[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

[Theo]

Can anyone explain this one? I am completely lost on this one.

The following data relates to Nola Co.’s defined benefit pension plan as of December 31, Year 3:

Unfunded accumulated benefit obligation $140,000

Unrecognised prior service cost 45,000

Pension asset (liability) (80,000)

What amount should Nola report as excess of additional pension liability over unrecognised prior service cost in its statement of stockholders’ equity?

☐$35,000

☐$95,000

☒$0

☐$15,000

Explanation: This answer is correct. ASC Topic 715 outlines the reporting requirements for pension liabilities, and a pension liability is recognized on the balance sheet when the projected benefit obligation exceeds the fair value of plan assets. There is no longer an additional pension liability reported as part of stockholders’ equity.

AUD 01/17/2013 (92)
REG 02/28/2013 (85)
FAR 04/26/2013 (85)
BEC 05/30/2013 (88)

[Theo]

Can anyone explain this one? I am completely lost on this one.

The following data relates to Nola Co.’s defined benefit pension plan as of December 31, Year 3:

Unfunded accumulated benefit obligation $140,000

Unrecognised prior service cost 45,000

Pension asset (liability) (80,000)

What amount should Nola report as excess of additional pension liability over unrecognised prior service cost in its statement of stockholders’ equity?

☐$35,000

☐$95,000

☒$0

☐$15,000

Explanation: This answer is correct. ASC Topic 715 outlines the reporting requirements for pension liabilities, and a pension liability is recognized on the balance sheet when the projected benefit obligation exceeds the fair value of plan assets. There is no longer an additional pension liability reported as part of stockholders’ equity.

AUD 01/17/2013 (92)
REG 02/28/2013 (85)
FAR 04/26/2013 (85)
BEC 05/30/2013 (88)

[Anonymous]

Need clarification on something. For IFRS, Revaulation Model for Intangibles. I had a Wiley question that says any Gain/Loss should go to OCI. Is this correct? I was under the impression that Gains would go to OCI but losses should be expensed. Per Ninja Notes pg 17 it reads “Decreases in value from the adjustment are treated as an expense”. Which one is correct or am I reading this wrong…Thanks in advance for your help.

[Anonymous]

Need clarification on something. For IFRS, Revaulation Model for Intangibles. I had a Wiley question that says any Gain/Loss should go to OCI. Is this correct? I was under the impression that Gains would go to OCI but losses should be expensed. Per Ninja Notes pg 17 it reads “Decreases in value from the adjustment are treated as an expense”. Which one is correct or am I reading this wrong…Thanks in advance for your help.

[Anonymous]

@Casagarber losses may go to OCI if it is a reverse of a previous gain in OCI

if no previous gain in OCI it will be expensed immediately

[Anonymous]

@Casagarber losses may go to OCI if it is a reverse of a previous gain in OCI

if no previous gain in OCI it will be expensed immediately

[Anonymous]

AnasAG. Thanks for your help!

[Anonymous]

AnasAG. Thanks for your help!

[Anonymous]

@Masarratsaleh I felt the same way. I just finished Chapter 3, which I thought was much easier than two as I just finished Advanced accounting last semester. I am thinking that going back to Chapt 2 like someone else suggested might be a good idea, as most of the questions in that relate to timing, however, the underlying concepts are taught in later lectures.

[Anonymous]

@Masarratsaleh I felt the same way. I just finished Chapter 3, which I thought was much easier than two as I just finished Advanced accounting last semester. I am thinking that going back to Chapt 2 like someone else suggested might be a good idea, as most of the questions in that relate to timing, however, the underlying concepts are taught in later lectures.

[Anonymous]

Is it bad that when I pass a building that is being razed I think “that is a capitalized land cost minus scrap”…haha..

[Anonymous]

Is it bad that when I pass a building that is being razed I think “that is a capitalized land cost minus scrap”…haha..

[gchantur]

@Casagarber that means that you are totally in shape and ready to take FAR! The greatest Chemicist of all time Ivan Mendeleev, found his periodic system while he was dreaming. I think once you're so much into a material, There is a very low chance, if at all, not to pass it. Good luck!!

FAR - May 16th --- 83
AUD - August 2nd --- 81
BEC - December 2d --- 76
REG - February 10th---77
Ethics - February 23rd - 98

[gchantur]

@Casagarber that means that you are totally in shape and ready to take FAR! The greatest Chemicist of all time Ivan Mendeleev, found his periodic system while he was dreaming. I think once you're so much into a material, There is a very low chance, if at all, not to pass it. Good luck!!

FAR - May 16th --- 83
AUD - August 2nd --- 81
BEC - December 2d --- 76
REG - February 10th---77
Ethics - February 23rd - 98

[Qlad]

@ stay_ positive and determined1,

All the Best for the exam…we all will be waiting to know ur experience…

Is there anyone like me, who is stuck with FAR till May end?? I see everyone done by May 1st week

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Author]

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