[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

[Anonymous]

@CPADream — Since Anchor can exercise significant influence (20-50%), under the equity method dividends are not income

Pref stock is non voting thus Anchor cannot exercise any influence and therefore dividends are income.

[Anonymous]

So because of time restraints i could only get through about half the study material for Far and my test is in a couple of days!! Work has been busy and had some extra things going on, but was in a similar position on my Reg retake (studied for 8 hours and got a 77!). So, what would be the few things to definitely concentrate on in the next 48 hours? I am glued to my Ninja Audio/Flash/Notes and reviewing questions since there is no time to actually do them. I have heard from numerous coworkers that, if nothing else, make sure you know NFP and Government stuff. I have ditched becker lectures right now (obviously). This is my last part and I have 4 windows to pass before losing anything. Your insight would help!! Good luck all

[CPA to be]

I'll test on Sunday also and I'm in Texas

[sstephenson]

Taking my test on Friday 8/29. I am only 25% through the last chapter (10) in Becker. Do you think I should start reviewing or finish the last chapter?

REG - 75
BEC - 76
AUD - 76
FAR - 84, DONE 11/9/14!

[jstay]

someone else posted a question like this yesterday on a thread of its own. but the main points to hit are contingencies, subsequent events, partnerships. maybe gaap vs ifrs? depending how you feel with it.

[Anonymous]

@jstay thanks… just have to salvage what i can of the next 2 days of studying, luckily i am off of work. I felt to just take it in this window and see what happens since I had already scheduled it a while back (and it's paid for by my company)

[Anonymous]

sstephenson,

I would at the very least, go through the 66 question section of IFRS vs GAAP. That is a STRONG recommendation. I'm going to hit that one a couple of times. Just saying, if you know what I mean.

The rest, depends on how much time you have, I like to at least finish them all at least once.

[sstephenson]

@Ancel – thank you so much. Based on my last try at this exam, I would say you are correct. Thanks again!

REG - 75
BEC - 76
AUD - 76
FAR - 84, DONE 11/9/14!

[Anonymous]

Jstay, what is the JE for Actual return of Plan Assets?

[jstay]

are there journal entries? i thought you would just figure it out and then compare it to the expected return and any excess would go to OCI to be amortized

[Anonymous]

Doesn't Actual Return on plan assets decrease the liability account? If SC, PSC, and IC increase the liability account, then AR on PA decreases it, no?

[jstay]

yeah it would decrease the liability account, or increase the asset. but what it really would do is be a decrease to net periodic pension expense. sc, psc, ic are all shown as one expense so therefore it is going to decrease the that expense. it would be shown as included in net periodic pension expense

Example: amortization of psc is 50, sc is 50 and ic is 75. actual return is 25

Dr: net periodic pension expense 150

Cr pension liability 150

Example: amortization of psc is 50, sc is 50 and ic is 75. actual return is a loss of 25

dr: net periodic pension expense 200

cr pension liability 200

i think, anyone else know for sure?

[Anonymous]

So there would be no individual JEs for Actual return? I get that it decreases Pension expense though. But a loss would increase it then?

[jstay]

yeah a loss would increase it. and no i dont think there is a residual journal entry because GAAP requires that it be presented as on item- net periodic pension cost

[Anonymous]

Gotcha, there is an example in the Wiley book showing it decreases the accrued liability account but didn't know the actual journal entry.

[Author]

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