[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

[Amay]

Or what NYC said….I am so glad I don't have to write an essay on this. LOL

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[samdiegoCPA]

Uhhhh.

No more studying, pweaasseee.

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

[samdiegoCPA]

Uhhhh.

No more studying, pweaasseee.

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

[Anonymous]

One of my struggles is how to reconcile FundFS to GWFS. As far as items under B/S and I/S, I remember GALS (++-+) and GOES (+-++). But when it comes to BARE, I get lost with that. Now what?

[Anonymous]

One of my struggles is how to reconcile FundFS to GWFS. As far as items under B/S and I/S, I remember GALS (++-+) and GOES (+-++). But when it comes to BARE, I get lost with that. Now what?

[NYCaccountant]

Deferred inflow is like deferred revenue, so you pretty much just defer the recognition of the event. Example would be a sale of future revenue, or receiving tax payments early. These are on the liability side of the government financials.

Deferred outflow is like prepaid asset, again you pretty much defer the recognition of the event, example would be prepaid grants (based on timing), or cost associated with purchasing future revenue streams. This is the asset side of the government financials.

outflow appears after assets, deferred inflow appears after liabilities. @Amor info relates to financials of a government.

Nice Mnemonic @ Amor, I did not even think of one when I took FAR.

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[NYCaccountant]

Deferred inflow is like deferred revenue, so you pretty much just defer the recognition of the event. Example would be a sale of future revenue, or receiving tax payments early. These are on the liability side of the government financials.

Deferred outflow is like prepaid asset, again you pretty much defer the recognition of the event, example would be prepaid grants (based on timing), or cost associated with purchasing future revenue streams. This is the asset side of the government financials.

outflow appears after assets, deferred inflow appears after liabilities. @Amor info relates to financials of a government.

Nice Mnemonic @ Amor, I did not even think of one when I took FAR.

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[NYCaccountant]

@Amor you should start with whats allowed and whats not allowed for each. Focus on the difference in accounting methods and then you should be able to work from there. Like if I remember correctly, fund financials don't show loan balances, unless it will use current economic resources. If I owed 100,000 in 5 years, this would be reported in the government wide, but won't be reported on the fund financials because I won't have to pay the 100,000 until 5 years from now. When you're reconciling, you need to adjust for the 100,000. That's just one example.

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[NYCaccountant]

@Amor you should start with whats allowed and whats not allowed for each. Focus on the difference in accounting methods and then you should be able to work from there. Like if I remember correctly, fund financials don't show loan balances, unless it will use current economic resources. If I owed 100,000 in 5 years, this would be reported in the government wide, but won't be reported on the fund financials because I won't have to pay the 100,000 until 5 years from now. When you're reconciling, you need to adjust for the 100,000. That's just one example.

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[smsingla]

As Jeff said in notes, just remember any cash leaving the entity is deferred outflow and cash entering the entity is deferred inflow.

REG 81
BEC 74,65,78
FAR 79
AUD 85 DONE!!!

[smsingla]

As Jeff said in notes, just remember any cash leaving the entity is deferred outflow and cash entering the entity is deferred inflow.

REG 81
BEC 74,65,78
FAR 79
AUD 85 DONE!!!

[Anonymous]

Thanks NYC. I know some of them but I am just unable to explain very well. All I can say, that's all about it!

Since some of us here are taking tomorrow and next day, should really worry about this information? Or like do we really need to know this very well?

[Anonymous]

Thanks NYC. I know some of them but I am just unable to explain very well. All I can say, that's all about it!

Since some of us here are taking tomorrow and next day, should really worry about this information? Or like do we really need to know this very well?

[Anonymous]

2012 FAR > SONA [Statement of Net Asset]

2013 FAR > SONP [Statement of Net Position]

Is SONA no longer use as B/S for GWFS?

[Anonymous]

2012 FAR > SONA [Statement of Net Asset]

2013 FAR > SONP [Statement of Net Position]

Is SONA no longer use as B/S for GWFS?

[Author]

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