FAR Study Group July August 2013 - Page 15

Viewing 15 replies - 211 through 225 (of 1,267 total)
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  • #436455
    Anonymous
    Inactive

    thank you, kevlee! For some reason I totally missed that part

    #436456
    gilbewc
    Member

    @Qlad…. If it were me, I think it would be beneficial to have all three. Audio is great for the car and when you have to do stuff around the house (cooking, cleaning, yardwork, etc…). The audio lectures are broken up into small sections…some are 3 and 4 minutes long and the longest is around 20 minutes. They're great because you don't have to set aside a ton of time to listen to them and they're great at reinforcing the main topics. I realized during the middle of both of my failed FAR attempts, I spent more time studying the really detailed and complex topics and not enough time on the basic “you should know these” topics. I also realized I spent more time reading the Wiley chapters and not enough time working the actual problems. So, the third time around, I read the Ninja Notes for a specific topic (they're brief and get right to the point) and then began working the multiple choice questions for the areas I knew I was weak from the Wiley Test Bank. As I read the answers to the M/C, I added notes (fact nuggets) to the Ninja Notes. I also used the Wiley Focus Notes. I also made sure to spend more time working simulation problems. Think about it….the simulations and governmental and not for profit make up 60% of the exam so you definitely want to be very comfortable with those. Once I felt good about my weak areas, I moved to the other topics.

    With 20 days until your exam, you've got to get up early and get 45 min – 1 hr of study time in before you start your day, as much time in on your lunch break, and 4 – 5 hours at night. For the weekends, tell your friends not to call you…if you need to take a break to get out of the house, you call them. If they call you and ask you to do something, you're going to be really tempted to tell yourself, “I'll make up for it tomorrow” and then go do whatever it is they're doing and you'll lose a study day. I recommend a minimum of 8 hours a day on weekends. You should get in no less than 80 hrs between now and your exam. For the 2 – 3 days right before the exam, I bumped up to 10 – 12 hours a day w/ several breaks. I was on academic probation at one point in my college career. I assure you, if I can pass this test, anyone can!

    FAR - 65, 71, 78(5/29/13)
    REG - 70, 80
    BEC - 71, 78
    AUD - 88

    #436457
    kip_snoodles
    Member

    Hey everyone,

    Does anyone know if the 2012 Becker lectures are in the same order as the 2013? Like does F2 in 2013 and 2012 both consist of timing issues, installment sales, foreign currency, etc. I am using 2012 and have seen people who are using 2013 referencing certain sections, so I just wanted to make sure it was the same in my book. I know for REG and BEC they were the same.

    Thanks!

    #436458
    Mike1987
    Member

    F2 is timing issues and all that recognition stuff yes and the Chap 10 is just all the previous ancillary stuff from 2011 version I believe. I only managed a 75% overall for that chapter 2's homework, some of the optional and supplemental questions were brutal I was getting only 60s. Not feeling very good about my chances at the moment.

    #436459
    Anonymous
    Inactive

    F2 is tough, glad to see I'm not the only one who thought so. I'm not really doing the MC until I watch all the lectures but I peeked at some of the F2 questions and know I have a lot of work to do there.

    #436460
    icanhazcpa
    Member

    @kip I think they're the same

    BEC - 83
    FAR - 83
    REG - 74, 78
    AUD - 76

    Becker Self Study

    #436461
    Shan
    Member

    Hey Guys, I have a couple of questions about foreign currency conversion topics–

    What rate should be used for B/S accounts and for I/C?

    At B/S date, “current rate” means B/S date spot rate, correct?

    OMG, I always feel confused about this topic.

    Thanks!

    AUD-73, 73, 73, 79!!
    BEC-77!
    FAR-60, 83!
    REG-66, 72, 75!

    MA CPA license

    #436462
    kevlee
    Member

    @Shan

    it depends if u are using the remeasurement method or translation method and yes i believe current rate means spot rate.

