[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

[Anonymous]

no hun! thas wrong 😮 i know i know its confusing!!

I asked retirement not reissued i.e when TS is acquired with the intent of retiring the stock .. not reissued

retirement JE (instead re- issue JE )

COST

DR CS ( at par)

DR APIC at initial issue cost

DR RE ( plug in )

CR cash @ retirement cost

PAR is simple

DR CS (par)

CR TS

[mjp44]

Here are some of my notes for IFRS:

Inventory: Measured at the lower of cost of NRV

Accounting Changes:: IFRS permits if change will result in more reliable and more relevant presentation

Operating Leases: Capitalized under IFRS

Capital Leases = Finance Leases

No presentation of extraordinary items

All deferred tax assets/liabilities are classified as noncurrent

Revenue recognition-

1. Entity has transferred significant risks/rewards of ownership

2. The entity has no continuing involvement with ownership and no effective control

3. Reliably measured

4. Probable economic benefits

5. Transactions costs are reliably measured.

I know im missing info. Any major pieces that I should include?

FAR- PASSED (11/13)
REG- PASSED (2/14)
BEC- PASSED (5/14)
AUD- PASSED (8/14)

If it's important to you, you will find a way. If it isn't, you will find an excuse.

[Anonymous]

ugh taking my test on wednesday and have been crazy busy the past few days and havent been able to study. Just took a 100 question progress test today and got a 74.. any chance i can still pass?

[Anonymous]

How are you all studying for ratios? There's a section in the Wiley book with a bunch listed and I only know a handful of them, the more important ones. Trying to go over the others now

[henryv]

@CPAwannabe

100 question doesn't represent the whole population for FAR. You must have an absolute assurance/reasonable assurance 🙂

Since it's just a practice question, think of the other 26 as your learning experience.

IMO, the more you get the question wrong, the more it will burn into your mind.

FAR - 92 02/2013
AUD - 90 05/2013
REG - 85 10/2013
BEC - 80 12/2013

I'M DONE. THANK YOU LORD!

[MCLKT]

@nam thank god the majority of these are multiple choice! LOL!

@cpahopeful – I feel comfortable with ratios, I think from my BEC studies. Will probably just look at the ratios I have noted as review.

I also keep in mind, generally speaking, how to distinguish a change in values and the effect it has on a ratio.

If the numerator increases, the ratio increases

if the denominator increases, the ratio decreases

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

[henryv]

@Mjp bonds= effective interest method is mandatory (unlike US GAAP where SL is still used (affects bond issue cost))

and a lot actually 🙂 I'm not going to enumerate it one by one since it's already midnight.

FAR - 92 02/2013
AUD - 90 05/2013
REG - 85 10/2013
BEC - 80 12/2013

I'M DONE. THANK YOU LORD!

[MCLKT]

GAAP expense research and development as incurred

IFRS expense research as incurred but can separate development and capitalize if future economic benefits are probable and product is tech/comm. feasible

GAAP reclass negative cash balance to liability

IFRS net against positive cash balance

IFRS Inventory NO LIFO

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

[mjp44]

@nam Do you ever assume the retiring of stock using the cost method? I thought you only assume retirement for par method, hence why you DR treasury stock for par.

Cost Method:

DR T Stock (Shares x cost)

CR Cash

Par Method

DR Tstock (Shares x Par

DR APIC (amount above par when you initially issued the stock X number of shares)

DR Retained Earnings (Plug)

CR Cash (Shares x cost)

FAR- PASSED (11/13)
REG- PASSED (2/14)
BEC- PASSED (5/14)
AUD- PASSED (8/14)

If it's important to you, you will find a way. If it isn't, you will find an excuse.

[Anonymous]

mjp44: retiring at cost method : they use par value ( when thy bought back) . urgg these are confusing ..:-)

happy revision to all 😀 and lsnyc rooting for you…

[yemdross]

@banks94..Goodluck today!

2014 experience..No more excuse, this is it!
I CAN'T KEEP CALM UNTIL I BECOME A CPA

[MCLKT]

We're down to the final days.

I think today I will work MCQ like never before.

I may try to get upwards of 300-350? There are 17 sections for me to do final quizzing on. I'll just do 20 at a time (give or take).

Then probably review some flash cards and write my practice “brain dump”

Tomorrow will be just reading and flash cards. If any questions they will be computational.

Good Luck everyone!!!!

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

[Anonymous]

Thanks for your help @MCKLT!

Tomorrows the big day… ahhhh! Going over GOV/NFP, IFRS, and just reading today. Maybe a few mult choice but not too much, don't want to overwhelm myself before tomorrow. Lets go far fam!!

[Anonymous]

Good luck banks –prayers sent your wayxxxxxx

cpahopeful206 : eat well, sleep well and read notes.. dont stress yourself.. good luck for tomorrow ..:-)

xxx

MCLKT: Good luck xxx

FA FARM: i know i know i know i should NOT be nervous,, BUT I AM ! Ok time to log off, take shower and revise (CH 3-5) . brb in 3 hours

https://24.media.tumblr.com/tumblr_lmhme9jkQ61qii6tmo1_250.gif

[LSNYC]

At my exam an hour early! Going to eat my food and head in around 12:30. Here goes nothing!

Banks good luck today

A - 61, 91!!
B - 78!
F - 76!!!
R - 71, 73, 74, 69, 77!!!!

Finally done!

This is my 2nd attempt at the exam, I had two parts passed (failed many) and I stupidly quit, big mistake. Now I'm back and with a vengeance!

[Author]

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