[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

[Panda7]

Thansk for your reply Marqzho i was just confused and i thought i was maybe doing it the wrong way and just got lucky with my answer. Thanks a lot!

REG-63,72,66,73,83
BEC-65,74,79
AUD-52,66,74,92
FAR-67--> April re-take

[nib]

hello friends ,

First I thought school has separate management so required discrete reporting . After that when i read 2nd line that budget approval by city council , shows blending reporting as financial accountability .
So now i got confused what should be answer discrete or blending .when i check correct answer is discrete presentation.
Why ??

South City School District has a separately elected governing body that administers the public school system. The district's budget is subject to the approval of the city council. The district's financial activity should be reported in the City's financial statements by:

A. blending only.
Correct B.discrete presentation.
C. inclusion as a footnote only.
D. either blending or inclusion as a footnote.

explanation
financial information for separate organizations for which the primary government's elected officials are financially accountable must be included in the primary government's financial statements even though the organization is a separate legal entity. These separate organizations are called component units. Discrete presentation should be used for this presentation of financial information unless the financial activities of the two entities are so intertwined as to make them substantially the same entity. Since this does not appear to be the case in this question, discrete presentation of the information is required.

[monikernc]

bin there is nothing in the question that suggests the school district's budget is intertwined with the city's. the school district is a separate entity and therefore a Component Unit. Component Units must be reported separately unless it is impossible to distinguish its financial information fron the city's. read through the question and answer again it is very clearly explained.

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[KJ]

I have recently started studying for FAR and I am into my 7th day of studying (but hardly studied for 4 days out of 7 days ). My average score is 66% and trending between 75%-85%. Is it bad? I just need more motivation so thought would ask fellow Ninja's. I am using Ninja book and MCQ's. From Wiley MCQ's I am averaging 68% (have not attempted too many questions from Wiley yet).

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

[nib]

@ moni

thnaks

i understood now about discrete n blending .

following piece from my notes .

1)First determine if something is a component unit.
2) If it is, discrete presentation is the usual treatment.
3)Only when the component unit is so integral to the primary government that it should be blended.
4) If something is not a component unit, then it is either blended or left out of the primary government f/s altogether.

[nib]

hello friends

any one has document or any site providing

tabular form of difference between FASB and GASB on satement of cash flow .

[monikernc]

bin, yes, it is not tabular but if you google you can probably find one for yourself.

https://smallbusiness.chron.com/difference-between-fasb-gasb-effects-statement-cash-flows-76401.html

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[jblimato]

Hello everyone,

I'm scheduled to take FAR on May 7th, 2016. Is there a group set up for those taking it in Q2? I only see this Q1 2016 group.

Thank you.

AUD - 85
BEC - 84
FAR - Currently Studying
REG - 77

[monikernc]

The Q2 group will be setup by the end of the month. You can post in Q1 until then.

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[Josh]

bin – are you referring to proprietary funds. From my understanding they have statement of cash flows and governmental funds do not. https://www.gasb.org/st/summary/gstsm9.html is one place to start. From my understanding “SUMMARY OF STATEMENT NO. 9 REPORTING CASH FLOWS OF PROPRIETARY AND NONEXPENDABLE TRUST FUNDS AND GOVERNMENTAL ENTITIES THAT USE PROPRIETARY FUND ACCOUNTING” amends GASB 34 as GASB 34 states in paragraph 105. https://www.youtube.com/watch?v=K1Zqr0cwL3Q Alfred M. King explains it's purpose fairly well on his presentation of GASB 34-35. https://slideplayer.com/slide/3477121/ slide 10 shows differences between GASB and FASB on this statement. Keep up the good work! I hope these help.

any ninjas using blitz tonight? Leases are less than 7 minutes, statements of cashflows 2. It seems like Jeff makes these videos concise to focus on what we need for the exam. I'm studying fixed assets, inventory, ifrs, everything I can before midnight. That's probably about the time I work anyway. I'd recommend blitz or any other tools, maybe notes if they're anything like the notes I use now or have used in the past to keep studying to get down the basics because a lot of subjects come down to a few key concepts I hear as I reflected in what goes into questions. Time for me to do some more PP&E and hopefully some Intangibles and Other Capitalization Issues. Again, I look forward to more cpa ninja training. Domo arigato gozaimasu. Thank you so much. (I need to learn more Japanese).

[Operation_CPA]

Any tips on mastering F9 would be greatly appreciated. I thought F8 was okay and eventually things started to make sense, but F9 is tripping me up in the MCQ's (about half of governmental part B – I have yet to touch NFP).

I'm really trying to think big picture here, but any advice / supplementary information or sources would really help.

Thanks.

[Burke_220]

A little off topic from actual studying but can anyone tell me why the FAR Becker book is not available at the moment? Could it be because of the new lease standard that was issued so they're just updating? I planned on studying for FAR next but I may go with REG if they don't have the book ready yet.

AUD- 87
BEC- 84
REG- 80
FAR- September

[Stilgoin]

Do you have the whole Becker self-study? The new book is included in electronic form.

B | 62, 78
A | 73, 67, 79
R | 82
F | 59, 59, Waiting

Ethics | 93

"Success is not final, failure is not fatal: it is the courage to continue that counts."
~Winston Churchill

“In a world full of critics, be an encourager."

[Burke_220]

I do. It's just weird that it's not an option on the Ship Materials page. Wasn't sure if they were updating it again. Maybe because of the new lease standard that just came out? I don't know. I'll probably call them today or tomorrow.

AUD- 87
BEC- 84
REG- 80
FAR- September

[Josh]

still goin/burke_220 – nice acronym for the exams. I'll remember that. I get a lot of use out of my review's electronic book myself. I hope you get your book, burke_220. It’s helpful to have a physical book at times.

operation_cpa – I’d recommend Ninja Blitz. I like the presentation of opening and closing entries for encumbrances. In addition, if you are able research authoritative literature I think you can get 6 months free at NASBA (pretty sure mine has expired by now). There’s some good stuff out there on YouTube and a webinar this week if you got time. I went earlier, and it’s been useful. https://www.onlinemeetingnow.com/register/?id=yn8k7awj9o

Now, if I can just put what I’ve heard into practice and stay focused on Intangibles. This is off topic, but it looks like we’re getting married this week.

[Author]

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