[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]

WHOOOOO Just changed my exam time to this Friday. Yeah I spent 35 dollars doing it, but I think it will be for the better. I feel very ready to take the exam already… Lets just hope that's the case come Friday!

[RSBro]

New to the Forum, but not to the exam! I graduated in Summer 2005, was in public accounting/tax for about 4 years, took 3 years off to try my hand at State sales/income tax which I hated, and now back to public/tax since last August.

I tried REG twice last year, and got 2 71's in a row. Tried AUD, got like a 46.

I'm now in my 3rd week of Becker FAR and it's a nightmare. I don't do any of this stuff with my day-to-day really, Intermediate was over 10 years ago, and I feel like breaking down sometimes lol. It's so overwhelming and so different from what I do it's hard to stay afloat. I guess I'm tackling FAR first, no matter how many times I have to take it just to get it out of the way, with AUD next, BEC third and REG last since I probably could pass that now having been back into Tax almost a year now. Any encouragement would be appreciated! This section is a nightmare.

REG - ('11) 71, ('12) 71 - Becker
AUD - TBD
BEC - TBD
FAR - ('16) 54 - Becker

[kels417]

I need some advice, everyone! I am currently studying for FAR, exam is scheduled for May 31st. I am still waiting for my REG score, which is supposed to be released May 6. I am terrified to check it before my exam since I have already failed REG multiple times by a few points (70, 70, 72), which is devastating. Should I check it or wait until after FAR? There's about 3.5 weeks in between. I know if I failed again, I will be out of the game for a few days due to self-loathing, anger, and utter disappointment. What do you guys think? Check or wait?!

BEC – Passed!

AUD – Passed!

REG – Waiting….

FAR – May 31st

Illinois
Becker self study | Becker flashcards | Gleim | self written notes | WTB

AUD - 74, 75 Passed! (Expires 1/2/2014)
BEC - 78 Passed! (Expires 2/6/2014)
REG - 70, 70, 72, 74, 76 Passed!!
FAR - 72, 66, 69, 67

[Anonymous]

Just finished Becker Exam 2, results were shocking.

Testlet 1: 90

Testlet 2: 96

Testlet 3: 86

Sims: 100

I am not getting overconfident, as I felt as if I had failed the exam. Moved my test up to Friday so hopefully I am ready to go!

Kels- I am in the same boat, only the gap between my score release and test is about 2 hours. I take my exam this Friday at 1:30 and the scores are usually released for Minnesota by noon on May 3rd. I am not sure if I should check or not.

Other nmeunoics

NU CAR – Fund Balance Classification for Govt Funds

Non Spendable

Unassigned

Committed

Assigned

Restricted

RUN to your Net Position- Net position classifications

Restricted

Unrestricted

Invested in Capital Assets, Net related debt

Randomish Gearityisms:

Deferred taxes always stay with their momma… ie Def taxes are classified related to the assets that made them.

[Anonymous]

From friend that studying Roger Review:

CUTV – Cut like a V – you have to visualize I guess Roger flexing with arms in front

Comparability

Understandability

Timeliness

Verifiability

[HustlinHustlin]

Can anyone better explain to me the difference between transACtion gains/losses and transLAtion gains/losses?

B 71 - 79 EXPIRED
A 69 - 75 EXPIRED
R 65 - 48 - 45
F 56 - 61 - 65 - 64

Becker, Wiley Test Bank, Wiley Text and Ninja Notes

"The fish who keeps on swimming is the first to chill upstream" -311

Experience - Done, like WAAAY done.
Still need 30 more credits, in basket weaving (gotta love new CA requirements)

[Tina82]

Hustlin

Transaction = one time event = gain/loss to IS; example buy goods from a Swiss company

Translation = you're translating foreign currency financials into USD financials = gain/loss to OCI

Remeasurement (related to translation) = when you restate FS to functional currency (if necessary) = gain loss to IS

R - 74;88
A - 84
B - 74;89
F - no study = 67; May 15 = 87 & done

[Anonymous]

I think that Becker's nmeumonic for Relevance and Fair Presentation are probably the easiest to remember.

