[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

[mjp44]

Can someone please clarify the 75% test with segment reporting? My question is if segment that does not me any of the 10% tests (revenues, assets, profit/loss) is combined with all segments of the company and their revenue is >75% of total company revenue, does that mean that the segment is now a reportable segment?

FAR- PASSED (11/13)
REG- PASSED (2/14)
BEC- PASSED (5/14)
AUD- PASSED (8/14)

If it's important to you, you will find a way. If it isn't, you will find an excuse.

[Mike1987]

@mjp44, I think you add only the external revenue of the segments that passed the 10% test to see if it = 75% of the company's external revenue, if it does not at least =75% you have to keep on adding any segment until it does even if they do not qualify under the 10% tests. The multiple choice questions don't even seem to cover this so I doubt we'll see much of it.

[Qlad]

@mjp44…take the 75% of all the segments External Revenue only (exclude the transactions with Sub.)

The add all the external sales of segments that were included in calculation of 10%. If they are already >75% …then no need to include the segment that did not meet the criteria of 10%….if < 75% …then include it …hope i did not confuse u more…

my question got lost in so many replies…so just want to ask again…anyone using Wiley test bank…where can i find “percentage of completion method mcqs” …i am still searching… 🙂

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[marywoowoo88]

Hi All, I'm struggling with studying fare. I ‘m using yaeger, wiley book 2012 and ninja notes right now. I'm looking to sit for it in 2 weeks. This will be my 2nd time. I failed the 1st with a 65. So far, I skimmed the Ninja notes and memorized parts of the Yaeger notes. I attempted to memorize the fixed asset gaap and ifrs piece but I'm having a hard time remembering all the steps for pretty much everything in far. I just took a testlet of 30 questions from the back of my yaeger 2012 book and scored 50%. I feel very overwhelmed when i'm studying. The wiley book is extremely detailed, in comparison to what was on the exam. I'm having a hard time fully understanding the materials because it's so detailed. What am I doing wrong? Anyone got any advice? How do I re-study for this exam?

[Anonymous]

Ok. So I finished F10 and I'm now looking for ideas on how to attack a review course should I just keep running news and sims and flash cards until I throw up or it's there a method to the madness

[icanhazcpa]

@47CPAIVY What I'm doing is taking one section a day to really go over it, then do some progress tests. Then this weekend I'll just do final exams and sims over and over.

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

Becker Self Study

[Anonymous]

@icanhazcpa thanks ill try that so I can nail this down by the end of July.

[Qlad]

can someone please help me with Sales leaseback…

step 1: Compare Selling price and PV

step 2: If PV< 10% of FV…then Sale price less Book value = gain (recognize all)

If PV> 90% of FV …then Sales price less Book value=gain (defer all)

Hope i am right till here…i am confused with the middle one….if PV is between 10-90% of FV…then do what..?

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[marywoowoo88]

Hi,

Can someone tell if these journal entries make sense in regards to this problem:

1. Wildlife Fund, a private not-for-profit organization, received

contributions restricted for research totaling

$1,000,000 in 2009. None of the contributions were spent in

2009. In 2010, $650,000 of the contributions were used to

support the research activities of the organization. The net

effect on the statement of activities for the year ended December

31, 201O, would be a

a. $350,000 increase in temporarily restricted net assets.

b. $650,000 decrease in temporarily restricted net assets.

c. $650,000 increase.in unrestricted net-assets.

d. $650,000 decrease in unrestricted net asset.

the Answer is B.

Is this the right journal entries?

2009 J/E Receive contribution

Dr Cash 1,000,000

CR Contribution-Temp Restricted 1,000,000

2010 J/E 650K use to support research activities

Dr Exp (Research Activities): 650,000

Cr Cash 650,000

Dr Reclassification of temporarily restricted-satsifaction of use : 650K

Cr Reclassifcation to unrestricted net asset of 650K

Doesn't this mean, that it could be answer b or c?

Thanks!

[Anonymous]

@ Qlad: I may be able to help you with sales leasebacks 🙂 I think you're missing some detail in the calculations…

So first you need to determine if it's an operating sale leaseback or a capital sales leaseback…you need this information in determining what the EXCESS GAIN is.

– if operating leaseback:

Selling price

(Asset NBV)

= Tentatvie gain

(PV of min. lease payments)

= EXCESS GAIN

– if capital leaseback:

Selling price

( Asset NBV)

= Tentative gain

(LESSER OF PV min. lease payments or FV)

= EXCESS GAIN

After you've calculated the excess gain, you compare the PV of min. lease payments to the FV of the asset.

Option 1: DEFER ALL if PV min. lease payments > or equal to 90% FV asset

Optioon 2: RECOGNIZE ALL if PV min lease payments < 10% FV asset

Option 3 (the tricky one): 10% < PV min lease payments > 90% FV asset…allocate gain where you DEFER gain up to PV min. lease payments (or capitalized asset, if capital leaseback) and RECOGNIZE all gain after PV min. lease payments (or capitalized asset, if capital leaseback)

For example:

Say the PV min. lease payments is 75% of the FV of the asset.

Excess gain x 75% = DEFERRED gain

Excess gain – Deferred gain = RECOGNIZED gain, which can also be calculated by multiplying the Excess gain x (1-75%)

I hope this helps 🙂

[Qlad]

@cpaforbirthdaypresent…thank u so much…i want to absorb this info totally…u explained much better than the book…thank s a lot..

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[LT-P]

So .. I think I underestimated the Leases chapter. It took me an hour to get through 10 of them! Is this normal? Or do I just really suck at leases??

- passed all 4 exams on my first try using Becker!

Ethics: TBD

[LT-P]

@cpa4birthday – thanks for that leasebacks explanation!

- passed all 4 exams on my first try using Becker!

Ethics: TBD

[finng72]

How many other people get discouraged every time they review a prior week's material, like in a progress test? It's like in one ear and out the other for me. I really hope Becker's review is just that much harder than the exam. I just finished F6, so I guess I'm more than halfway there in my review.

B - PASSED - 80 (11/11/13)
A - PASSED - 87 (4/29/13)
R - PASSED - 75 (2/25/13)
F - PASSED - 83 (8/12/13)

[Anonymous]

@finng72 I agree there is a considerable amount of material covered in FAR and it's easy to not retain everything from each lecture. This is a great reason why comprehension over memorization is the way to pass FAR.

[Author]

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