FAR Study Group October November 2013 - Page 20

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  • #476278
    genissan
    Member

    Waiting on my NTS to come in. Planning to take FAR on Nov 30th.

    My Study Plan (w/Becker):

    1) Starting on 9/16.

    2) 2 sections/week (reading & lectures Only)

    3) Once I complete reading & lectures for all sections, I will take a 90Q comprehensive progress test.

    4) Identify weaknesses (80 or below) by section from progress test results.

    5) Go back to section(s) and review material.

    6) Take another 90Q comprehensive progress test.

    7) Repeat steps 4, 5 & 6 up until 1 week before exam date.

    8) Review material still weak on and take a few light progress tests (30-60Q) during final review week leading up to exam date.

    I took this efficient and effective approach when studying for the AUD Exam. Becker does a great job of outlining the material, but it becomes inefficient and ineffective when you consider having to read, watch lectures, do homework, Sim, & progress tests. On my first go around with the Becker material, I had trouble retaining all the material when attempting to complete 100% of the assignments section by section. By the time I finished F10, I forgot F1-F6 and had to refresh my memory.

    Attacking the material from a high level first, then digging through the details by weakness proves to be an efficient and effective way to tackle lengthy material such as FAR.

    Hope this helps. Good Luck Everyone.

    AUD – 82

    #476210
    Anonymous
    Inactive

    What does “Before cumulative effect of accounting changes and after discontinued operations” mean?

    The question is: A transaction that is unusual in nature and infrequent in occurrence should be reported separately as a component of income,

    A. Before cumulative effect of accounting changes and after discontinued operations (correct answer)

    B. After cumulative effect of accounting changes and after discontinued operations

    Why is it before, and what does that mean exactly when they say cumulative effect of accounting changes?

    #476280
    Anonymous
    Inactive

    What does “Before cumulative effect of accounting changes and after discontinued operations” mean?

    The question is: A transaction that is unusual in nature and infrequent in occurrence should be reported separately as a component of income,

    A. Before cumulative effect of accounting changes and after discontinued operations (correct answer)

    B. After cumulative effect of accounting changes and after discontinued operations

    Why is it before, and what does that mean exactly when they say cumulative effect of accounting changes?

    #476212
    NYCaccountant
    Participant

    CPA2014 You're describing an extraordinary gain or loss, which is always reported after discontinued operations as a component of net income. Cumulative effect of an accounting change is simply the effect an accounting change would have on your books if you had done it that way all along. Cumulative effects are never recorded on the income statement, but are recored in the asset and liabilities on the balance sheet. So the answer would appear to be correct because the cumulative effect of accounting changes never appears on your income statement.

    FAR - 93
    REG - 87
    BEC - 84!!!!
    AUD - 99!!!!!! CPA exam complete.

    #476282
    NYCaccountant
    Participant

    CPA2014 You're describing an extraordinary gain or loss, which is always reported after discontinued operations as a component of net income. Cumulative effect of an accounting change is simply the effect an accounting change would have on your books if you had done it that way all along. Cumulative effects are never recorded on the income statement, but are recored in the asset and liabilities on the balance sheet. So the answer would appear to be correct because the cumulative effect of accounting changes never appears on your income statement.

    FAR - 93
    REG - 87
    BEC - 84!!!!
    AUD - 99!!!!!! CPA exam complete.

    #476214
    MelK813
    Participant

    I'm scheduled for Oct 26th. Ive already pushed back my NTS and will be running out of time by then. This is my first attempt at any of the exams and my procrastination has left me with not as much study time as I had wanted. Trying to get crackin but if anything, I can use this as a learning experience for what to expect.

    #476284
    MelK813
    Participant

    I'm scheduled for Oct 26th. Ive already pushed back my NTS and will be running out of time by then. This is my first attempt at any of the exams and my procrastination has left me with not as much study time as I had wanted. Trying to get crackin but if anything, I can use this as a learning experience for what to expect.

    #476216
    Anonymous
    Inactive

    Yea, since NASBA is taking near a month to complete/evaluate my application I guess my exam will have to get pushed back to late October, early November.

