[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

[MustPass1988]

For those of you studying with Yaeger, how do you like it? I got Yaeger for FAR because I need the concepts explained to me rather than wasting 5 hrs highlighting random crap but I'm slightly confused by all the handouts, assignment sheet, AND the Wiley book. It feels disorganized, especially compared to Becker. I am just starting the studying process but I'm hoping that people will reply & tell me they love it before I break down and order a different study material 🙂

AUD: PASSED [81]; Expired, retaking August 23rd
BEC: PASSED [83]; Expired, retaking July 11th
REG: PASSED [83]
FAR: FAILED [64]; Retaking May 23rd

[MustPass1988]

For those of you studying with Yaeger, how do you like it? I got Yaeger for FAR because I need the concepts explained to me rather than wasting 5 hrs highlighting random crap but I'm slightly confused by all the handouts, assignment sheet, AND the Wiley book. It feels disorganized, especially compared to Becker. I am just starting the studying process but I'm hoping that people will reply & tell me they love it before I break down and order a different study material 🙂

AUD: PASSED [81]; Expired, retaking August 23rd
BEC: PASSED [83]; Expired, retaking July 11th
REG: PASSED [83]
FAR: FAILED [64]; Retaking May 23rd

[Anonymous]

@ 1BENTCPA:

I did some research in A71 to clarify my explanation and I got this page.

https://www.another71.com/cpa-exam-forum/topic/non-monetary-exchanges#post-192810

My concern is Boot received & boot paid situation. I have a lot of confusions in this calc 🙁

=>If commercial substance LACKS, Boot paid or NO BOOT means NO GAIN.

=>If commercial substance LACKS, Boot received means, some proportion of gain recognized by calculating cash received/(cash received + FMV asset given up).

[Anonymous]

@ 1BENTCPA:

I did some research in A71 to clarify my explanation and I got this page.

https://www.another71.com/cpa-exam-forum/topic/non-monetary-exchanges#post-192810

My concern is Boot received & boot paid situation. I have a lot of confusions in this calc 🙁

=>If commercial substance LACKS, Boot paid or NO BOOT means NO GAIN.

=>If commercial substance LACKS, Boot received means, some proportion of gain recognized by calculating cash received/(cash received + FMV asset given up).

[Anonymous]

@ Cal CPA.

For Non-Monetary Exchanges there are 3 exception criteria: FV of asset received/asset given up are unknown, exchange is done to facilitate sales and lacks commercial substance. If none of the criteria are met we use the FV Method. If we meet one of these criteria we use CV method. If we meet 2 or 3 of these criteria then we either have a No boot paid/received situation, boot paid situation or boot received situation. For all 3 of these we calculate the realized gain or loss by comparing the FV of assets given up vs. CV of Assets given up. If we don't know the FV of assets given up we use the FV of assets received. So for the first category-No boot paid/received we recognize realized loss but not realized gain. For second category-Boot paid its the same-we recognize realized loss but not realized gain. For last category-Boot received we recognize realized loss and RECOGNIZE some realized gain pro-rata=to figure this out we do the following: Realized Gain x FV of Boot/(FV of Boot + FV of Asset received). There is one exception- If the boot is 25% or more of the FV of the exchange we recognize the entire gain

[Anonymous]

@ Cal CPA.

For Non-Monetary Exchanges there are 3 exception criteria: FV of asset received/asset given up are unknown, exchange is done to facilitate sales and lacks commercial substance. If none of the criteria are met we use the FV Method. If we meet one of these criteria we use CV method. If we meet 2 or 3 of these criteria then we either have a No boot paid/received situation, boot paid situation or boot received situation. For all 3 of these we calculate the realized gain or loss by comparing the FV of assets given up vs. CV of Assets given up. If we don't know the FV of assets given up we use the FV of assets received. So for the first category-No boot paid/received we recognize realized loss but not realized gain. For second category-Boot paid its the same-we recognize realized loss but not realized gain. For last category-Boot received we recognize realized loss and RECOGNIZE some realized gain pro-rata=to figure this out we do the following: Realized Gain x FV of Boot/(FV of Boot + FV of Asset received). There is one exception- If the boot is 25% or more of the FV of the exchange we recognize the entire gain

[jeff]

CPA Exam Section: Financial Accounting & Reporting

CPA Review Topic: Partnership Accounting

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

[jeff]

CPA Exam Section: Financial Accounting & Reporting

CPA Review Topic: Partnership Accounting

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

[nashville79]

Anyone have any good methods for using the new noteboards? They totally threw me off during my last exam. They don't write well and I went through two in no time. Also, just realized that the spreadsheet tool is NOT available for the MC (SIMS only). No spreadsheet, no standard writing methods – sounds about right. WTF.

[nashville79]

Anyone have any good methods for using the new noteboards? They totally threw me off during my last exam. They don't write well and I went through two in no time. Also, just realized that the spreadsheet tool is NOT available for the MC (SIMS only). No spreadsheet, no standard writing methods – sounds about right. WTF.

[Anonymous]

@nashville..don't have any advice on the noteboards as I have yet to take the exam but I also heard we will not have the spreadsheet tool for MCQ. In my review course they mention this and the fact that it is possible they might ask a PV question in the MCQ where they don't give us the PV tables. That being said, without the table or the spreadsheet tool make sure you know how to create the PV table from scratch.

[Anonymous]

@nashville..don't have any advice on the noteboards as I have yet to take the exam but I also heard we will not have the spreadsheet tool for MCQ. In my review course they mention this and the fact that it is possible they might ask a PV question in the MCQ where they don't give us the PV tables. That being said, without the table or the spreadsheet tool make sure you know how to create the PV table from scratch.

[Tncincy]

Grea t…..just give us something else to worry about. Hey can we appeal some of these bright idea decisions.

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

[Tncincy]

Grea t…..just give us something else to worry about. Hey can we appeal some of these bright idea decisions.

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

[Anonymous]

Haha..I know right?…you probably can appeal but I doubt it would get you anywhere.

[Author]

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