[tmturner74]

Is it ok to start a FAR Study Group? I retook Audit yesterday and although I don’t have a gut feeling either way if I passed or not, I am going to start on FAR. I am using Becker self-study and purchased the Ninja Notes for FAR.

I am looking forward to reading a/b everyone’s progression. Good Luck!

 

Aud- 11/28/12 (72), 02/27/13 (72), 04/06/2013 77!!
FAR-tbd
BEC-tbd
REG-tbd

[Anonymous]

I took Audit on the 26th, but with FAR coming beginning of April, no time to wait for scores. I took FAR from the seat of my pants about a year ago with just listening to becker lectures (F1-F7) but skipped Government. Needless to say, this round will be much more serious and comprehensive – I'm talking to you MCQs.

April/May goal = FAR 4/1, BEC 4/29, REG 5/30

I have post July 2011 Becker & Wiley testbank. I have Becker flashcards to, and not sure if I should use them because they were a total waste for Audit. But if FAR is as intense as everyone says, I might as well study everything I can!

Wiley testbank MCQ's were nearly verbatim, seemingly copied directly from audit exam itself! I don't know how the AICPA doesn't take all their CPAs for disclosing exam materials but I'm glad to use this resource.

[jeff]

Wiley licenses the content from the AICPA, cpageek.

[Anonymous]

Section 102 Code of Professional Conduct: INTEGRITY & OBJECTIVITY

Learned that one in Audit 🙂

[jeff]

Thank you for the reminder…I always forget 🙂

Resources:

FAR 10 Point Combo: https://www.another71.com/products-page/ten-point-combo

FAR Exam Experience: https://www.another71.com/cpa-exam-forum/topic/far-exam-experience-official-thread

[Anonymous]

FAR is my first part

I am taking a live class for all parts that finishes in middle of May we already finished FAR now

I think about taking FAR on 30 of May what do you think guys ?

after every class on FAR I watch videos and do all MCQs of the chapter without doing simulations

i will not do that for other parts and i will just stick to FAR to take on May and attend the class in that time and take notes form it to BEC,AUD and REG

do you advice me to do that?

or do you think i have to take all 4 parts in the live class

and start exams on July ?

note that I'am unemployed now and am really want take pass these exams as soon as possible

good luck FAR fam

[Anonymous]

I hope I won't be back in this thread …I'll find out March 11th I suppose.

[Anonymous]

Having Trouble Understanding Excess of FV over Purchase Price Question:

14. CPA-06457

Penn Corp. paid $300,000 for 75% of the outstanding common stock of Star Co. At that time, Star had

the following condensed balance sheet:

Carrying Amounts

Current assets $40,000

Plant and equipment, net 380,000

Liabilities 200,000

Stockholders' equity 220,000

The fair value of the plant and equipment was $60,000 more than its recorded carrying amount. The fair

values and carrying amounts were equal for all other assets and liabilities. What amount of goodwill

related to Star's acquisition should Penn report on its consolidated balance sheet under U.S. GAAP?

a. $20,000

b. $40,000

c. $90,000

d. $120,000

[Anonymous]

@Cpa4bdaypresent ; same here

@1BENTCPA : as far as i think

FV of Subsidary is 300,000/.75= $400,000

GOODWILL = 400,000-220,000-60,000

= 120,000

[Anonymous]

How to keep IFRS & GAAP straight? Is it best to attack together, or to learn separately. I think most review courses have an overview of the differences, but I'm not sure this is the best way to get it to stick…

[mypetmeatball]

next week, party time

[sali25]

@ 1BENTCPA

Here is the answer:

Considerations given = $300,000

The NCI = $100,000

The FMV of the subsidiary= $400,000

The CV of the net assets= (220,000)

Differential= = 180,000

Equipment (FMV) = (60,000)

The GOODWILL= 120,000

120,000 is the correct answer for this question.

This is the goodwill calculation under GAAP; you must calculate it based on the FMV of the subsidiary NOT the purchase price. Under GAAP, the goodwill is the FV of the subsidiary – the fair value of the net assets.

Under IFRS, the goodwill can be calculated in 2 ways:

1- the full goodwill, and it is the same as GAAP

2- partial goodwill, and this is WHEN YOU CALCULATE BASED ON THE PURCHASE PRICE; meaning purchase price : 300,000

Less 75% of the FMV of the net assets: (75% x 400,000)

= 75000

FAR: 88
REG: 81
BEC: TBD
AUD: 11/30/13
"Efficiency is doing things right. Effectiveness is doing the right things" Peter Drucker

[Tncincy]

@tnturner74, I began studying in Dec for far and studying had to take a back seat to tax seaason. I got some new study materials and am ready to go. I am excited, here to encourage and ready to pass. Since I am on a better time schedule, I will not spend a lot of time roaming around this site. But I am glad to see the far forum started. I am going for early April and late may for reg.

@AnasaAg, I think most people on this site is using Becker, it seems that way anyway, but it would be good to nail down a schedule so you can actually see what you are trying to do and in what time frame. Believe me, I wasted an entire year deciding what to do when all I needed was a concrete plan and a little MORE discipline. So use your time wisely, whether in class or home study.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[UCFCPA]

I'm re-taking FAR on May 28th since I get the day off on Monday the 27th, so I'll have a 3 day weekend to last minute prepare! Planning on starting my studies April 1st… although I've been listening to the FAR ninja audio in the car on the drive to and from work already since January. I'm hoping this time will be my last time ever taking one of these exams! Good luck to all of us.

REG (8/7/12) 77
FAR (10/4/12) 70 Retake 5/25/13 84!!!!!!!!!
AUD (11/2/12) 78
BEC (11/30/12) 82

[tmturner74]

@cpageek…what an ambitious APR/MAY schedule. Good for you….have no life for a few months and get it out of the way. Good Luck with that. I will use my Becker flashcards for FAR. I actually thought they were useful for Audit, but I will see if I still agree when I get my scores back.

@Anasag…I agree with post above…don't waste time thinking a/b it too much..just take one of them. Nothing will motivate youe to study like paying almost $200 to schedule an exam. 🙂

@tncincy- Do you care to share what new study materials you are using?? Just being nosy..lol. Good luck and best wishes!!!!

Aud- 11/28/12 (72), 02/27/13 (72), 04/06/2013 77!!
FAR-tbd
BEC-tbd
REG-tbd

[tmturner74]

@CPA4birthdaypresent- Please let us know how FAR went…Good Luck!

Aud- 11/28/12 (72), 02/27/13 (72), 04/06/2013 77!!
FAR-tbd
BEC-tbd
REG-tbd

[Author]

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