[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]

cpastudent22,

What is this problem asking for?

But yes, creditor is using the old rate in calculations, I keep forgetting steps for solving this kind of problems and hope I don't get one of them

[Anonymous]

I thought restating actually meant that you go 40 years back and recalculate all the accounts as if you were using lifo all along, including cogs and inventory accounts. According to this article you are only restating for the direct effect unless there is a comparative statement.

[samdiegoCPA]

@anjanja Maybe I will check it out when I'm done studying cus that's beyond the scope of what's tested but now I am interested. I thought it was going back the 40 years and restating it all as well. however, that affects taxes and stuff and you're not gonna pay taxes on something from 29 years ago. also what if something is allowed now that wasn't before or vice versa, do you have to restate all of the statements before hand? the cumulative effect RE thing makes sense then. Maybe I am thinking too much into this and confusing myself more.

anyone else???

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

[justgivemea75]

bumping my question to the new page:

I'm really not understanding the pension journal entries. More specifically, I'm not understanding when it's a DTA/DTL, Tax Benefit/Expense – Income Statement, or Tax Benefit/Expense – OCI and the general logic behind that. I understand that the “AGE” accounts are OCI, so things related to that would be the OCI component, but as for the DTA/DTL or expense/benefit, that isn't clicking for me. Any advice?

FAR - 84
AUD - 76 (phew)
BEC - 88
REG - 77

DONE!

[Anonymous]

justgivemea75,

I would help but I don't understand what you're asking. What does deferred tax asset/liability have to do with pension journal entries? Could you elaborate?

[samdiegoCPA]

Question: Note section disclosures in the financial statements for pensions do not require inclusion of which of the following?

A.

The components of period pension costs

B.

The amount of net prior service cost or credit in accumulated other comprehensive income

C.

The company's best estimate of contributions expected to be paid into the plan in the next fiscal year

D.

A detailed description of the plan, including employee groups covered

-The answer is D, however this link says that this is included (and I thought so too)

Created with Compare Ninja

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

[Anonymous]

Yeah, read ASC 715-20-50-1, it's a little hard for me to get through their legalese but it seems that detailed description of the plan, including employee groups covered is required to be disclosed

[samdiegoCPA]

Grrr I just got another question that says an overall detailed description of the plan is not required. SINCE WHEN THOUGH.

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

[Anonymous]

Have FAR tomorrow at Noon and the butterflies started setting in today. I haven't been able to crack above 70% on 30 question practice quizzes. Most of of the wrong answers due to dumb mistakes too (sometimes overthinking).

Urgh, hopefully I am not super nervous during the exam or it will be no bueno. Anyone else taking it tomorrow? How is everyone feeling?

[Anonymous]

@Disco Stu – I'm in the same boat as you. Test tomorrow, feeling unprepared, anxious, nervous, ACK! i'm praying i don't panic and blank out!!!!

[D C]

@DiscoStu and @dcflcpa

You guys will be fine… 4 Things to remember…

1. Never go for that quick easy looking answer.. its always wrong

2. Read the question stem first

3. Read the entire question slowly

4. Be careful and make a note of the dates/years

I missed the last exam by 3 points so i'm no expert, but I know a few of these little reminders here and there help me.

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.

[Anonymous]

@dcflcpa, yup same here! We just need to remember to breathe and take it one question (and simulation) at a time. Nothing that much more we can do now except face the quesitons we are dealt with..and pray for a pass!

Good luck!!

@DC thanks for the tips. Will definitely keep them in mind tomorrow.

[samdiegoCPA]

My exam is tomorrow too. Good luck to you both!

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

[lasdlnx]

@samdiegoCPA,

You are using Becker? I see that several people on here are asking questions regarding questions from Becker. I would love feedback on Becker and any other materials being used.

Jerome

FAR-59 🙁 retake late January '14

[Anonymous]

Good luck tomorrow!

[Author]

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