[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]

@Monty- I don't think you would see something like this as an MCQ- maybe as a sim tho. I am sure this concept is fair game however because it's not really all that complex of a problem, there's just a lot of balances and information given to you in the question.

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

[monty]

Today my focus was on redoing “Becker’s F3: Marketable Securities and Business Combinations” one of my weak areas.

I am also glad that I decided to start looking at the Sims (I did not have time to even look at this during this entire time)…

I download the solutions in PDF format to my IPad and basically I am using it not spend much time attempting figure every single detail out (it is working like a charm).

I will do all the Sims F1 through F10 between today and tomorrow. Even with all the Sims answers it takes me about 2 hours to complete each sim (I just hope I get an easy SIM during the test).

Some may think that doing the Sims, is a waste of time but I think it is helping me visualize all this stuff I have been studying for the past 2 months and actually practice the JE and visualize where all the components of the IDEA and PUFER mnemonic go in the financial statements..

Once I sit for this beast on the 29th of this month, I will learn if all this hard work paid off.

Good evening to all.

[MrsBing]

I need to start practicing the SIMs too. Besides the first practice final exam, I've done about 4 SIMs. One SIM was on business consolidations – elimination entries. It stumped me, but it made me realize that I wasn't as strong in that as I don't I was. I put a few hours of outside research and now I'm 90% confident in elimination questions. If it wasn't for that SIM I don't think I'd be as strong in it.

My goal for the next few days of review is to read all of my notes each day (should take 2-3 hours). Do about 1-2 SIMs from each chapter, do 3-4 30 question progress test each day and do the second practice final exam on Monday.

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

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

Licensed Arizona CPA

[monty]

Hey @MrsBing I noted you are using Becker as well, I remember that you stated in one of your post that you are better at conceptual questions than calculations questions…

I am like that as well, that is why I am an auditor and not a bean counter, lol.

But one think I wish Becker had was the option to select between conceptual and calculations questions so I could do quick review (brain cram) of all the conceptual questions of all the sections the morning of or night prior the test. I just takes additional time to click through all the calculation questions.

In addition, most of my work friends that have taken the test and even in this forum have expressed that most of the questions on the exam are conceptual questions any way… But ol well

[Qlad]

Just a query…change to LIFO and change in depreciation method is “prospective change”….does that mean we change the beginning R/E?

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

[qobao]

Re: Qlad

Here is what i think:

(1) change to LIFO is a change in accounting principles, retrospective application is required, the cumulative effects are adjusted to the beginning balance of Retained Earnings of the 1st period presented.

(2) change in depreciation method is a change in accounting estimates, a prospective basis, the change is accounted for in the current period and future periods.

FAR: 05/28/13 (88)
REG: 08/27/13 (90)
AUD: 12/31/13 (84)
BEC: 02/25/14 (81)

[MrsBing]

The prospective approach is used when it is impractical to use the retrospective approach. For example, a change from an acceptable inventory costing method to LIFO. Beginning RE is not adjusted.

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

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

Licensed Arizona CPA

[Qlad]

OMG! OMG!!!

did I get two different replies or am I in panic mode……29th is too close to confuse myself now…what i understood is

LIFO …is prospective bcoz impossible to recalculate the past so..just change the beginning R/E and prospective approach.

change in depreciation method is prospective …no adjustment to R/E…entry wud be the new amount that u got..

Dr Dep expense

Cr Accu. depr.

Hope i am right!

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

[Anonymous]

From Becker: “If it is considered impractical to accurately calculate this cumulative effect adjustment, then the change is handled prospectively. An example of a change handled in this manner is a change in inventory cost flow assumption to LIFO (under U.S. GAAP only, IFRS disallows). The change is therefore handled prospectively and the beginning inventory of the year of change is the first LIFO layer.”

[MrsBing]

When changing to LIFO there is no adjustment to retained earnings. You should be able to do a quick search of the forum to confirm.

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

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

Licensed Arizona CPA

[monty]

Just got a FU&#!G 52% on my practical exam…. I have been studying for this SH%*T since April and I can't remember to steps to do when it comes to pensions, bonds, and leases… I am truly FU*&^ED on this test…. o well I guess just keep plugin and chugging until I get bombed by this test…

I feel like I will be walking into an ambush this next 29th

[MrsBing]

How much of the test represent IFRS material? Are any of the SIMS normally IFRS related?

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

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

Licensed Arizona CPA

[monty]

IFRS is not much of a problem for me… doing things the IFRS way makes more sense to me than GAAP for example in the partial good will calculations…

My trouble seams to be with remembering all the what to do to get all to components of of the SIRAGE formula for pensions, Leases problems, and I found that I could not even remember the calculations procedures for partnerships. Other that just redoing all the once I got wrong or focusing my time in attempting to remember formulas.. I don't know what else to do…

[kevinco]

I took the test a couple of weeks ago and you will be surprised at how little calculations I had to do, Concentrate on knowing the concepts because that is what I felt the test was more skewed to. Also, do not neglect governmental and non-profit accounting. Those were the areas that might have hurt my score.

Good luck

Boise State Alumni

05/08/13 FAR Passed - 80
07/09/13 AUD Passed - 96
10/10/13 REG Passed - 75
11/07/13 BEC 77!!! I am DONE!!!!!!!!
12/13/2013 Received my CPA license on my son's 6th birthday in the mail! My son is always a blessing!!

BS - Environmental Science
BBA - Accountancy

Becker Lectures and MCQs. Click on my avatar for my LinkedIn page.

[monty]

@kevinco Thanks for those words I am really hoping my test haves more conceptual questions one not much calculations.

I just don't understand why will Becker practical test fill the test with a bunch of calculations and hard to understand questions if the actual exam is not that way…

I may put all my chips into just going over all the conceptual questions and forget about spending time figuring out calculations…

[Author]

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