[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]

hey everyone, i'm joining for (hopefully) my last exam.. AUD expires this window! I started studying and got so demotivated last window. i'm just so over this already. i wasted time and wasn't prepared. now that i came out with a 64 i wish i just put some more effort in and got it over with. hoping no more life hiccups comes in my way and i can use the forum better this time around! Gotta get familiar with IFRS!!! Anyone else on their last exam with another about to expire?

[FARtogo2014]

@Jpowell- write a letter and request extension explaining your situation. You may get a extension for the credits that are expiring.

AUD 81
REG 88
BEC 77
FAR 69 retake SCHEDULED TO TAKE IN Nov 2014

[samdiegoCPA]

For business consolidations: When the net identifiable assets > acquisition price = a gain on BPO. On the Ninja MCQ, it says it's an EXTRAORDINARY gain. I've never seen that mentioned anywhere else… is this new or common knowledge with you guys? I'll write the question below in case there's wording in there that may cause it to be extraordinary vs regular gain:

In a business combination, the appraised values of the identifiable assets acquired exceeded the acquisition price. The combination is accounted for as an acquisition. how should the excess appraised value be reported?

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

[jpowell31]

@FARtogo – because of personal issues? have you heard of those being heard before? i would like to think that i have enought time between now and august seeing as i had about 2/3 the material in my brain about a month ago but it's hard to predict life!

[FARtogo2014]

j@powell31-Take your exam as planned but also drop in a letter to the state board explaining your personal difficulties.

It does not cost you anything.

AUD 81
REG 88
BEC 77
FAR 69 retake SCHEDULED TO TAKE IN Nov 2014

[Tncincy]

@Samdiego, I don't see in the notes where you are talking about, but I would guess that the asset would be revalued @ fair value and excess is an ordinary gain.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[FARtogo2014]

@jpowell31 – if its health issues – they will certainly extend it.

AUD 81
REG 88
BEC 77
FAR 69 retake SCHEDULED TO TAKE IN Nov 2014

[jpowell31]

@FARtogo – thanks…i may as well give it a shot – better to try before than after the fact in any event. thanks!

[nicole2035]

I have 2 questions:

1. Regarding the Fair Value Option, is primarily for financial instruments, correct? When i read over the eligible items for FVO i was confused by what they meant as ‘financial' asset or ‘financial' liability'. Using the word financial in front of it was throwing me off.

2. When signing up for multiple sections and paying your fee do you have to pay for the both testing fees to receive an NTS for either? Because my board put together my testing fees as one, which i don't get why i should pay for it in a lump sum because it's not one item.

[Tncincy]

Update, how is everyone doing with study today? I'm still working on consolidations, I keep making reading mistakes on the mcq's . Maybe i'm tired. I might need a mini break.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[jennibfox]

@TNINCY – I am working through my game plan. Seems to be working. I will need to spend a lot of time on Consolidations. I am getting the facts and information confused. I am currently on Intercompany Eliminations. I am about to take a short break to take a run and then back to the books this evening.

FAR - JULY 2014 - PASSED
BEC - MAY 2015 - PASSED
REG - AUG 2015 - PASSED
AUD - AUG 31 2015

[jpowell31]

@samdiego i don't think it's an extraordinary gain…the excess should be recorded as “a gain, after adjusting the balance sheet, including identifiable intangible assets, to fair value.” (Becker)

[samdiegoCPA]

@jpowell31 I also don't think it's extraordinary but the Ninja MCQ says it is. Maybe I will email Jeff and ask.

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

[jpowell31]

let me know…the question i was quoting from also had “extraordinary gain” in one of the other (wrong) options…but maybe there is a circumstance where it's appropriate.

[jeff]

BPO with Extraordinary Gain…this may help explain it:

https://www.investinganswers.com/financial-dictionary/businesses-corporations/bargain-purchase-5210

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

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