[Q1] FAR Study Group 2014 - Page 51

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  • January 16, 2014 at 5:34 pm #526118
    Anonymous
    Inactive

    So,have taken my first practice test in F2 and I failed! Is this normal? I thought I had most of this information down packed! Any suggestions?!

    January 16, 2014 at 5:34 pm #526178
    Anonymous
    Inactive

    So,have taken my first practice test in F2 and I failed! Is this normal? I thought I had most of this information down packed! Any suggestions?!

    January 16, 2014 at 9:08 pm #526120
    MassCPA2014
    Member

    @DonicaCampbell, don't panic! Yes, that's normal (at least it was for me). My suggestion would be to continue to review the section a little bit, take more practice tests, and eventually you'll get it down. It takes time, and even after watching the lectures and understanding the material, the wording of the MCQ can still stump you if you're not used to it.

    FAR: 86
    AUD: 88
    REG: 85
    BEC: 84
    DONE!

    January 16, 2014 at 9:08 pm #526180
    MassCPA2014
    Member

    @DonicaCampbell, don't panic! Yes, that's normal (at least it was for me). My suggestion would be to continue to review the section a little bit, take more practice tests, and eventually you'll get it down. It takes time, and even after watching the lectures and understanding the material, the wording of the MCQ can still stump you if you're not used to it.

    FAR: 86
    AUD: 88
    REG: 85
    BEC: 84
    DONE!

    January 16, 2014 at 10:37 pm #526122
    Guti
    Participant

    I scored in the high 70s to low 80s in all the chapters except F-2 Timing Issues (Matching of Rev,exp,Etc)

    I got a 70 on that one,so I guess it is a difficult chapter.

    FAR-84
    AUD-
    REG-
    BEC-

    January 16, 2014 at 10:37 pm #526182
    Guti
    Participant

    I scored in the high 70s to low 80s in all the chapters except F-2 Timing Issues (Matching of Rev,exp,Etc)

    I got a 70 on that one,so I guess it is a difficult chapter.

    FAR-84
    AUD-
    REG-
    BEC-

    January 16, 2014 at 11:05 pm #526124
    samdiegoCPA
    Member

    I have looked around here a bit, but can't seem to find much. Were there really big changes in 2013 and 2014? I have the 2012 Roger book, but found 2014 Wiley information & have the updates for my Roger material…

    Almost done typing up the Roger book! I think I just need one more week then changing/confirming 2014 changes, then MCQ forever!

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

    January 16, 2014 at 11:05 pm #526184
    samdiegoCPA
    Member

    I have looked around here a bit, but can't seem to find much. Were there really big changes in 2013 and 2014? I have the 2012 Roger book, but found 2014 Wiley information & have the updates for my Roger material…

    Almost done typing up the Roger book! I think I just need one more week then changing/confirming 2014 changes, then MCQ forever!

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

    January 16, 2014 at 11:52 pm #526126
    rvcpa
    Member

    I have to start the non stop mcq's part of the ninja framework. I would prefer to do questions and a know the answers right away. For becker is doing hw the only way? i know progress tests don't show the answer after you answer a questions which I hate.

    January 16, 2014 at 11:52 pm #526186
    rvcpa
    Member

    I have to start the non stop mcq's part of the ninja framework. I would prefer to do questions and a know the answers right away. For becker is doing hw the only way? i know progress tests don't show the answer after you answer a questions which I hate.

    January 17, 2014 at 12:51 am #526128
    Anonymous
    Inactive

    @samdiego, not sure on 2012 to 2013 but this is the email I got from cpaexcel on the 2014 push that went out in december…Several lessons in the Financial Section (FAR) Governmental and Not-for-Profit area have been updated to account for Statement 67-Financial Reporting for Pension Plans (an amendment of GASB Statement No. 25). Additionally, many of the governmental accounting lessons have been updated to account for a recent change in terminology affecting the “equity” section of governmental financial statements.

    January 17, 2014 at 12:51 am #526188
    Anonymous
    Inactive

    @samdiego, not sure on 2012 to 2013 but this is the email I got from cpaexcel on the 2014 push that went out in december…Several lessons in the Financial Section (FAR) Governmental and Not-for-Profit area have been updated to account for Statement 67-Financial Reporting for Pension Plans (an amendment of GASB Statement No. 25). Additionally, many of the governmental accounting lessons have been updated to account for a recent change in terminology affecting the “equity” section of governmental financial statements.

    January 17, 2014 at 12:53 am #526130
    Anonymous
    Inactive

    I have a question about Foreign Currency Translation and where it is reported- On the Ninja Notes mentioned that Cumulative Accounting adjustments- Foreign Currency Translation Adjustments are reported in Other Comprehensive Income and

    Foreign Currency Re-measurement Gains/Losses are reported on the Income Statement as Other Income- What exactly is the difference between Foreign Currency Re-measurement Gains/Losses and Foreign Currency Translation Adjustments?

    I am confused Thanks

    January 17, 2014 at 12:53 am #526190
    Anonymous
    Inactive

    I have a question about Foreign Currency Translation and where it is reported- On the Ninja Notes mentioned that Cumulative Accounting adjustments- Foreign Currency Translation Adjustments are reported in Other Comprehensive Income and

    Foreign Currency Re-measurement Gains/Losses are reported on the Income Statement as Other Income- What exactly is the difference between Foreign Currency Re-measurement Gains/Losses and Foreign Currency Translation Adjustments?

    I am confused Thanks

    January 17, 2014 at 3:25 am #526132
    Anonymous
    Inactive

    Dale –

    Good question. I did a quick google search and guess what? The first link was from another71. So someone had asked this question and here is the response. Credit to them!

    “Translate

    Your subsidiary transact in Euros and records in subsidiary records – this is functional currency. The reporting currency is US Dollars on the parent. To get from Euros to USD you “translate” and plug OCI for the out of balance equity difference. You hit OCI as the gain/loss is a fair value type adjustment (think of of AFS securities hitting OCI).

    Remeasurement

    If, as a subsidiary, you buy and sell in United States Dollars, but keep your book in Euros, your functional currency is US dollars, not Euros. As such, you would re-measure your books from Euros to U.S. Dollars, the functional currency. You're net plug goes to the income statement because you were transacting in the United States Dollar all along.

    Remeasurment + Translation.

    You are a subsidiary transacting in Euros, but keeping your books and records in Pesos. Your reporting currency of the parent is USD. To get to your functional currency, you re-measure from Pesos to Euros. Then you translate from Euros to Dollars.

    Think that sums it up.”

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