time test taker going on Thursday. Did you happen to take the Becker mock exams? I scored 75 and 80 on those but not sure how that will translate to the real thing. The sims were extremely easy.

    #1559083
    cmrn89
    Participant

    I only took the first mock exam and scored a 79 then skimmed through the second to see if they increased the difficulty on the second (which I believe they did). The simulations are a bit tougher on the actual, but not because of concept or material, only because they are more wordy, have more documents to get through, and you have a small screen to sift through everything. Based on your scores, I don't think you'll run into anything you haven't seen before. Good luck abmoore!

    #1559098
    mtaylo24
    Participant

    @cmrn89 Studying for sims, worth it or waste?

    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)

    #1559125
    Anonymous
    Inactive

    @Wannafree I wanted to add that keep in mind that the “E' for PUFER is worded appropriately, the effective portion of the cash flow hedge is the only one that goes to OCI, the ineffective portion goes to income

    #1559127
    Wannafree
    Participant

    @cmrn89 , thanks a lot for sharing your experience.I feel good to hear someone's good experience even though I know YMMV.
    I hope and pray for your success in August.
    So many people are saying too much shifting of documents in DRS, as you have already took the exam and very well managed the time,any suggestion what should I do to save time in DRS ? I noted “doable” and feeling good.

    #1559130
    cmrn89
    Participant

    @mytalo I think it's worth preparing for sims, but still dedicate majority of your time to MCQs.

    #1559131
    mtaylo24
    Participant

    @cmrn89 Thanks! I'm trying my hardest to work them, but they are so long and ridiculous and are starting to give me anxiety. I feel like my time would be better spent cranking mcqs. I guess I will just hang in there!

    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)

    #1559134
    Wannafree
    Participant

    @Davila , thank you for correction I need to revisit this cash flow hedge,yes I forgot to insist on effective portion.I try to remember that till Hedging OCI and over hedging IS.
    Hedging is the key.

    #1559140
    Anonymous
    Inactive

    🙂 you are welcome! good luck. i have no idea how to tag someone jaja

    #1559143
    SallyCPA
    Participant

    @cmrn89 Thank you for the information! With three days left is it worth re-reading the book and going through the examples or just mostly doing MCQ?

    #1559146
    Wannafree
    Participant

    @cmrn89 ,so many folks told that testlet 3 time management was not correct as per Roger's Video.Any suggestion how to handle testlet 3 time budget in a better way ? Just trying to speculate the what type of mouse trap is there in 3rd Maze.You can give some tips and delete it in 5 minutes before I read it. LOL .

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