[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[jpowell31]

all *testlet 3 questions* on BEC

[ahugemistake]

I hope this is the case because that would be the best news ever, I'm trying really hard not to get my hopes up.

FAR - 78*
AUD - 66, 79
REG - 73, 76
BEC - 79

[HopefulCPA0601]

and i had the same experience as @jpowell with bec, i walked out and called my mom and was like “you know what i think i passed it” and i have NEVER felt that way before on any CPA exam

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[rosssumner15]

@jpowell31 & @D C thanks for the explanation! Makes a lot of sense.

FAR - 67-85
BEC - 75
REG - 78

[CPA50]

Hi Huge – I felt the same way coming out of AUD. I didn't really want to jinx it, but I felt like I had completely overprepared. I finished with 1 1/5 hours to spare and had time to review all my questions. I came out with an 88, which was a surprise – I really thought I did better. Not to say that I wasn't THRILLED, because I too was worried that maybe easier testlets meant I was doing really bad. So, I am happy about AUD, but now completely freaked by FAR 🙂

AUD 88 (expired), 80 retake
FAR 64,69,67,73,67,73,73,73, August 3
REG 75 (expired) September 7
BEC 72, 77

The adventure continues...

[jpowell31]

hey i'm going over IFRS summary in Becker and it says that (pensions) IFRS doesn't specify whether an entity should classify the net defined benefit liability (asset) as current or noncurrent but i vaguely remember a question's explanation saying that they are always shown as noncurrent assets or liabilities (vs. GAAP where assets are always current and liabilities can be current, non or both). am i thinking of another rule or did i make this up?

[jpowell31]

GAAP assets always NON current. geez i'm having a tough time with typos today. very indicative of how easy it is for me to make mistakes on this exam not re-reading things!

[HopefulCPA0601]

@jpowell – you're thinking of DTA/DTLs instead of defined benefit plan liabilities/assets

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[jpowell31]

sorry for all the posts but i should've just finished my review of IFRS sum since i got my answer & thought i'd share: under IFRS deferred tax assets and liabilities are always recorded as noncurrent and can be netted…

GAAP: current deferred tax assets/liabilities netted, noncurrent are netted separately.

must've overlapped these rules…nothing to do with pensions! 🙂

[D C]

thats right…IFRS.. has no designation of Current/non current .GAAP non-current assets or current/non-current/both liabilities. current liabilities only to the extent that PBO exceeds the FV of Plan assets…

Also asset is a result of an overfunded status (FV of Plan assets > PBO) and its a liability if it is underfunded ((FV of Plan assets < PBO)

B - 80
A - 71, 67, 77
R - 71, 77
F - 72, 77
DONE!!
Becker Self-study all the way! Did use Ninja Notes & Audio for FAR.

[HopefulCPA0601]

@jpowell – also for IFRS you can net them as long they are in the same jurisdiction. But you can't net dta's/dlt's of japan with dta's/dtl's of germany

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[ahugemistake]

Thanks CPA50, It's good to hear others have had similar experiences. Keeping my fingers crossed!

FAR - 78*
AUD - 66, 79
REG - 73, 76
BEC - 79

[D C]

Can anyone explain/summarize deferred outflows/inflows for gov't accounting? when do they apply or when they are used?

are deferred outflows like prepaids? and deferred inflows unearned revenue?

B - 80
A - 71, 67, 77
R - 71, 77
F - 72, 77
DONE!!
Becker Self-study all the way! Did use Ninja Notes & Audio for FAR.

[jpowell31]

yes that's right. you have to kind of think of it backward – you want to think that inflows = cash/assets but:

deferred outflow = future USE of net assets = cash leaving the company now (like a prepaid)

deferred inflow = future owage of (services) = cash coming in now (unearned revenue)

so outflow = cash going OUT now – we get something later

inflow = cash coming IN now – we owe something later.

[D C]

thanks

B - 80
A - 71, 67, 77
R - 71, 77
F - 72, 77
DONE!!
Becker Self-study all the way! Did use Ninja Notes & Audio for FAR.

[Author]

Replies