[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]

Most on here seem to be Becker/Ninjas?

Any CPAExcelites out there?

I'm trying to get through the material with time to review for exam by May 28th…not sure if I'll make it…

How are others getting through the material?

Also is CPAExcel materials sufficient with their EQs/TBSs or are folks supplementing with Wiley Test Bank?

[Anonymous]

And P.S. I'm a Ninja Notes/Audio person too…!

[Anonymous]

And P.S. I'm a Ninja Notes/Audio person too…!

[Theo]

So today I finally concluded that there is NO WAY I will know everything that could come up on this FAR exam. I just hope that 75% of my test comes from the material that I do know.

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

[Theo]

So today I finally concluded that there is NO WAY I will know everything that could come up on this FAR exam. I just hope that 75% of my test comes from the material that I do know.

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

[Anonymous]

Alright… So will someone tell me I am not crazy but Becker users, if you have done F4 on the Simulation's (the second one) part 6 it asks you to figure out some gains and losses for various transactions. One is an exchange of a pickup for a new pickup. In the problem the person giving up the old asset pays boot of 21,500 cash which is over 25% of the total consideration. Per Beckers explanation it says “non-monetary transactions will recognize no gain if boot (cash) is not received.” In the book it says that in any transaction where the boot is >25% of the total amount received by either party, than both will recognize gains. Am I missing something here?

[Anonymous]

Alright… So will someone tell me I am not crazy but Becker users, if you have done F4 on the Simulation's (the second one) part 6 it asks you to figure out some gains and losses for various transactions. One is an exchange of a pickup for a new pickup. In the problem the person giving up the old asset pays boot of 21,500 cash which is over 25% of the total consideration. Per Beckers explanation it says “non-monetary transactions will recognize no gain if boot (cash) is not received.” In the book it says that in any transaction where the boot is >25% of the total amount received by either party, than both will recognize gains. Am I missing something here?

[Theo]

@bcjasper09 I don't see where in Becker is mentions that “in any transaction where the boot is >25% of the total amount received by either party, than both will recognize gains”.

Per my text, in an exchange lacking commercial substance where boot received is >25% all of the gain is recognized. In the simulation you mentioned boot is paid not received.

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

[Theo]

@bcjasper09 I don't see where in Becker is mentions that “in any transaction where the boot is >25% of the total amount received by either party, than both will recognize gains”.

Per my text, in an exchange lacking commercial substance where boot received is >25% all of the gain is recognized. In the simulation you mentioned boot is paid not received.

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

[Theo]

BTW I have seen about 3 questions regarding “transfers and servicing” from the Wiley text bank should I be concerned that Becker did not discuss this in the lectures.

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

[Theo]

BTW I have seen about 3 questions regarding “transfers and servicing” from the Wiley text bank should I be concerned that Becker did not discuss this in the lectures.

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

[Anonymous]

Theo- If you have Becker 2013 edition the exact page is F2-38. It reads “When the boot received equals or exceeds 25% of the total consideration, both parties consider the transaction a monetary exchange and gains and losses are recognized in their entirety by both parties to the exchange.”

And what is this “transfers and servicing” you speak of? Does it relate to liabilities?

[Anonymous]

Theo- If you have Becker 2013 edition the exact page is F2-38. It reads “When the boot received equals or exceeds 25% of the total consideration, both parties consider the transaction a monetary exchange and gains and losses are recognized in their entirety by both parties to the exchange.”

And what is this “transfers and servicing” you speak of? Does it relate to liabilities?

[Anonymous]

I think I just figured it out. So in the problem it doesn't mention the FV of the asset received… and exchanges lacking commercial substance by nature are when their is no change in cash flows and FV cannot be determined. I am assuming that has to be the reason per the above explanation.

[Anonymous]

I think I just figured it out. So in the problem it doesn't mention the FV of the asset received… and exchanges lacking commercial substance by nature are when their is no change in cash flows and FV cannot be determined. I am assuming that has to be the reason per the above explanation.

[Author]

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