[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]

hello FAR family

can some one help me in OCI

I can't understand how it is an equity account and may increase by both a debit or credit

as example a prior service cost is increased by debiting OCI

and deferred tax benefit is increased by crediting OCI

please help me cause this damn book need me to know every thing in my own 🙁

[jeff]

Jimmy's FAR Exam today: https://www.another71.com/ninja-cpa-blogger-jimmy-7/

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

[jeff]

Jimmy's FAR Exam today: https://www.another71.com/ninja-cpa-blogger-jimmy-7/

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

[Anonymous]

AnasAG

as example a prior service cost is increased by debiting OCI

Your prior service cost isn't increasing OCI, it is actually decreasing OCI by Debiting it. Prior service cost is an expense that is “not ready for the I/S yet” (as put my Mr. Gereaty) so you would “park” it in OCI (aka Debit). This would decrease your other comprehensive income on your balance sheet (accumulated OCI).

and deferred tax benefit is increased by crediting OCI

Since your putting an expense in OCI, you would have to also book the tax implications. When you have less income (an expense) your saving taxes (a benefit). This is congruent with the matching principle in that you need to book your expense and related tax savings in the period but your amortizing them over the expected service life of the employees.

I hope that makes a little more sense. If your using Becker (which i believe you are) they don't do the best job of distinguishing what OCI really is, they simply allude to it frequently throughout the lectures and make brief mention of it at the beginning without too much detail.

Also, I think I despise government accounting just as much as I did 3 months ago when I took it in college. I spent an entire semester learning govt and NFP accounting and learning it from Becker is simply messing with my brain… end rant.

[Anonymous]

AnasAG

as example a prior service cost is increased by debiting OCI

Your prior service cost isn't increasing OCI, it is actually decreasing OCI by Debiting it. Prior service cost is an expense that is “not ready for the I/S yet” (as put my Mr. Gereaty) so you would “park” it in OCI (aka Debit). This would decrease your other comprehensive income on your balance sheet (accumulated OCI).

and deferred tax benefit is increased by crediting OCI

Since your putting an expense in OCI, you would have to also book the tax implications. When you have less income (an expense) your saving taxes (a benefit). This is congruent with the matching principle in that you need to book your expense and related tax savings in the period but your amortizing them over the expected service life of the employees.

I hope that makes a little more sense. If your using Becker (which i believe you are) they don't do the best job of distinguishing what OCI really is, they simply allude to it frequently throughout the lectures and make brief mention of it at the beginning without too much detail.

Also, I think I despise government accounting just as much as I did 3 months ago when I took it in college. I spent an entire semester learning govt and NFP accounting and learning it from Becker is simply messing with my brain… end rant.

[Anonymous]

bcjasper09 ,thank you for your help

am still confused on this deferred tax asset and liability when you put something in OCI

i have never taken pension in school and barely know something about OCI in school

and yeah i use Becker,in other sections i just use youtube

but i didn't find any thing about pensions

and any one can say to me what is the difference between sponsor company and pension plan ?

any help in pensions will be appreciated ,it is killing me

[Anonymous]

bcjasper09 ,thank you for your help

am still confused on this deferred tax asset and liability when you put something in OCI

i have never taken pension in school and barely know something about OCI in school

and yeah i use Becker,in other sections i just use youtube

but i didn't find any thing about pensions

and any one can say to me what is the difference between sponsor company and pension plan ?

any help in pensions will be appreciated ,it is killing me

[Anonymous]

Power Weekend!!! Good luck guys!!!!

[Anonymous]

Power Weekend!!! Good luck guys!!!!

[Anonymous]

Well I hated pensions for a moment.. than I moved to governmental. I am finishing F9 tomorrow and hitting F10.. Will begin review Sunday. I am done with Aud and Reg (hopefully) and I feel as if those two went a lot better than FAR. I typically feel really confident about the material but there is just so much with FAR its daunting!

Pensions are terrible.. I really don't understand why they are so heavily tested as most people don't even offer the darn things anymore!

SIR- Net Pension Expense

AGE- OCI

Remember those two crucial pieces and your golden. Oh and remember to “SQUEEEEZE” the actual return on plant assets. Gearety loves to use that one. BOY FV of Plant Assets + Contributions +Actual – Benefits Paid= EOY Plant Assets…

I used an entire highlighter on one section. I am beginning to think he just highlights things for the fun of it.. My book is painted yellow.

[Anonymous]

Well I hated pensions for a moment.. than I moved to governmental. I am finishing F9 tomorrow and hitting F10.. Will begin review Sunday. I am done with Aud and Reg (hopefully) and I feel as if those two went a lot better than FAR. I typically feel really confident about the material but there is just so much with FAR its daunting!

Pensions are terrible.. I really don't understand why they are so heavily tested as most people don't even offer the darn things anymore!

SIR- Net Pension Expense

AGE- OCI

Remember those two crucial pieces and your golden. Oh and remember to “SQUEEEEZE” the actual return on plant assets. Gearety loves to use that one. BOY FV of Plant Assets + Contributions +Actual – Benefits Paid= EOY Plant Assets…

I used an entire highlighter on one section. I am beginning to think he just highlights things for the fun of it.. My book is painted yellow.

[Anonymous]

As Jeff would say, “put the highlighter down”…haha…no..really…if it works for you cool.

[Anonymous]

As Jeff would say, “put the highlighter down”…haha…no..really…if it works for you cool.

[Anonymous]

i know the concept of pensions very well

but that OCI/deferred tax benefit and entries just can't get them

deferred tax benefit-OCI normal balance is credit

then after amortizing we debit it to decrease it

and credit deferred tax benefit -income statement

what this means ?

anyone can explain the entries ?

[Anonymous]

i know the concept of pensions very well

but that OCI/deferred tax benefit and entries just can't get them

deferred tax benefit-OCI normal balance is credit

then after amortizing we debit it to decrease it

and credit deferred tax benefit -income statement

what this means ?

anyone can explain the entries ?

[Author]

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