    #436463
    Shan
    Member

    @kevlee–If I am correct, if the functional currency is USD, I should use remeasure method;

    If the functional currency is local currency, I should use translation method???

    could you please help me more?? Sorry and Thanks!

    AUD-73, 73, 73, 79!!
    BEC-77!
    FAR-60, 83!
    REG-66, 72, 75!

    MA CPA license

    #436464
    Shan
    Member

    @kevlee–Sorry, it should be–If the functional currency is not local currency, I should use remeasurement method.

    If it is the same as local currency, I should use translation method???

    AUD-73, 73, 73, 79!!
    BEC-77!
    FAR-60, 83!
    REG-66, 72, 75!

    MA CPA license

    #436465
    kevlee
    Member

    That is correct.

    For remeasurement method your functional currency is USD since you buy/sell in USD but keep your books in another currency. As such you re-measure you books from the other currency into USD which is the functional currency. This plug goes into the Net Income.

    For translation method your functional currency is the local currency. You have to translate the local currency back into the reporting currency(USD) and the plug goes into OCI.

    Not too sure if I explained it well or made it just more confusing but I hope it helps.

    #436466
    gilbewc
    Member

    @Shan, you are correct. If Functional Currency = Local Currency, translate to USD @ current exchange rates/spot rate

    If Functional Currency = USD, Remeasure from local currency to USD

    FAR - 65, 71, 78(5/29/13)
    REG - 70, 80
    BEC - 71, 78
    AUD - 88

    #436467
    workingmom
    Member

    Hello, all! I am new to this. FAR will be my first exam (shooting for late August) and I just started studying. I work until 5pm every day and have two kids and a husband that I don't want to completely ignore. I am still trying to determine how much study time I am going to get in…and when. In terms of studying, what is everyone's approach? Regardless which program you are using, what is your plan of attack. Watch the videos, take notes, flash cards, etc. What is working for you?

    Thanks!

    #436468
    icanhazcpa
    Member

    Welcome @workingmom! My personal strategy is to go through the Becker lectures, doing the multiple choice questions as I go. I know there are many proponents of the Ninja method here, but Becker worked for me before, so I think I'll stick with that. To keep sharp on old concepts I do the progress tests until I'm blue in the face. This is my first test with SIMS on it so I'm not sure how to study for those besides practicing. Maybe someone will have some insight about that. It also helps me to keep notes on why I missed a question. That way I have something I can add to my notes for a more comprehensive set of rules.

    BEC - 83
    FAR - 83
    REG - 74, 78
    AUD - 76

    Becker Self Study

    #436469
    StephAV
    Member

    @Workingmom – I'm a working mom of 2 also! I have allowed about 8 weeks to prepare for FAR. I'm not sure if this is realistic. So far it is taking me longer to get through the material than I plan every time. I'm using Roger and trying the NINJA method. So my current goal is to get through the lectures, notes, by 6/22, then I'll review/rewrite my notes and do MCQ like a crazy person for the last few weeks before the exam. I'm scheduled for 7/22 and I really don't want to push it back. My kids are 5 and 1 and I study when they are playing (nicely) when they are eating, when they are sleeping… I'm able to study at work. My boss has said it is up to me to prioritize my work so I don't have to feel guilty or hide, lol. Lunch time is another good time to study. The problem I run into is I can only go so many days on 5 hours of sleep before I have to get a full 8 – 10 or I can't keep my eyes open. Lots of caffeine is also helping. Good luck!

    FAR - 7/13 - 72, 11/13- 74, 2/14- 82!!! Best score ever (for me)!!!
    BEC - 1/14 - 75!!! Perfect score! First Pass! YAY!!!
    AUD - 8/14 - 80!!!
    REG - 5/14 - 72, 10/14 - 66, 1/15 - 78 - DONE FOREVER!!!
    I did 5 of the UNA and CPAExcel classes to earn units.

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