[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]

So you would think I could just make one post instead of three, but I figured out what you mean by transfers and servicing. Below is the link to the FASB website: https://www.fasb.org/summary/stsum140.shtml. Its basically just like a “true sale” of your liabilities.. thats what I got from it, anyway.

[Anonymous]

So you would think I could just make one post instead of three, but I figured out what you mean by transfers and servicing. Below is the link to the FASB website: https://www.fasb.org/summary/stsum140.shtml. Its basically just like a “true sale” of your liabilities.. thats what I got from it, anyway.

[Theo]

Thanks @bcjasper09.

I have the 2012 edition and the page F2-38 reads the same up to total consideration. I guess they changed it.

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

[Theo]

Thanks @bcjasper09.

I have the 2012 edition and the page F2-38 reads the same up to total consideration. I guess they changed it.

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

[Theo]

OMGEEEE another servicing asset question!!!!

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

[Theo]

OMGEEEE another servicing asset question!!!!

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

[Anonymous]

I am curious, what are you seeing in the question? I remember Becker talking about factoring receivables and other arrangements, is it similar to that?

[Anonymous]

I am curious, what are you seeing in the question? I remember Becker talking about factoring receivables and other arrangements, is it similar to that?

[Theo]

Oh it has nothing to do with factoring. F4 pg 17-18 addresses it very briefly and in the lecture Olinto says “you can read that on your own”.

Funny thing is I just got another one, so that's about the 6th. I did all the becker MCQ's and don't remember a single question on the topic.

Just when I thought I would just ignore the subject area now I'm thinking I need to go read the codification (ACS860 addresses it).

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

[Theo]

Oh it has nothing to do with factoring. F4 pg 17-18 addresses it very briefly and in the lecture Olinto says “you can read that on your own”.

Funny thing is I just got another one, so that's about the 6th. I did all the becker MCQ's and don't remember a single question on the topic.

Just when I thought I would just ignore the subject area now I'm thinking I need to go read the codification (ACS860 addresses it).

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

[Anonymous]

Hi All,

Just joining the group now, i started studying for FAR last week (taking it July 6th) and was wondering if anyone else is struggling with F-2 in Becker or if it is just me. I have been working backwards from the answers to help get the concepts, but the answers really don't give much detail. So far i have only done the first section (matching revenue and expenses) and don't feel comfortable with it at all. Does anyone have any advice or other options for learning this material? i am very discouraged as i am well aware that this section is basically the fundamental concept behind GAAP accounting.

[Anonymous]

Hi All,

Just joining the group now, i started studying for FAR last week (taking it July 6th) and was wondering if anyone else is struggling with F-2 in Becker or if it is just me. I have been working backwards from the answers to help get the concepts, but the answers really don't give much detail. So far i have only done the first section (matching revenue and expenses) and don't feel comfortable with it at all. Does anyone have any advice or other options for learning this material? i am very discouraged as i am well aware that this section is basically the fundamental concept behind GAAP accounting.

[Qlad]

@ bcjasper09…those lines on F2-p 38 has cleared so many doubts..now i kno why i was getting some of the q wrong…when boot paid/recd. is >25% everyone recognizes gain/loss.

I think Casagar had asked same question a few days ago n we all had said there is a mistake…it was not a mistake…now i get it

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

[Qlad]

@ bcjasper09…those lines on F2-p 38 has cleared so many doubts..now i kno why i was getting some of the q wrong…when boot paid/recd. is >25% everyone recognizes gain/loss.

I think Casagar had asked same question a few days ago n we all had said there is a mistake…it was not a mistake…now i get it

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

[Theo]

From the FASB codification:

“845-10-25-6 An exchange of nonmonetary assets that would otherwise be based on recorded amounts but that also involves monetary consideration (boot) shall be considered monetary (rather than nonmonetary) if the boot is significant. Significant shall be defined as at least 25 percent of the fair value of the exchange. If the boot in a transaction is less than 25 percent, the pro rata gain recognition guidance in paragraph 845-10-30-6 shall be applied by the receiver of boot, and the payer of boot would not recognize a gain.”

I don't know about you guys, but to me this is alot simpler than Becker's explanation.

BTW @bcjasper09 I am guessing that the exchange lack commercial substance because cash flows did not change significantly. Given up (NBV $3,000 + Cash $21,500) $24,500 and Received $25,000.

Per Becker, if an exchange lacks commercial substance and boot is paid, no gain is recognized.

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

[Author]

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