[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]

Yeah, some of the Roger ones are so funny or weird that it's hard to forget them. Then I am sitting in the testing center thinking about “smoking grass”, haha.

I get really messed up with Business Consolidations for some reason… I am trying to go through some of that right now. NPF and Gov are fine for me as of now. I feel like I can do everything for FAR, it's just knowing what gets recorded at FV or cost, etc. I can amortize bonds, leases, with no problem, in fact, I like doing those.

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

[samdiegoCPA]

Yeah, some of the Roger ones are so funny or weird that it's hard to forget them. Then I am sitting in the testing center thinking about “smoking grass”, haha.

I get really messed up with Business Consolidations for some reason… I am trying to go through some of that right now. NPF and Gov are fine for me as of now. I feel like I can do everything for FAR, it's just knowing what gets recorded at FV or cost, etc. I can amortize bonds, leases, with no problem, in fact, I like doing those.

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

[samdiegoCPA]

Quick question:

What are the primary & secondary qualitative characteristics for both GAAP and IFRS? I thought IFRS had different ones, but I swear that Ninja flashcards had the exact same as GAAP.

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

[samdiegoCPA]

Quick question:

What are the primary & secondary qualitative characteristics for both GAAP and IFRS? I thought IFRS had different ones, but I swear that Ninja flashcards had the exact same as GAAP.

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

[Anonymous]

Those are the type of question I can nail in multiple choice but not fill in the blank. Do you mean relevance (material, predictive, and confirmatory) and faithful representation (complete, neutral, and free from error) (GAAP)? and CUT-V…comparability, understandability, timeliness, and verifiability as enhancing characteristics (GAAP)?

[Anonymous]

Those are the type of question I can nail in multiple choice but not fill in the blank. Do you mean relevance (material, predictive, and confirmatory) and faithful representation (complete, neutral, and free from error) (GAAP)? and CUT-V…comparability, understandability, timeliness, and verifiability as enhancing characteristics (GAAP)?

[lvr21]

@sam

Haha.. I laught too when they ask if it is my first time testing.. haha I'm thinking no.. I've been here way tooooo many times already!

Good luck!

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

[lvr21]

@sam

Haha.. I laught too when they ask if it is my first time testing.. haha I'm thinking no.. I've been here way tooooo many times already!

Good luck!

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

[samdiegoCPA]

@Bummie Yes! That's what I have for GAAP and I can produce those answers quickly. “Roger is PC and FENCe” then “CUT like a V”

I have for IFRS using 2012 book:

Principal Qualitative Characteristics:

-Relevance: Predictive Value, Confirmatory Value, Materiality

-Reliability: Neutrality, Faithful Representation, Substance over Form, Prudence, Completeness

-Understandability

-Comparability

Constraints:

-Timeliness

-Cost/Benefit

Have these changed?!

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

[samdiegoCPA]

@Bummie Yes! That's what I have for GAAP and I can produce those answers quickly. “Roger is PC and FENCe” then “CUT like a V”

I have for IFRS using 2012 book:

Principal Qualitative Characteristics:

-Relevance: Predictive Value, Confirmatory Value, Materiality

-Reliability: Neutrality, Faithful Representation, Substance over Form, Prudence, Completeness

-Understandability

-Comparability

Constraints:

-Timeliness

-Cost/Benefit

Have these changed?!

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

[Anonymous]

Not that I'm aware of, but I'm not too too sharp on IFRS.

[Anonymous]

Not that I'm aware of, but I'm not too too sharp on IFRS.

[samdiegoCPA]

Just found this link: https://www.ifrs.org/Current-Projects/IASB-Projects/Conceptual-Framework/EDMay08/Pages/Frequently-Asked-Questions.aspx

And this link: https://en.wikipedia.org/wiki/International_Financial_Reporting_Standards

Both say that they are now the same as the GAAP ones… ARRGGHHH good thing I spotted that.

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

[samdiegoCPA]

Just found this link: https://www.ifrs.org/Current-Projects/IASB-Projects/Conceptual-Framework/EDMay08/Pages/Frequently-Asked-Questions.aspx

And this link: https://en.wikipedia.org/wiki/International_Financial_Reporting_Standards

Both say that they are now the same as the GAAP ones… ARRGGHHH good thing I spotted that.

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

[stoleway]

@samdiegoCPA

I think some of the qualitative characteristics have been erased from the conceptual framework.

substance over form and prudence is not being used anymore.

Below is what I have according to Gleim

Principal Qualitative Characteristics:

RELEVANCE

Relevance- Relevance

Prepares- Predictive Value

Candidates- Confirmatory Value

Most- Materiality

FAITHFUL REPRESENTATION

Faithful- Faithful Representation

CPAs- Completeness

Now- Neutral

Flourish- Freedom from error

Enhancing Characteristics.

Every- Enhancing

Coach- Comparability

Values- Verifiability

Their – Timeliness

Uniform- Understability

Costraints

1. cost

2. conservatism

3. industry practise

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[Author]

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