Relevance “Passing Confirms Money”- Its funny because its TRUE!

Predictive

Confirmatory

Materiality

Faithful Representation “Completely Neutral and Free from Error”

The neumonic says it all…

Enhancing: “Compare and Verify in time to understand”

Comparability

Verifiability

Timeliness

Understandability

Translation- when the functional currency is the currency of the subs primary economic environment (i.e. Mexican Sub using the Peso) you would use the current rate method/temporal method, going to OCI etc, etc,

Re measurement- when the functional currency is highly inflationary, the functional currency is the book of record curriency (ie the US $) or the sub's book of record currency is the currency of another country (mexican sub using the Euro), Gain/Loss goes to I/S. Historical Method

I had to relook this stuff up in my advanced book because Becker went through it so quick and I think this sums it up to conceptualize… If the parent would experience a change in cash inflows/outflows- you would use the re measurement. This would be the case if they merely established a sub to conduct business through and were contracting in the US $. So if it alters your cash flows- you need to report it on the I/S. That helped me… but it might not work for everyone.

[Qlad]

@jgrfan1

I am using Becker…my only mistake last time was i took more time on 1 sim which and when there was less time left to do others, i got very nervous and my brain was blank…hopefully this time it will be better.

@Hustlin

Think of tranSACtion as doing one JE

and transLAtion as doing all Financial statements.

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

[Anonymous]

Qlad- How do you compare the MCQ's per Becker with that of the exam? I guess thats kind of a lame question but I thought that Aud exam experience and Becker studying were very similar… Reg ahhh not so much.

[Qlad]

@bcjasper

The MCQ were similar to the practice questions, only asked in a different way…if the concepts r clear…the only other problem is to manage time.

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

[Tina82]

How's everyone's studies going? My body went into exam mode, I'm super stressed, can't sleep, and can't eat. Just really anxious and nervous at this point. After I took FAR first it made me feel better because I was thinking that it wasn't that terrifying (even though I failed) but now I'm more scared than ever! Just venting.

R - 74;88
A - 84
B - 74;89
F - no study = 67; May 15 = 87 & done

[Anonymous]

I've been lurking around and reading post for about 5 months now and now its my turn. I am taking FAR on May 18th…first time siting for the test and to be honest i am FREAKING out…some days I do really well on MCQ's and other days I don't. On the days I don't do as well I feel like I wont pass…i am tired, exhausted and am not quite sure how I can do this for the other 3 sections…Just feel like giving up….GRRRRRRR!

[RSBro]

I feel your pain. It's weird but I had a live instructor one time tell me you'll “know” when it's “your test” to pass. That may be 100% psychological, it may not. My first time taking REG I felt it was “My test” and I thought I passed, and missed by 4. The second time it felt much more challenging and I was surprised to get another 71. I've already taken 3 exams and haven't passed one.

So, it just depends. FAR is just completely overwhelming and I don't know how I'm ever going to pass it, it feels like.

REG - ('11) 71, ('12) 71 - Becker
AUD - TBD
BEC - TBD
FAR - ('16) 54 - Becker

[Anonymous]

I can relate to both of your feelings. Before I sat for AUD I didn't sleep at all the night before! I was anxious/nervous/excited but I felt confident and went in and did my best. I am a firm believer that you CAN pass as long as your confident in your knowledge, you've done your studying, and it is about having that frame of mind. Go in with confidence (not too much, however) and know that you were prepared well and you can do this.

With that said, I was working some Wiley questions and there was a question about IFRS revaluation model. It stated that there was a revaluation loss and subsequent gain that did not exceed the loss. The answer said that neither would be reported on the I/S… but that is false (according to Becker). According to Becker if they have a revaluation loss, you would report that on the I/S (unless it is reversing a prior gain) and a revaluation gain would go to OCI. According to Wileys explanation they said that both gains and losses go to OCI on a revaluation. WHO'S RIGHT!?

[Author]

Replies