- This topic has 1,059 replies, 174 voices, and was last updated 7 years, 10 months ago by
mtaylo24.
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May 31, 2017 at 6:56 am #1562995
jeff
KeymasterWelcome to the Q3 2017 CPA Exam Study Group for FAR. 🙂
Introduce yourselves and let your fellow NINJAs know when you plan to take your FAR exam.
The Five Steps (NINJA Framework): https://www.another71.com/pass-the-cpa-exam/
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August 31, 2017 at 7:29 pm #1618834
mtaylo24
Participant@Vinti Time mgmt is the name of the game. Did you find the research Q?
AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)September 1, 2017 at 7:37 am #1618922September 1, 2017 at 3:41 pm #1619138Tncincy
ParticipantHa anyone had any success doing the plus videos for far then doing the mcq's? What's your method? I've been doing the videos and hit a brick wall again. Testing 10/7.
It begins with a 75
Been here too long as a cheerleader....ready to passSeptember 1, 2017 at 7:35 pm #1619251IwannabeaCPA2017
ParticipantHey guys, can anyone help simplify foreign currency transaction for me? Im not sure when to use historical vs current rate. Also, like the whole transaction vs translation using spot rate.. Its just confusing. I just did a SIM in becker and it was confusing. I can't copy and paste here but it gave historical, current, and weight average rates and had like B/S accounts such as A/R, inventories, C/S etc and ask which rates to use under remeasure vs translation method..
September 1, 2017 at 9:15 pm #1619293Pawn Maker
ParticipantIwannabeaCPA2017 – Here is how I understand it. The Ninja audio had a really great way of breaking this down so you can remember it.
Functional=Local (Translation of Financial Statements)
Assets & Liabilities = Current Rate @ BS Date
Revenue & Expenditures = Weighted Average Rate @ Current YearFunctional=Reporting (Remeasurement of Financial Statements)
Use Weighted Average (selected different weighted average rate based on the groups below)Inventory @ Market Value
Trading Securities
Monetary Assets & Liabilities
Deferred Taxes
These are all = Current Exchange Rates (weighted average)Inventory @ Cost
Prepaid Assets
PP&E
These are all = Historical Rate (weighted average)
Remeasurement adjustment goes on the Income Statement
Translation adjustment goes in OCIHope that helps a bit.
September 1, 2017 at 9:34 pm #1619299IwannabeaCPA2017
ParticipantThanks!! That does help simplify a lot. Will def check that podcast out as you mentioned.
September 2, 2017 at 1:00 pm #1619464SallyCPA
ParticipantSeptember 2, 2017 at 1:12 pm #1619468IwannabeaCPA2017
ParticipantJust need a quick rant.. after 3 hours studying and 1.5 chapter of Simulations in becker I just wanna tear this dang book in pieces.. I will definitely have a bonfire the moment I get that score release and have a party or something. So many bases to cover and math intensive. How do you guys even keep your mind straight with all these calculations?? I finished bonds and leases few days ago and just covered pension and working CF now but then I'm forgetting the small stuff like LIFO/LIFO/WAAE.. Seriously.. any tips? I mean I do ninja MCQ on exclusive topics from time to time but I feel nervous cuz I'm neglecting other areas.. if yall know what I mean.
@SALLY, there are few DRS in becker. but yea not too many.. honestly those are better than fill in the number lol. You can get 25% lucky 50/50 if you can eliminate. Ill take those over any AJE ones.September 2, 2017 at 1:25 pm #1619476mtaylo24
Participant@SallyCPA two things. Doesn't Becker have those skills practice videos where they walk through the sims with you? Thats probably better than any Gleim sims. Gleim sims are a little overhyped around here, they arent that great. The second thing is, have you tried the AICPA practice exam yet? I know they usually give you 5, including a DRS and a research on there. You really dont need to go into overkill for the sims, just make sure you get through mcq quickly enough for you to have time on each one. Would be nice to have enough time to use the AL if you need to.
AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)September 2, 2017 at 1:29 pm #1619483SallyCPA
Participant@IwannaBe Very good point. It scares me to think that people could guess on DRS though and still pass lol
@mtaylo24 Yeah Beckers skill practices are actually really good. I am actually learning more from youtube videos for FAR than any of my review material. This exam is definitely going to be a hail mary. Only had about three weeks of prep and basically just doing MCQ progress tests over and over again…September 2, 2017 at 1:40 pm #1619485mtaylo24
Participant@Sally Same here, brushing up on the concepts in 3 weeks is insane, hopefully we make it!
What's the plan? Last time I spent 2 hours on MCQ and was time crunched for the sims, wasted close to 45 minutes on the research question in testlet one and 30 minutes on the other sim. Hopefully I can blast through research in 5 minutes lol. I'm thinking now
MCQ 1 – 45
MCQ 1 – 45
2 Sims – 30
3 Sims – 60
3 Sims – 60I'm hoping that testing at 12:30 pm rather than 8 am will help me out with the speed!
AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)September 2, 2017 at 2:01 pm #1619492SallyCPA
ParticipantThat seems like the best time spread for FAR. I tried using it last time but got 2 sims in the first test-let that took up way too much time and were ridiculous so it messed up everything..I think I might give myself a max of 40 for the first two sims and just say screw it if I cant cant finish them completely. It honestly depends what they throw at you initially that sets the pace for the rest of the exam. i couldn't find the freaking research question last time either but I think my guess was somehow right. It amazes me how you could get such an easy research question one time and then its like burried in the AL the next time..makes no sense.
What are you doing between now and the exam? Just progress tests? I'm probably not going to have enough time to practice sims and hopefully my new strategy with DRS works (treat each question as a separate MCQ)
September 2, 2017 at 2:04 pm #1619494IwannabeaCPA2017
ParticipantAlright guys, I work in TAX and I thought I get all these DTA and DTL BS but seriously how is this not a DTA..
Question:As a result of differences between depreciation for financial reporting purposes and tax purposes, the financial reporting basis of Noor Co.'s sole depreciable asset, acquired in 20X1, exceeded its tax basis by $250,000 at December 31, 20X1. The difference will reverse in future years. The enacted tax rate is 30% for 20X1 and 40% for future years. Noor has no other temporary differences. In its December 31, 20X1, balance sheet, how should Noor report the deferred tax effect of this difference?I found the amount 100,000 but I thought its a DTA but answer is DTL. Here is my logic, Book Dep > Tax Dep. You have a nondeductible M-1 item so you will add back to taxable income paying more taxes now and lower taxes in the future. Future benefit = DTA. Unless I have went crazy lol I'm not getting why its a DTL and Ninja doesn't help either by showing just the numbers. *sigh* Sorry I'm not trying to act like an A$$ but just stress haha.
@mtaylo, that reminds me of Tom & Jerry. best of luck to you, mate! May the odds ever be in our favor.
September 2, 2017 at 2:12 pm #1619504mtaylo24
ParticipantYeah, doing random 20 question sessions, trying to get to adaptive learning phase by the end of the weekend.
I bought videos from HOCK, a couple of weeks ago, they are pretty good since he aligns them with the blueprint which kind of aligns with Ninja. Been watching them at 2x speed and I'm on my second run through. He has a deferred tax and sales leaseback demo for anyone who wants to see a free video.
I don't know if I am going to practice sims either, might browse a few of my old sessions, nothing serious but I will do the ones in the AICPA practice test on Thursday night.AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)September 2, 2017 at 2:16 pm #1619506 -
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