[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]

Thanks for the kind words Nam, same to you!

Good luck LSNYC and Banks!!!

[Anonymous]

GAAP & IFRS

* Complete contract method is prohibited in IFRS

* LIFO is prohibited iN IFRS .

* Extraordinary G/L is prohibited in IFRS

I wish IFRS was prohibited in FAR exam …”lets prohibit the prohibition:!!” 😀

[MCLKT]

GAAP does not allow recovery of impaired losses

IFRS allows recovery of loss up to the net selling price.

GAAP defending patent is added to cost of patent and capitalized

IFRS defending patent is expensed immediately (unless it added a future benefit)

IFRS Pensions use Projected Unit Credit method

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

[Anonymous]

OMG MCLKT – 3rd point – was tricky thanks

another weirdo difference

IFRS , non monetary exchange of similar asset and exchange of dissimilar asset.

exchange of dissimilar asset regarded as exchange that generate revenue and expense and treated same as US GAAP non monetary exchange with commercial substance. G/l is recognized

whereas similar asset – no revenue and expense — > therefor no G/L is recognized

[MCLKT]

Oh yeah Nam! IFRS nonmonetary exchange of similar assets nothing is recognized! I forgot that one… PS I think that is crazy accounting. I give you a truck, you give me a truck, let's neither one of us book anything, lol.

FECCN IFRS!

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

[peetree]

LOL @MCLKT

That is one of the goofiest IFRS

Luckily I didn't see that one too much.

FAR 02/21/13 - 95
REG 07/02/13 - 87
AUD 08/02/13 - 94
BEC 08/30/13 - 85
Ethics Exam - 90

Illinois candidate awaiting his license

Used Becker Self Study | Ninja Audio | Becker Flash Cards | Ninja Notes | Wiley Test Bank

[Anonymous]

Guys

may be we should concentrate on least important topics too ..

now the questions is- WhAT ARE THE LEAST IMPORTANT TOPICS?

for me it is – partnership, ratio, chapter 10 lol , depreciation , and cash flow may be ..

What are your least important topics? we still have 48 hours LOL LOL

[MCLKT]

Good idea Nam. A good once over of least important:

Debt Restructure

Error Correction

Segment Reporting

Foreign currency

Interim Reporting

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

[MCLKT]

Someone please confirm. If there is an increase in market value of a trading security at year end is the adjusting JE

DR Valuation Allowance

—CR Unrealized Gain

Or

DR Trading Security

—CR Unrealized Gain

????

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

[Anonymous]

@mclkt : 🙂 yes

oh and in regards to valuation account or trading A/C : in my becker book i have crossed down the valuation account and wrote trading ac or afs ac or held to maturity ac respectively..(may be in one of my becker classes) . . Also in becker's answers they have used trading ac or afs .

[henryv]

@ MCLKT you can use both journal entries when recording appreciation in market value for TS

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

I'M DONE. THANK YOU LORD!

[LSNYC]

Well i am back, the positive is new testing center (i have been to 6 yes 6! different ones) wasn't so bad, they let me start at 12:30 which was great.

The actual exam – testlet 1 – not horrible i marked maybe 5 and on all 5 i could get it down to two answers so this was good..

testlet 2 – OMG all over the place, you name it it was here, long complex and very wordy (i took this as a good sign)

testlet 3 – no idea what to think! first question i was like really your asking me this? (so easy) 2nd question WTF you are asking me this!!!! the whole testlet was like this, half were so easy i thought i was missing something the other half were medium to hard no idea what to think!

SIMS – now I am just mad! The girl next to me is taking BEC and must be on the writing section and typing like crazy it was so distracting, but that inst really about the exam that is just a vent, i know i could have used the head phones but they gross me out they don't clean them! Anyway – the SIMS were hard, 2 i thought were fair, research i think i got (but could have been two answers) the of 4 were impossible at least for me. I feel as if the instructions aren't clear, make ALL Journal entries, and then they have a situation with 3 dates requiring 5 JE's but only space for 3! umm which 3 do you want? the 3 for YE (i assumed) but i could be wrong, don't say ALL and not give me enough space. (or i just didn't know what they were asking)

I hope that doesn't violate disclosure…. Happy studying all!

I am off to read a book for FUN! (I have been waiting for this book for a year! came out today!!)

Next Tuesday i will be back and studying REG!

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!

[Anonymous]

Good Luck Lsnyc!! 🙂 xxx i am sure you ‘ll pass this time!!

[Anonymous]

ok i keep messing partial goodwill and full goodwill.

Full = Fv of subsidiary- FV of Subsidiary's net asset

partial = Acquisition price – FV of subsidiary's net asset acquired.

NCI

Full = % * FV of subsidiarity

partial = %* FV of Subs net asset identifiable.

[Anonymous]

Do i need to include identifiable intangible asset in the calculation in the FV of Subs net asset identifiable??????????

[Author]

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