FAR Study Group Q1 2015 - Page 33

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  • January 20, 2015 at 12:03 am #654635
    Future Ninja
    Participant

    To Q1 FAR group: I love income recognition reqts. if you know what I mean.

    AUD - 79 (expired) retaking July 28,2016
    FAR - 76 expiring July 31, 2016
    BEC - 85
    REG - 74,74,74,74,59,70,

    January 20, 2015 at 1:52 am #654636
    Determined CPA
    Participant

    kleon52

    cash to accrual NI

    Net income

    + increase in current assets

    – decrease in current assets

    + decrease in current liabilities

    – increase in current liabilities

    COGS from Cash Basis

    Cash Paid

    +Increase in Accounts Payable

    –Increase in Inventory

    = COGS on an Accrual Basis

    Future Ninja – Good luck!! and thanks for the tips!

    A - 75
    B - 78 God is good.
    F - 77 Answered prayers.
    R - 84! Done!!

    Paperwork sent - waiting for license!!
    Still on a cloud and in shock. Through God, all things will happen.

    January 20, 2015 at 4:21 am #654637
    Determined CPA
    Participant

    Can someone please explain what a derivative is in English?

    A - 75
    B - 78 God is good.
    F - 77 Answered prayers.
    R - 84! Done!!

    Paperwork sent - waiting for license!!
    Still on a cloud and in shock. Through God, all things will happen.

    January 20, 2015 at 5:49 am #654638
    Future Ninja
    Participant

    derivative is my favorite too. ^_^ be sure to know it @Determined CPA.

    AUD - 79 (expired) retaking July 28,2016
    FAR - 76 expiring July 31, 2016
    BEC - 85
    REG - 74,74,74,74,59,70,

    January 20, 2015 at 2:08 pm #654639
    Determined CPA
    Participant

    Future Ninja – can you explain it to me?? LOL

    I never really understand what it means…

    Also, I have another question regarding govt accounting. I know the govt-wide F/S include govt'l and business type activities, which excludes fiduciary funds. So what happens to the fiduciary funds? Nothing? They just do fund accounting?

    A - 75
    B - 78 God is good.
    F - 77 Answered prayers.
    R - 84! Done!!

    Paperwork sent - waiting for license!!
    Still on a cloud and in shock. Through God, all things will happen.

    January 20, 2015 at 2:30 pm #654640
    Anonymous
    Inactive

    @Determined, Fiduciary funds contain resources held by the government for other individuals/entities. So they are not in the government wide financial statements because they really don't belong to the government. Examples are the pension trust fund (resources for government employees pensions) and the agency fund (money that runs through the government but is going to another, example: county taxes collected by the city).

    January 20, 2015 at 2:34 pm #654641
    Anonymous
    Inactive

    A simple definition of a derivative: a security that derives its value from other assets. The value of the derivative changes in value as the value in the underlying asset changes. Like I said, that's a pretty simple definition. When it comes to accounting for different derivatives things can get slightly more complex.

    January 20, 2015 at 2:59 pm #654642
    Determined CPA
    Participant

    CTM – thank you for the derivative explanation. Sometimes I get these questions and I cant think of the answer bc I cant wrap my thoughts around the basics.

    Also, thank you for the help with the fiduciary concepts. So basically, they are seen no where on the govt-wide f/s?

    A - 75
    B - 78 God is good.
    F - 77 Answered prayers.
    R - 84! Done!!

    Paperwork sent - waiting for license!!
    Still on a cloud and in shock. Through God, all things will happen.

    January 20, 2015 at 3:10 pm #654643
    Anonymous
    Inactive

    That is correct. They do not appear in the gov't wide financial statements. These funds (fiduciary) contain resources that the gov't doesn't own so they don't report on them. The gov't is just the fiduciary. Think of the gov't as the trustee.

    January 20, 2015 at 3:20 pm #654644
    Determined CPA
    Participant

    Ok, I can do that! thank you!!!

    A - 75
    B - 78 God is good.
    F - 77 Answered prayers.
    R - 84! Done!!

    Paperwork sent - waiting for license!!
    Still on a cloud and in shock. Through God, all things will happen.

    January 20, 2015 at 8:03 pm #654645
    NAT
    Member

    Determined CPA: two questions for you.

    1. You are 10 days apart of your final CPA exam and that is FAR ! How you feel, confident enough or just so……exhausted that you just want it out of your shoulders ?

    2. what topics of accounting are still a puzzle or a real beast ??

    FAR - 07/2015
    AUD - TBD
    REG - TBD
    BEC -TBD

    We suffer one of two things in our life. The pain of discipline or the pain of disappointments.
    When you are disciplined, there is no pain of disappointments.

    January 20, 2015 at 8:13 pm #654646
    NAT
    Member

    Determined CPA and everybody who passed FAR :

    Give us some advises on FAR – SIMulations. Is any universal rule how to handle SIMs on FAR ? Thanks

    FAR - 07/2015
    AUD - TBD
    REG - TBD
    BEC -TBD

    We suffer one of two things in our life. The pain of discipline or the pain of disappointments.
    When you are disciplined, there is no pain of disappointments.

    January 21, 2015 at 1:18 am #654647
    Determined CPA
    Participant

    I'm exhausted but very motivated! I'm ready to be done. I think I'll need to reschedule a week later tho bc work is insane this week due to a peer review coming up! Good luck 🙂

    A - 75
    B - 78 God is good.
    F - 77 Answered prayers.
    R - 84! Done!!

    Paperwork sent - waiting for license!!
    Still on a cloud and in shock. Through God, all things will happen.

    January 21, 2015 at 2:42 am #654648
    rossk
    Member

    Hi, I have a question on bond issue cost under ifrs. It reduces the carrying value of the bond and it adds up in the discount portion. My question is how do we amortize bond issue cost in ifrs, if it is part of discount.

    January 21, 2015 at 4:09 am #654649
    Future Ninja
    Participant

    @rossk I think we can amortize the BIC using SLM over the life of the bond. The concept is to match the cost to the accounting periods that are benefiting from the bonds having been issued.

    AUD - 79 (expired) retaking July 28,2016
    FAR - 76 expiring July 31, 2016
    BEC - 85
    REG - 74,74,74,74,59,70,

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