[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

[NYCaccountant]

@ ZSR you should try the questions over at Cpareviewforfree. I think they are harder than Wiley. By the way, what are your scores on the practice tests you are taking?

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

[NYCaccountant]

@ ZSR you should try the questions over at Cpareviewforfree. I think they are harder than Wiley. By the way, what are your scores on the practice tests you are taking?

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

[Anonymous]

OK, I'm trying this again:

IFRS – one step

NCV is compared to the Recoverable Amount

RA is the GREATER of FV less costs to sell or asset’s value in use (PVFCF)

(I.e., How much you can sell it for vs. How much it will make for you)

GAAP

Indefinite life – one step

NCV is compared to FV

Finite – two step

NCV is compared to UDCF (how much it will make you)

If NCV is more than UDCF go to step 2 –> asset held for Use or asset Held for Disposal

Use – NCV is compared to FV*

– Depreciate new cost

– No restoration of loss permitted

Disposal – NCV is compared to FV* and then ad costs to disposal to impairment amount

– No depreciation

– Restoration is permitted

*If FV is not given, use DCF

Does this seem right?

[Anonymous]

OK, I'm trying this again:

IFRS – one step

NCV is compared to the Recoverable Amount

RA is the GREATER of FV less costs to sell or asset’s value in use (PVFCF)

(I.e., How much you can sell it for vs. How much it will make for you)

GAAP

Indefinite life – one step

NCV is compared to FV

Finite – two step

NCV is compared to UDCF (how much it will make you)

If NCV is more than UDCF go to step 2 –> asset held for Use or asset Held for Disposal

Use – NCV is compared to FV*

– Depreciate new cost

– No restoration of loss permitted

Disposal – NCV is compared to FV* and then ad costs to disposal to impairment amount

– No depreciation

– Restoration is permitted

*If FV is not given, use DCF

Does this seem right?

[NYCaccountant]

I think for IFRS that the value in use equals the present value of the future cash flows, not the undiscounted cash flows themselves. This is a key difference between GAAP and IFRS because under GAAP it's the undiscounted cash flows, and under IFRS its the discounted cash flows. I'm assuming FCF means “future cash flow”?

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

[NYCaccountant]

I think for IFRS that the value in use equals the present value of the future cash flows, not the undiscounted cash flows themselves. This is a key difference between GAAP and IFRS because under GAAP it's the undiscounted cash flows, and under IFRS its the discounted cash flows. I'm assuming FCF means “future cash flow”?

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

[Anonymous]

@NYCaccountant – yes! I just went back and edited IFRS to say PVFCF. And thank you for pointing out that obvious point about GAAP/undiscounted and IFRS/discounted. I hadn't thought of it in those terms and now that makes total sense.

Seriously, if it weren't for people like you I would be completely foundering… Thank you!

[Anonymous]

@NYCaccountant – yes! I just went back and edited IFRS to say PVFCF. And thank you for pointing out that obvious point about GAAP/undiscounted and IFRS/discounted. I hadn't thought of it in those terms and now that makes total sense.

Seriously, if it weren't for people like you I would be completely foundering… Thank you!

[Monir]

You got it

[Monir]

You got it

[Anonymous]

@Monir – HA! It only took me saying it out loud A MILLION times and rewatching the Becker video twice. I swear sometimes I am a lost cause… 😉

[Anonymous]

@Monir – HA! It only took me saying it out loud A MILLION times and rewatching the Becker video twice. I swear sometimes I am a lost cause… 😉

[ZSRizvi]

@ericnkem & Monir

Thanks you guys! It actually does make more sense. The revenue recognition criteria completely slipped my mind. I think after getting to F8, I started forgetting some of the basic concepts of the prior chapters.

@NYC

Yeah! I've tried those problems and they're a lot different from Becker as well. One of the forum members said she did it before her exams and it paid off.

As for the practice exams, I'm getting anywhere between high seventies and mid eighties. I need to redo the homework problems as well as get started on the Wiley questions. Two weeks to go!

Btw, how are you approaching the SIMs? I know on exam day there will be 7 SIMS but the way Becker has it set up is that EACH sim booklet has 6-7 parts to it. So…if there will be 7 SIMs…there'll be 42 portions to complete?

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.

[ZSRizvi]

@ericnkem & Monir

Thanks you guys! It actually does make more sense. The revenue recognition criteria completely slipped my mind. I think after getting to F8, I started forgetting some of the basic concepts of the prior chapters.

@NYC

Yeah! I've tried those problems and they're a lot different from Becker as well. One of the forum members said she did it before her exams and it paid off.

As for the practice exams, I'm getting anywhere between high seventies and mid eighties. I need to redo the homework problems as well as get started on the Wiley questions. Two weeks to go!

Btw, how are you approaching the SIMs? I know on exam day there will be 7 SIMS but the way Becker has it set up is that EACH sim booklet has 6-7 parts to it. So…if there will be 7 SIMs…there'll be 42 portions to complete?

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.

[NYCaccountant]

@ ZSR I have absolutely no idea what to expect when it comes to the sims on the exam. The sims in the test bank are so easy it's a joke. I do the sims within Wiley's book, which i”ve heard are somewhat comparable to the actual thing. I honestly just plan on having a good grasp of all concepts and then work off of that during the actual exam sims.

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

[Author]

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