[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

[Qlad]

@ Anasag

I am relieved that i am not the only one…many people r stuck with pension.

@ bcjasper09..

U noted the JE Gearety gave: Dr. Net Periodic pension cost, Cr. Pension benefit liab, Cr. OCI (that is out of OCI)… i am confused there too…Cr is out.

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

[Qlad]

@ Anasag

I am relieved that i am not the only one…many people r stuck with pension.

@ bcjasper09..

U noted the JE Gearety gave: Dr. Net Periodic pension cost, Cr. Pension benefit liab, Cr. OCI (that is out of OCI)… i am confused there too…Cr is out.

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

[Anonymous]

Qlad ,seems like our problem is because we dont undersatand OCI

And we dont understand it very good because of Becker

[Anonymous]

Qlad ,seems like our problem is because we dont undersatand OCI

And we dont understand it very good because of Becker

[Qlad]

@anasag

yes..very true and i can't find a “T” account for OCI anywhere..

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

[Qlad]

@anasag

yes..very true and i can't find a “T” account for OCI anywhere..

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

[gchantur]

Hello guys, just finished working on last chatper of MCQs. Overall I averaged 67% on HWs and 88% on progress tests ( I took 9 of these and passed all of it). I would appreciate you giving me feedback of where I stand as of now. Obviously I can never be certain but right now I feel so up in the air and drained, I would like to have at least some kind of approximation.

Other than that, I wish you all a great study night, I'll rework 10-20 more and I'm out..

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

[gchantur]

Hello guys, just finished working on last chatper of MCQs. Overall I averaged 67% on HWs and 88% on progress tests ( I took 9 of these and passed all of it). I would appreciate you giving me feedback of where I stand as of now. Obviously I can never be certain but right now I feel so up in the air and drained, I would like to have at least some kind of approximation.

Other than that, I wish you all a great study night, I'll rework 10-20 more and I'm out..

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

[Anonymous]

Qlad- If your debiting your Net Periodic Pension Expense, than presumably your recording your J/E for the SIR, or Amortizing your AGE (no gain in this case since your DR expense). So for that entry lets say your amortizing your prior service costs. When you put them into OCI you Debited it (by decreasing Accumulated OCI). Now you need to remove them, so your removing a cost from your accumulated OCI with a CR and in essence your increasing it because your removing that expense and putting it on the income statement and increasing your pension liability. The tax benefit would also have to come out as well, so you would DR Tax Benefit- OCI and CR Tax Benefit- Income Statement, to decrease your tax expense for that period.

Another thing to note on pensions- whenever your increasing or decreasing your Pension Asset/Liability, be sure to first, figure out if you have a pension asset (FV of Assets > PBO) or liability (PBO > FV of assets) because this will dictate what account you use. I just noticed that in one of the Becker Simulations because in the material they are using a pension liability but in the Sim you would use the pension asset, it just depends on where you stand with your FV vs. your PBO. That is something very nit picky- but as we all know you have to know every little detail for the exams.

I hope that makes a little more sense.

AnasG- Think of OCI kind of like your income summary account. It has a normal CR balance- well it should, and you close it out to AOCI every period, which is like your R/E. I used Becker and had some trouble catching on to it also, so don't feel like your alone. I had to break out my intermediate book to do some extra reading.

[Anonymous]

Qlad- If your debiting your Net Periodic Pension Expense, than presumably your recording your J/E for the SIR, or Amortizing your AGE (no gain in this case since your DR expense). So for that entry lets say your amortizing your prior service costs. When you put them into OCI you Debited it (by decreasing Accumulated OCI). Now you need to remove them, so your removing a cost from your accumulated OCI with a CR and in essence your increasing it because your removing that expense and putting it on the income statement and increasing your pension liability. The tax benefit would also have to come out as well, so you would DR Tax Benefit- OCI and CR Tax Benefit- Income Statement, to decrease your tax expense for that period.

Another thing to note on pensions- whenever your increasing or decreasing your Pension Asset/Liability, be sure to first, figure out if you have a pension asset (FV of Assets > PBO) or liability (PBO > FV of assets) because this will dictate what account you use. I just noticed that in one of the Becker Simulations because in the material they are using a pension liability but in the Sim you would use the pension asset, it just depends on where you stand with your FV vs. your PBO. That is something very nit picky- but as we all know you have to know every little detail for the exams.

I hope that makes a little more sense.

AnasG- Think of OCI kind of like your income summary account. It has a normal CR balance- well it should, and you close it out to AOCI every period, which is like your R/E. I used Becker and had some trouble catching on to it also, so don't feel like your alone. I had to break out my intermediate book to do some extra reading.

[Anonymous]

got 82% with pension homework with 3 questions i forget to remove tax from OCI

but still have a lot of problems in this section

@bcjasper09 thank you very much

[Anonymous]

got 82% with pension homework with 3 questions i forget to remove tax from OCI

but still have a lot of problems in this section

@bcjasper09 thank you very much

[Anonymous]

AnasG or Qlad- Do you guys remember covering Derivatives or Hedging activities at all from F1-F9 in Becker? Gearety talks about how “My partner in crime, Peter Olinto covered these with you” in F9 when discussing how to account for them in a Govt. Agency but I don't specifically remember ever talking about them. I am hitting up F10 hopefully getting lecture and homework done so I can begin review tomorrow!

[Anonymous]

AnasG or Qlad- Do you guys remember covering Derivatives or Hedging activities at all from F1-F9 in Becker? Gearety talks about how “My partner in crime, Peter Olinto covered these with you” in F9 when discussing how to account for them in a Govt. Agency but I don't specifically remember ever talking about them. I am hitting up F10 hopefully getting lecture and homework done so I can begin review tomorrow!

[Anonymous]

Disregard that- 1 minute into the F10 lecture I realized it is the last topic covered.

[Author]

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