[jeff]

FAR Resources:

Free FAR Notes & Audio – https://www.another71.com/cpa-exam-study-plan

FAR 10 Point Combo: https://www.another71.com/products-page/ten-point-combo

FAR Score Release: https://www.another71.com/cpa-exam-scores-results-release

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

[samdiegoCPA]

YAY for Jeff for allowing us free BLITZ access! Perfect timing!

AUD: 84
REG: 84
BEC: 79
FAR: 83

[samdiegoCPA]

YAY for Jeff for allowing us free BLITZ access! Perfect timing!

AUD: 84
REG: 84
BEC: 79
FAR: 83

[HopefulCPA0601]

@zackrampage – rules of internal use software

Expense all costs incurred before preliminary stage, including training and maintenance

Capitalize costs after preliminary stage

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[HopefulCPA0601]

@zackrampage – rules of internal use software

Expense all costs incurred before preliminary stage, including training and maintenance

Capitalize costs after preliminary stage

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[lvr21]

@Hopeful

Well good luck! You've got this! Andd I think we will get out scores on March 7th!

Anyone have any tips for foreign currency accounting?? This was one of my really strong areas…… key word: was…

AHH! I'm starting to feel the pressure!

{R: PASSED!! (I passed one!)}
{B: PASSED!! (Halfway there!)}
{F: PASSED!! (1 left!!!)}
{A: PASSED(I am done!!)}

[lvr21]

@Hopeful

Well good luck! You've got this! Andd I think we will get out scores on March 7th!

Anyone have any tips for foreign currency accounting?? This was one of my really strong areas…… key word: was…

AHH! I'm starting to feel the pressure!

{R: PASSED!! (I passed one!)}
{B: PASSED!! (Halfway there!)}
{F: PASSED!! (1 left!!!)}
{A: PASSED(I am done!!)}

[rvcpa]

translations losses and gains are presented where? wtb keeps saying losses and gains go to oci, i thought losses went to the income statement and gains went to oci?

[rvcpa]

translations losses and gains are presented where? wtb keeps saying losses and gains go to oci, i thought losses went to the income statement and gains went to oci?

[HopefulCPA0601]

Hey @lvr21 – thanks!! Good luck to you too! Hopefully 3/7 is a good day for all of us!

For foreign currency accounting: 2 methods

1) Translation (has remeasurement method and translation method)

a) Remeasurement = dysfunctional (I like to make it simple, since this one is more complex – you have to go from foreign >> functional >> reporting; hence why this guy is a mess and is dysfunctional)

– Remeasurements gains and losses go on income statement

b) translation method = functional (go from functional to reporting)

– translation gains and losses go in OCI (if you are using becker, this is the “F” in the puFer mnemonic.

2) Transaction – this is when you are thinking about exchange rates. SO you want to know that if you lock in an exchange rate now, what is going to be your gain or loss in the future when the exchange rate changes.

-Transaction gains and losses go in income from continuing operations – this is just your day to day business, so you account for is at your operations.

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[HopefulCPA0601]

Hey @lvr21 – thanks!! Good luck to you too! Hopefully 3/7 is a good day for all of us!

For foreign currency accounting: 2 methods

1) Translation (has remeasurement method and translation method)

a) Remeasurement = dysfunctional (I like to make it simple, since this one is more complex – you have to go from foreign >> functional >> reporting; hence why this guy is a mess and is dysfunctional)

– Remeasurements gains and losses go on income statement

b) translation method = functional (go from functional to reporting)

– translation gains and losses go in OCI (if you are using becker, this is the “F” in the puFer mnemonic.

2) Transaction – this is when you are thinking about exchange rates. SO you want to know that if you lock in an exchange rate now, what is going to be your gain or loss in the future when the exchange rate changes.

-Transaction gains and losses go in income from continuing operations – this is just your day to day business, so you account for is at your operations.

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[HopefulCPA0601]

Also, when you are saying losses income statement and gains OCI – you are thinking of revaluation of assets. not remeasurement of your foreign currency.

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[HopefulCPA0601]

Also, when you are saying losses income statement and gains OCI – you are thinking of revaluation of assets. not remeasurement of your foreign currency.

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[Anonymous]

Thanks Hopeful for your clarification about intangible assets.

Before >>Expense

After >>>Capitalize

It's the OPPOSITE way around in the rule of alphabet. E-C, “E” comes first before “C”

When we expense it, we debit R&D (I/S) and when we capitalize it, we debit Intangible Asset (B/S), is that correct?

[Anonymous]

Thanks Hopeful for your clarification about intangible assets.

Before >>Expense

After >>>Capitalize

It's the OPPOSITE way around in the rule of alphabet. E-C, “E” comes first before “C”

When we expense it, we debit R&D (I/S) and when we capitalize it, we debit Intangible Asset (B/S), is that correct?

[HopefulCPA0601]

@amor – think of it this way, you expense before the preliminary stage and technological feasbility because you are basically making the software (so its mostly R&D – which is always expensed). Then once you've made the softare, you capitalize it because now its an asset.

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[Author]

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