[jeff]

Welcome to the Q1 2016 CPA Exam Study Group for FAR.

Some BLITZ videos to help your exams: https://www.another71.com/ninja-blitz

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

[Anonymous]

@Aguspesci78, Thanks for the reply. It looks like Book 1 “Conceptual Framework and Financial Statement” didn't change so I'll just start studying with that until I receive a reply as to why I can't see any links.

[Future-CPA_Joe]

which one is more effective?

Finish the entire FAR book then practice non-stop MCQs
or
Read the book while practicing MCQs on each section or chapter, and review MCQs again at the end

#NINJA 10 point combo, first try

[JLLLLLLL]

@Future-CPA_Joe – It's definitely a personal preference, but I reading the book while practicing MCQs on each section or chapter, and review MCQs again at the end. And taking notes on the questions you get wrong (or right, if you think you might forget it by the end of your studying).

FAR - 85 (01/2016)
BEC - 88 (05/2016)
AUD - 09/2016
REG - plan to take in 11/2016 or 01/2017

[Anonymous]

@Future-CPA_Joe, According to Jeff's study guide, he says to read the entire book and then do the multiple choice questions. Previously, I've used the second method you mentioned with mixed results so I'm willing to try something else.

On a similar note, I've begun reading the first FAR chapter and noticed that several of the multiple choice questions in the book are not even covered in the text. For example, the second question asks under which act was the SEC created. The correct answer is the 1934 Securities Exchange Act, however there is no mention of that act in the text leading to that question. So I guess as far as the book goes, you need to do the multiple choice questions as you read.

[Future-CPA_Joe]

@JLLLLLLL and @Beardown

Thank you for your input. I'll also start to listen the NINJA MCQ audio. After finishing the book, I can practice the online MCQs on fresh, so that I wont have to worry about biasness in my trending scores. I tend to memorize MCQs when I was practicing the Audit, which was no good.

[KJ]

If anyone can tell me that is Exam review study guide is separate than the actual books? I have Wiley Exam review study guide 2015, for example it has 13 modules which covers all FAR topics (example, Module 9: Basic Theory and Financial Reporting, Module 10: Inventory, Module 11: Fixed Assets and so on). Each module has related topics, key terms, mcq, simulations, no lectures or audio though. Will this be sufficient to study along with Ninja notes/lectures/audio/mcqs.

FAR - August 2016
AUD - September 2016
REG - October 2016
BEC - November 2016

Remember: "Everything should be made as simple as possible, but not simpler." - Albert Einstein

[Anonymous]

It has been 10 months of very intense work/life schedule where I was studying for FAR one months and was not touching a book for a month after that. I took the test and got 51%. I understand the content; I just don't have motivation/structure to push it hard every day. But, I hope supporting each other, we can do it. I know its doable.

[MaLoTu]

Does anyone have a problem with IFRS partial goodwill for the acquisition method?

I am great with regular acquisitions and calculating goodwill under GAAP and I found that if you calculate the full goodwill you just have to times it by the % owned to get the partial. If you need to find out NCI under partial goodwill then you just plug and play so that the debit side matches the credit side.

I don't know if this will help anyone, but I tried doing Becker's way 1000 times and it just didn't make sense!

[JSM]

Hey guys, I spent some time tonight reading through the posts on this thread and I have to say thank you for posting open discussions about FAR questions, concerns, etc. I will try to chime in when possible over the next 10 days before I take my exam. I took FAR back in November, but it was kind of a rushed job due to getting acclimated as a new staff and didn't turn out the way I'd planned. I feel like with the other 3 sections I was focused, the material was manageable and there was an end in sight.. but for FAR I am so far under the impression that no matter how many times I read Becker/practice a MC section I forget the details weeks later that can sneak up on you on the exam.

To answer someone's question on here (I'm not sure who or what page I read it on, as I just read all of this at once!!), I had majority calculation MC on my first FAR exam, which surprised me. They were very time consuming, so moral of the story is to keep doing those long winded practice calculation questions!! It might pay off on test day, although I would love a purely conceptual test.

@Cortes good luck with your results

Two questions for everyone. 1) Has anyone purchased and used the Another71 flashcards in the past? I just recently bought them and may use them next week (I call the last 7 days before an exam “hell week”) but hope they are efficient enough to help me review some topics. 2) Some people tell me to focus on MC, so as to easily get through them in two hours on the exam and leave 2 hours for sims, which I can use research tab for if I am confused. I have heard that if you know MC material, and have ample time to use the research tab, you will be able to score points on the sims in that fashion. If anyone agrees with this method or has tried this before, please let me know. I am at the point where I would rather drive home MC questions, than practice a sim that will look completely different on exam day.

Good luck everyone!

FAR - 1/17 [67]
AUD - 76 (Feb, 2015)
REG - 78 [70, 74] (July, 2015)
BEC - 80 (May, 2015)

[nib]

@ JSM

to solve research tab simulation ,
FASB ASC are divided as follows ,

100-200=general topics ,200-300 presentation ,300-400 assets , 400-500-liabilities , 500-600 equity 600-700-revenue,
700-800-expenses , 800-900-different transactions, 900-1000- industries .

this will save your time .

[Anonymous]

I actually used it a lot in AUD to solve all the SIMS. If you have time and not sure of the answer it can help you get some guidance.

REG:77
BEC:73/74/81
AUD:58/76
FAR:74/ Feb 2

[nib]

Please help me with below question.I am not understanding meaning of both question and answer.

1)what is specific price changes
2) what is the meaning of “Current cost/constant dollar “
3) explanation is also too short to understand for me .

Question #: 1606 Category: 3I Fair Value Measurements, Disclosures, and Reporting
QUE =Financial statements prepared under which of the following methods include adjustments for both specific price changes and general price-level changes?

ANS=Current cost/constant dollar

Explanation =
These statements include adjustments for both specific price changes and general price-level changes.
A method of accounting based on measures of current cost or lower recoverable amounts in units of currency, each of which has the same general purchasing power.
–

[Anonymous]

@Cortes1234, do you remember where exactly in the NINJA Material is the update for going concern? Which chapter?

Thanks

[Anonymous]

found it, pages 81-85 of FAR 3- Recognition and Valuation

[Anonymous]

do you know exactly what changes were made to Governmental accounting?

[Author]

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