[jeff]

Resources:

Free Study Planner + FAR NINJA Notes (Governmental Accounting): https://www.another71.com/cpa-exam-study-plan/

FAR Exam Experience: https://www.another71.com/cpa-exam-forum/topic/far-exam-experience-official-thread

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[MCLKT]

Tonight POWERNIGHT: there is another snow storm heading our way, and I think I'll be snowed in again…. *darn*

write out IFRS notes

review Gov't financial statements

write out important J/E

work EPS problems

50 MCQ

5 SIMS

3 research

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[Anonymous]

awwww CPA4birthdaypresent;— 🙂 thank you …. i love my far fam……. i was so down—> !Now back with SUPER positive energy..

MCLKT: <3 stay warm and safe hun <3 AND I AM IN for POWER NIGHT !!!!

happy studying

[MCLKT]

came up with a new mnemonic:

Complete set of IFRS Financials = FECCN ((that's right, feck'n. As in “FECCN IFRS!))

Financial Position

Equity

Comprehensive Income

Cash Flows

Notes

Also: IFRS contingencies: when probable & reasonably estimated: PROVISIONS are the only ones that: https://cdn.memegenerator.net/instances/400x/27194928.jpg

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[Anonymous]

Revising chapter 1 (10- 1.30 PM )

15-20 mins break

then onto CHP 2 till 4 or 5 am

then 4-5 hours sleep

i dont knwo if i am too optimistic!! but no harm trying! https://24.media.tumblr.com/6a3dff80cad761c14bc8b911f028134d/tumblr_mh85cbbOom1rakvyso1_250.gif

LOT to cover , lot to do …. :/

[Anonymous]

Quiz:

change from cash to accrual accounting – Is it a error or change in accounting method?

[MCLKT]

Pensions:

1. record pension expense (whether defined: contribution or benefit)

DR Pension Expense

—->CR Accrued Pension liability

if defined benefit plan go on to step 2

2. record under funding of plan, net of tax

DR OCI

---

>CR Accrued Pension Liability

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[MCLKT]

@NAM oh me! ask me!!!! 🙂

from cash to accrual = nonGAAP to GAAP.

Correction of error

change in method only applies if it is from one GAAP method to another GAAP method.

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[MCLKT]

QUIZ:

What is the effect of a stock dividend on total Shareholder's Equity?

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[Anonymous]

MCLKT : thas on me lol

normally its memo JE – i.e no JE affecting P& and B/S

so lets say if stock dividend is less then 25% adjsut at FV

DR RE

CR CS

CR APIC

if stock dividend is more then 25% at par

DR RE

CR CS

[Anonymous]

wait MCLKT, if I'm reading this right, you got a 73 on Audit, 74 on FAR, and a 74 on BEC?

Jesus christ that must be frustrating. at least you got a 97 on audit

and I completely blanked on the question, I know stock dividends are retro to the beginning of the year though

[Anonymous]

ok i always forget this :

what is the JE ( retirement of shares – treasury stock ) at cost method and par method.. not reissued

[MCLKT]

That's correct!

except… those are real JE 🙂

The memo only entry is for stock splits.

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[MCLKT]

Banks, yeah buddy, it's been brutal. I took BEC 74, then AUD 73, then FAR 74, that 74 in FAR pretty much broke me.

I got raging mad and took it all out on AUD, hence the 97, lol.

I'm trying to keep the anger alive and kill FAR because I feel like it has become personal.

And I don't take too kindly to losing :/

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[Anonymous]

Calling it an early night, going to review some IFRS and then relax. I feel like if I try to cram tonight i'll just stress myself out. Happy studying to all!

[MCLKT]

all I can remember for cost method of retirement is you plug the treasury stock number (DR)

I would have to review it again.

I'm just hoping they only test on Par method, b/c it's usually tested more. Par method of purchasing Treasury Stock is theoretically a retirement of stock.

DR Treasury Stock @ par

DR PIC Access par (retiring stock so we need to get rid of the APIC from original issue)

—-CR CASH @ buyback price

Plug the difference –

If CR needed to balance: You can't CR Retained earnings – it's not a gain, it's CR APIC Treasury Stock

If DR to balance then ok to DR retained earnings for loss.

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[Author]

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