    I am working through a Fixed Assets simulation and I am having some serious difficulty coming up with the depreciation expense based on the # months outstanding. I don't know this is obviously a weak point so maybe I should just try to get better. Ill get the depreciation base, useful life, and annual depreciation right but its useless if you can't find the depreciation expense because it leads you to the accumulated depreciation answer.

    #476286
    Anonymous
    Inactive

    Yea, since NASBA is taking near a month to complete/evaluate my application I guess my exam will have to get pushed back to late October, early November.

    I am working through a Fixed Assets simulation and I am having some serious difficulty coming up with the depreciation expense based on the # months outstanding. I don't know this is obviously a weak point so maybe I should just try to get better. Ill get the depreciation base, useful life, and annual depreciation right but its useless if you can't find the depreciation expense because it leads you to the accumulated depreciation answer.

    #476218
    Anonymous
    Inactive

    Hi Folks!!

    I am currently using Becker and am on F3 i.e marketable Securities and Business Combinations

    Anyone have any tips on how to remember the difference between GAAP and IFRS in all FAR topics, they are so spread out in each module in Becker that I am having difficulty wrapping my head around it. Also how well should we know the last part of all modules that says ” codification” ?

    Also I see everyone talking about “disclosures” ; haven't come across that in my study yet , please can anyone tell me what exactly they are referring to.

    #476288
    Anonymous
    Inactive

    Hi Folks!!

    I am currently using Becker and am on F3 i.e marketable Securities and Business Combinations

    Anyone have any tips on how to remember the difference between GAAP and IFRS in all FAR topics, they are so spread out in each module in Becker that I am having difficulty wrapping my head around it. Also how well should we know the last part of all modules that says ” codification” ?

    Also I see everyone talking about “disclosures” ; haven't come across that in my study yet , please can anyone tell me what exactly they are referring to.

    #476220
    Monir
    Member

    @canson16, I dont think there is a way to remember (Mnemonic) diff between GAAP and IFRS coz every chapters you will see diff. It will be quite a be tough and you gotta keep practiceing. Regarding disclosure, Financial statements require disclosure such as segments profit or loss (F2), long term liabilities, basis, lot more. I would not worry about it much . I hope I answered your questions.

    #476290
    Monir
    Member

    @canson16, I dont think there is a way to remember (Mnemonic) diff between GAAP and IFRS coz every chapters you will see diff. It will be quite a be tough and you gotta keep practiceing. Regarding disclosure, Financial statements require disclosure such as segments profit or loss (F2), long term liabilities, basis, lot more. I would not worry about it much . I hope I answered your questions.

    #476222
    ZSRizvi
    Member

    @NYC

    This is my second exam. I took BEC in July and passed THANK GOD. And congratulations on your promotion! You'll get a nice, hefty bonus as well upon passing all four parts, right?

    I think that's the best way to learn the concepts as well; to “teach” others (or just talk out loud to yourself).

    Meanwhile…there was a blackout for 12 hours in my area yesterday. Needless to say…I'm behind on studying.

    Seriously. 12 hours. IN CALIFORNIA.

    BEC (July 2013)
    FAR (OCT 2013)
    REG (NOV 2013)
    AUD (JAN 2014)

    The CPA Exam is an opponent that not even the Fellowship of the Ring would want to come across.

    I have a long...long...journey ahead of me.

    #476292
    ZSRizvi
    Member

    @NYC

    This is my second exam. I took BEC in July and passed THANK GOD. And congratulations on your promotion! You'll get a nice, hefty bonus as well upon passing all four parts, right?

    I think that's the best way to learn the concepts as well; to “teach” others (or just talk out loud to yourself).

    Meanwhile…there was a blackout for 12 hours in my area yesterday. Needless to say…I'm behind on studying.

    Seriously. 12 hours. IN CALIFORNIA.

    BEC (July 2013)
    FAR (OCT 2013)
    REG (NOV 2013)
    AUD (JAN 2014)

    The CPA Exam is an opponent that not even the Fellowship of the Ring would want to come across.

    I have a long...long...journey ahead of me.

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