[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

[SIR AGE]

Thank you EYNewHire! hope you're enjoying your friday night studying! I know I am!

AUD: 5/27 82!
FAR: 7/3 80!
REG: 7/21 76!
BEC: 8/8 78!

[Anonymous]

Ok I am confused bat the question SIR AGE…It does not say tp use partial or IFRS..Is it becus the 30%? I thought we only used partial for IFRS

[ahugemistake]

For review purposes does anyone mind explaining the math in SIR AGE's question. Thanks!

is it that we paid 200k and we own 30% of 600k = 180k

and 200 – 180 = 20k goodwill?

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

[Anonymous]

For IFRS Partial GW the formula is: Acquisition Cost – FV of net assets acquired

So we just plug in the numbers you used @hugemistake and yes we get 20K goodwill. My question is how do we know here to use Partial Gw method? Is it becus its only 30% owned?

Also can someone tell me what is the % of controlling vs non controlling interest?

Thanks

[Anonymous]

Could somebody explain why “grant expenditures made in advance of the grantee meeting timing requirements” is considered an asset? What is grant expenditure anyway? Is my entity gives grant to another entity which hasn't met timing requirements yet, or am I the entity receiving grant later but already making some expenditures in advance? Totally confused. Thanks!

[SIR AGE]

2014 CPA I believe there is no NCI under the equity method. There will be no NCI recognized in the SE section of the balance sheet. Because they only own a 30% interest, they can only recognize their proportionate share of goodwill. It just so happens to be calculated in the same fashion as the partial goodwill method, but I haven't seem any literature that says “use the partial goodwill method to calculate the goodwill ATTRIBUTED to an equity method stock acquisition.”

So in conclusion, the key component in the question is the fact that it says ATTRIBUTE. Yes, we attribute GW to the acquisition, but since it is not recognized using the consolidation method there will be no GW or NCI booked.

This is my take on it all, I very well could be wrong as I seem to be a majority of the time on becker questions haha. Good luck to everyone who is in their review stage! Only 5 days left for me!!!!! getting nervous!

AUD: 5/27 82!
FAR: 7/3 80!
REG: 7/21 76!
BEC: 8/8 78!

[steph2014CPA]

Hello everyone

I am freaking out about FAR July 1. I use Becker and have been reviewing the last week but these reviews are turning into relearning everything because I forgot a lot of the material. I have three days left and I don't feel ready yet. Anyone have some advice? I really don't want to reschedule but sometimes it crosses my mind. What does everyone focus on the last days before the exam? MCQ? SIMS? review?

Thanks!

FAR: 80
AUD: 83
BEC: 79
REG: 56, 74, 74, January 6th

[jennibfox]

steph2014cpa — I am knocking out as many MCQ and SIMS as possible. I am testing on July 3rd. I would suggest to make sure you have down Govt and NFP and IFRS! I think this will benefit you. Also familiarize yourself with the AL. It can be beneficial during the SIMS other than the research question.

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

[SIR AGE]

Hi Steph2014CPA, I'm in a similar boat. My exam is on the 3rd and I too find myself forgetting some of the information. My advice based off of what worked for my aud exam and what I'm currently doing is running through short sections of MCQ anywhere from 10-15 on each of the 10 becker sections. This way each question is relatively fresh in your mind when you go to review them. From there, I jot down little bits of information that slipped my mind when trying to answer them. Then, before bed I read my notes 3 times (my notes are typically only 2-3 pages after doing 200 MCQ). This has helped concepts and tricky bits of info better stick! Just my two cents. Best of luck!

AUD: 5/27 82!
FAR: 7/3 80!
REG: 7/21 76!
BEC: 8/8 78!

[jpowell31]

i did terrible this week with studying – too much going on at work and home and i only got in maybe 45 minutes each day (nothing thursday or last night). I want to be through all material once by the end of next weekend and i'm halfway through chapter 4. i need at least a month to go through the leftover mcq a couple of times or i forget things. then i have 1.5 weeks off work to review in august…. sounds so doable in writing. Looks like we got a lot of people sitting in the next week or two! LET'S GET THIS DONE!

[steph2014CPA]

Thank you! SIR AGE I was doing that but I stopped once the questions seemed like they might as well be written in another language!! So I went back to just reviewing my outlines and then trying some marked questions from homework. At one point I even had to replay a lecture (I hate DTA & DTL). I have neglected the SIMS quite a bit so I am going to tackle those today and take a second practice test tomorrow. I have never felt so unprepared for an exam in my life, I hope this is normal!!!

Good luck everyone 🙂

FAR: 80
AUD: 83
BEC: 79
REG: 56, 74, 74, January 6th

[Tootsie]

Finished chapter 9 and have been doing questions in chapter 10. Chapter 10 is so hard!! I do have the IFRS stuff nailed down though so that is good. Gonna finish m.c. and do another set of AICPA released questions.

FAR - 76
AUD - 88!!! DONE!!!!!!!!
BEC - 76
REG - 77

never, never, never give up

[jpowell31]

i ignored the last chapter on my first take! not sure it's anything to focus on if you're feeling behind but those are the type of points other people will lose out on and will put you at an advantage!

[Tootsie]

@jpowell, I actually had a sim from chapter 10 and I had no clue how to do it. I also had some m.c. from it too. I think the IFRS stuff is really important. I want to feel okay about the other topics too. There are just so many mini topics that makes it difficult to learn.

FAR - 76
AUD - 88!!! DONE!!!!!!!!
BEC - 76
REG - 77

never, never, never give up

[Anonymous]

I am doing the sims from F2 and hv spent 30 min on the first one alone. I really don't understand the use of parenthesis for debits and credits in that particular sim. Apparently we are just using them for the income statement and not balance sheet and parenthesis means we are adding to the credit..?? I don't really get it.

If any of you hv recently done that sim, pls shed some light. Any help would be greatly appreciated!

[Author]

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