[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

[ahugemistake]

Bonds are usually sold to raise capital for a project, and the related activities are the subdividers. The income from customers is operating income.

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

[Vlakmir]

Anjanja,

Bonds are a form of capital financing. You getting cash in trade for paying someone principle + Interest at a later date, much like a note receivable.

ie. you need a 10,000,000 plant, you can get a note from a bank, or you can sell bonds with a fixed maturity date. Both are forms of debt financing and including in the financing section for the cash flows statement.

REG - 92
AUD - 90
BEC - 82
FAR - 82
BISK Review Materials
DONE! /Happydance

[Lidis]

Hi Vlakmir,

Did you use Bisk for REG and BEC? Are you satisfy?

Lidis

[Vlakmir]

Revenue,

I used used Bisk for them all (am still using for FAR, take it in 2 days)

Yes I am satisfied. Though what helped most was being enrolled in a college class where I had to show up to watch the video lectures. Forcing an 8 AM start with videos and leaving time in the afternoon for studying.

I think if you put in the time, BISK is just fine. I didn't feel like anything was left out, and my exams were all much easier than I expected.

Watch all lectures, take the notes, make flash cards along the way / while doing MCQ, leave a couple days for a practice review, hit 100-200 questions a day, etc…

I've never opened a CPA review book, though. they looked big, scary, and wordy. I don't suggest bothering with them in any review course – MCQ explanations and lectures will allow you to identify where you need to study,

I also just finished my masters with tax and reg classes, and worked during this tax season in individual tax. All of that really helped quickly understanding the materials.

REG - 92
AUD - 90
BEC - 82
FAR - 82
BISK Review Materials
DONE! /Happydance

[Anonymous]

Thanks! I guess I thought it should have been stated that proceeds would be used for some kind of capital project

[Lidis]

Vlakmir

I am using BISK for FAR and like Bob Monnet. I have FAR on Friday 18th

Thank you

Lidis

[Vlakmir]

Good luck!

How is FAR going for you?

I take it Wednesday, so good luck to us this week!

I have not completed a few chapters….I skipped Accounting for estimates/PPD adjustments (It just clicked with me so I skipped it)..I need to review consolations tomorrow, along with Govt/NFP, an overall review and a practice exam…hah…eek.

I rarely her of people using BISK. It has worked for me (hopefully BEC went okay >< )

REG - 92
AUD - 90
BEC - 82
FAR - 82
BISK Review Materials
DONE! /Happydance

[Lidis]

Vlakmir

Good luck on Wednesday. I went to all BISK's FAR material. I will be reviewing Business Combinations, Gov, NFP tonight. I am doing MCQ on the NINJA platform. I am not feel confident. Friday, I will do my best.

Good luck to both of us

Lidis

[Vlakmir]

Ugh.

If I had more than $30 in my bank account from spending the last few months studying, I would've gotten NINJA for FAR. Who knows, maybe i'll fail and have the opportunity to give it a try ;D

REG - 92
AUD - 90
BEC - 82
FAR - 82
BISK Review Materials
DONE! /Happydance

[samdiegoCPA]

If I pass mine on Saturday, I'll sell you my FAR MCQ for half price 😛

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

[Vlakmir]

I just may have to take you up on that if I fail!

I have a FAR Question

OCI is really messing me up.

I can't seem to find a specific question, but it seems like sometimes my materials tell me a foreign currency translation loss/gain goes to OCI, and other times it tells me a Foreign translation currency translation loss/gain doesn't go to OCI.

Can anyone explain the following conflictions to me

As far as I can tell,

1. A foreign currency translation loss DOES go to OCI. ie; 30 day rate was 5.0, but on the date the spot rate is 5.1, there is a gain to OCI.

2. unrealized AFS goes to OCI, but an “AFS to HTM Security classifcation change” doesn't (according to bisk, even though it always says you're supposed to update to FMV before transferring to a new category using the old categories rules. Is it because it is realized?

3, An effective cash flow hedge goes to OCI

4. The funded status of a PBO goes to OCI (i.e, underfunded 200,000 = Pension liab + OCI DR of 200,000

Am I missing anything? I swear sometimes I see something about foreign translations not going to OCI in my software sometimes…..Maybe the re-measurement method??

REG - 92
AUD - 90
BEC - 82
FAR - 82
BISK Review Materials
DONE! /Happydance

[Anonymous]

Foreign transaction gain goes to the income statement, translation goes to OCI

AFS to HTM – my understanding is, all unrealized gaines/losses are eliminated (reversed) and the difference between AFS purchase price and FV at the time of reclassification is amortized over the life of HTM

[samdiegoCPA]

Roger uses “DENT”

-Derivative cash flow hedges.

-Excess adjustment of Pensions PBO and FV of Plan Assets.

-Net unrealized gain or loss on AFS securities (includes reclassification adjustments) NET of tax.

-Translation adjustment for foreign currency.

-Revaluation (For IFRS)

Trading to AFS: Do not reverse unrealized G/L previously recognized in income.

Trading to HTM: Do not reverse unrealized G/L previously recognized in income.

AFS to Trading: Recognize unrealized G/L immediately.

AFS to HTM: Report unrealized G/L as accumulated OCI in SE and amortize G/L over remaining life of security.

HTM to Trading: Recognize unrealized G/L immediately.

HTM to AFS: Report unrealized G/L as accumulated OCI in SE.

For all the questions I've done for OCI they have been pretty straight forward, however the one question that is tricky will be the one I get on the exam, ugh.

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

[Anonymous]

So when AFS reclassified to HTM nothing is reversed? I must be thinking of something else then. Unrealized gains/losses are reversed when AFS is sold, right?

[Vlakmir]

Thank you SamDiego.

I guess I don't know why I have in my notes that the update to FMV before reclassifcation follows the rules of the original classification…

REG - 92
AUD - 90
BEC - 82
FAR - 82
BISK Review Materials
DONE! /Happydance

[Author]

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