[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]

Just moved on to F3 today in Becker. And the information is starting to pile up! lol Is there anything to look forward to? Maybe smaller chapters with less information? Or is the going to be a “fun ride” all the way until exam day?

[funtiks]

anyone else have problems with Present Value fundamentals in Wiley TB?

I went over the chapter twice and I know the material, but im still having problems with the questions.

FAR - 76*, 73, 85
BEC - 69, 72, 78*, 80
AUD - 72, 71, 90
REG - 71, 74, 85

AFTER 3 YEARS I'M DONE!!!

[funtiks]

anyone else have problems with Present Value fundamentals in Wiley TB?

I went over the chapter twice and I know the material, but im still having problems with the questions.

FAR - 76*, 73, 85
BEC - 69, 72, 78*, 80
AUD - 72, 71, 90
REG - 71, 74, 85

AFTER 3 YEARS I'M DONE!!!

[ndpendentbw]

@MrsBing – did you ever get an answer to your question regarding when else to use lower of cost or market outside of inventory?

I took the exam and this was a question that had me stumped.

Another question that got me was one about percentage of completion as it relates to cost to cost basis . I can't remember the exact question but performing % of completion calculation wasn't enough. Can anyone share their thoughts or knowledge on these topics?

FAR 70,71,71,71,7/2013

I've been using Becker, but now I have upgraded to Wiley testbank and Ninja notes. Hopefully the 5th time is a charm.

[MrsBing]

@ndpendentbw, no I haven't received a response. I tried to do a search, but can't find anything except for inventory.

Becker, Wiley Test Bank, and Ninja 10 Point Combo!

FAR: 89
REG: 87
AUD: 92
BEC: 75
Ethics: 90

Licensed Arizona CPA

[ndpendentbw]

Does anyone know how I can see the explanation for simulations in Wiley test bank? I click on the exclamation icon, but nothing happens.

[ndpendentbw]

@MrsBing – hmm, hopefully someone in the forum can share their knowledge on this topic.

[logueco]

@MrsBing you also use lower of cost or market as the journal entry amount to report forfeited fixed assets in the government-wide financial statements.

Theres a chart on page 52 of F-8 in Becker that lists the amounts to be recorded on the government-wide financial statements for various kinds of fixed assets.

[MrsBing]

thanks, I'll look it over.

Becker, Wiley Test Bank, and Ninja 10 Point Combo!

FAR: 89
REG: 87
AUD: 92
BEC: 75
Ethics: 90

Licensed Arizona CPA

[gchantur]

Got exam tomorrow. Oh dear.

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

[MrsBing]

Can someone help with this Wiley question on IFRS loss contingencies?

In year 2, a company receives notice of a legal action against the company. It's determined by the attorneys that it's probable the company will lose the suit. How should the loss be disclosed in the financial statements?

Out of the answers, I chose: As a contingent liability reported in the balance sheet and a loss on the income statement.

This was wrong. The correct answer is: As a provision loss reported in the balance sheet and a loss on the income statement.

What's the difference between a contingent liability and a provision loss?

Becker, Wiley Test Bank, and Ninja 10 Point Combo!

FAR: 89
REG: 87
AUD: 92
BEC: 75
Ethics: 90

Licensed Arizona CPA

[ndpendentbw]

@gchantur – GOOD LUCK!

[MustPass1988]

@Mrsbing- what section in the Wiley testbank is this from? I am using it too and this question doesnt look familiar and i also prob would have gotten it wrong.

I believe the difference is that a provision is made for known liabilities which may occur in the future and a contingent liability is made for unknown liabilities that may or may not occur in the future. I'm assuming its a provision loss since they would know the amount of the loss. Someone correct me if I'm wrong.

AUD: PASSED [81]; Expired, retaking August 23rd
BEC: PASSED [83]; Expired, retaking July 11th
REG: PASSED [83]
FAR: FAILED [64]; Retaking May 23rd

[kevlee]

@mrsbing

GAAP uses 3 different types of contingencies: remote, reasonably possible, probable

IFRS doesnt use those types and has something different (can't recall off the top of my head). they report “probable” as a provisional loss on the balance sheet as a liability. provisional loss is a liability that has uncertain timing or uncertain amount.

on the other hand a contingent liability is something “possible” that can happen which won't be recognized in the financial statement only disclosed.

hope this helps!

[kels417]

Feeling pretty down. Just took a progress test for all 10 chapters. I slacked off taking it the last few chapters and it showed. Only got a 57%!! Ch. 3-5 and 8 were absolutely terrible. I have 2 weeks until my exam. Do you guys think I still have a chance of passing? Confidence is completely gone! 🙁

AUD – passed

BEC – passed

REG – 70, 70, 72, 74 rematch July 9

FAR – May 31

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

[Author]

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