[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

[MustPass1988]

Whoops sorry, I posted it too soon! Your journal entry would be:

Asset 100,000

Old 60,000 (always for BV of old, so 140,000-80,000)

Cash 10,000

Gain 30,000

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

[MrsBing]

Not sure if this can be answered or not, but are there usually a lot of ratios on the exam?

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

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

Licensed Arizona CPA

[mangos]

I had zero ratios when I took FAR

FAR (5/07/13): 96

[Strikeforce1CPA]

Just got my FAR score guys- 87. Goodluck to you guys taking it in the final days of this month and those that sat a few days after I did. If I can do it, you can! Now remaining REG an BEC. Slug

AUD 87
FAR 87
REG Scheduled 08/21/2013
BEC
87 must love me so far, long may it continue!

[ROACH]

Is anyone else studying using Yaeger and Wiley? I'm barely on basic concepts (first Mod) and I think my head is about to explode… can anyone relate?

BEC: 66 | 69 | 7/23/2013
AUD: 8/28/2013
REG:
FAR:

[Anonymous]

Hey Guys!!! Just found out I passed FAR!!! Very excited!! Ready to take on AUD next. Keep at it!!! The test is doable!!!

[MICHI2D2G]

@mustpass1988- i agree with you but the question asks the amount of gain you recognize so I believe, the cash would not be included. the gain would just be the difference between the fair value and book value on the exchange. so

BV=140-80=60

FV 90

so gain on exchange= FV asset surrendered – BV asset given = 90-60= 30 gain on exchange

[MustPass1988]

I'm not sure which study material you're using but I think in this particular question, that method worked out (FV-BV) worked out correctly. However, that's not how it will always be because you won't always be given the FMV of the asset given up in which case you would have to use the FMV of the asset received. I looked in my book and it specifically states that you take the cash paid and received into consideration to compute the dr. to asset and then in the JE, you credit the cash received.

I think we're thinking similarly but it's probably a good idea to know the actual JE and not just assume you can calculate it as FV-BV every time

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

[MICHI2D2G]

got it, thanks. using becker and was looking at f2-36 bottom

[MustPass1988]

I'm using Rogers, maybe it's just explained differently? Overall, I think it's basically the same concept

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

[MustPass1988]

Is business consolidations a really important topic to know?

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

[Anonymous]

Yes consolidations are very important in my experience. You have to know how to eliminate intercompany transactions. Learn the IFRS treatment for this as well.

[MustPass1988]

The IFRS treatment for eliminating intercompany transactions or for this topic in general? My book doesn't cover anything as far as IFRS treatment for eliminating transactions, it's only situations when a subsidiary can be exempt from consolidation and how to measure noncontrolling interest.

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

[Qlad]

@casagarber…congrats…Oh how i wish to see a day like urs…and move on to AUD too.

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

[Anonymous]

You will Qlad!! 5/29 is your day!!!!

[Author]

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