[jeff]

FAR Resources:

Free FAR Notes & Audio – https://www.another71.com/cpa-exam-study-plan

FAR 10 Point Combo: https://www.another71.com/products-page/ten-point-combo

FAR Score Release: https://www.another71.com/cpa-exam-scores-results-release

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

[Anonymous]

hey MC6824!

$8 is $100 par value x 8%

[MC6824]

CPA4birthdaypresent – OH my gosh…I feel silly now. That makes perfect sense! Thank you!

REG: 64, 76 - PASSED August 2012
AUD: 68, 71, 82 - PASSED May 2013
BEC: 76 - PASSED August 2013
FAR: 65, 61, 73, 72

[MC6824]

CPA4birthdaypresent – OH my gosh…I feel silly now. That makes perfect sense! Thank you!

REG: 64, 76 - PASSED August 2012
AUD: 68, 71, 82 - PASSED May 2013
BEC: 76 - PASSED August 2013
FAR: 65, 61, 73, 72

[oblio]

The more I study, the more I get conflicting information. No wonder nobody gets the same answer from a CPA. Arrgghh! What if this thing is all bs?

[oblio]

The more I study, the more I get conflicting information. No wonder nobody gets the same answer from a CPA. Arrgghh! What if this thing is all bs?

[Anonymous]

No worries @oblio, you are not alone. I am scheduled to take the exam tomorrow and now that I am doing a final review, I am getting more questions wrong than when I was doing MC at the end of each chapter.

[Anonymous]

No worries @oblio, you are not alone. I am scheduled to take the exam tomorrow and now that I am doing a final review, I am getting more questions wrong than when I was doing MC at the end of each chapter.

[pink48915]

@Study Monk

So the concept of Retained Earnings in consolidation financial statement is this,

The Retained Earnings for Subsidiary is calculated separately from the parent company, using the Beginning RE + NI – Dividend format. Which should be eliminated from the adjusted consolidation financial statement.

And the total Retained Earnings in adjusted consolidation financial statement should be the amount from the parent company.

Correct me if there's mistake.

[pink48915]

@Study Monk

So the concept of Retained Earnings in consolidation financial statement is this,

The Retained Earnings for Subsidiary is calculated separately from the parent company, using the Beginning RE + NI – Dividend format. Which should be eliminated from the adjusted consolidation financial statement.

And the total Retained Earnings in adjusted consolidation financial statement should be the amount from the parent company.

Correct me if there's mistake.

[Anonymous]

@ Nevergiveup2012 – I think the wording of the question is confusing.

I believe it is stated in the column to the left that the the functional currency is a foreign currency – so not the reporting currency of the subsidiary or the reporting currency of the parent – in this case you have to remeasure and recognize gain/loss.

In the righ column – the functional currency is the same as the reporting currency of the subsidiary, you translate and any gain/loss is reported under other comprehensive income.

Someone please let me know if this is incorrect. Thanks!

[Anonymous]

@ Nevergiveup2012 – I think the wording of the question is confusing.

I believe it is stated in the column to the left that the the functional currency is a foreign currency – so not the reporting currency of the subsidiary or the reporting currency of the parent – in this case you have to remeasure and recognize gain/loss.

In the righ column – the functional currency is the same as the reporting currency of the subsidiary, you translate and any gain/loss is reported under other comprehensive income.

Someone please let me know if this is incorrect. Thanks!

[oblio]

@dmdunova, yes I was venting because I took the exam yesterday. I'm sure you heard this before, but just a reminder to manage your time tomorrow. In my opinion 90 min. was sufficient for the SIMS. Good luck!

[oblio]

@dmdunova, yes I was venting because I took the exam yesterday. I'm sure you heard this before, but just a reminder to manage your time tomorrow. In my opinion 90 min. was sufficient for the SIMS. Good luck!

[Study Monk]

@pink48915

You are correct.

Just make sure that you know that retained earnings, additional paid in capital, and common stock is being eliminated. That is the CAR part of the mnemonic. Subsidiaries OCI is not eliminated. Because equity is a credit balance when you debit the CAR you are eliminating all of the equity.

Also keep in mind that your adding the subsidiaries income to the subsidiaries retained earnings that is ultimately getting eliminated from the parents balance sheet. So the revenues and expenses of the subsidiary will also have to be added back again on the parents income statement.

I spoke to an ancient wise man who sent me on a mushroom induced journey through an ancient forest to find the key to passing the CPA exam. A talking spider monkey told me to throw the last of my drinking water in the dirt to find what I was looking for. So I followed his instructions and the following message appeared in the soil:

"Do 5000 multiple choice questions for each section"

[Study Monk]

@pink48915

You are correct.

Just make sure that you know that retained earnings, additional paid in capital, and common stock is being eliminated. That is the CAR part of the mnemonic. Subsidiaries OCI is not eliminated. Because equity is a credit balance when you debit the CAR you are eliminating all of the equity.

Also keep in mind that your adding the subsidiaries income to the subsidiaries retained earnings that is ultimately getting eliminated from the parents balance sheet. So the revenues and expenses of the subsidiary will also have to be added back again on the parents income statement.

I spoke to an ancient wise man who sent me on a mushroom induced journey through an ancient forest to find the key to passing the CPA exam. A talking spider monkey told me to throw the last of my drinking water in the dirt to find what I was looking for. So I followed his instructions and the following message appeared in the soil:

"Do 5000 multiple choice questions for each section"

[Author]

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