[jeff]

Welcome to the Q1 2017 CPA Exam Study Group for FAR. 🙂

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

[norseman88]

Seeing a lot of talk about not having any motivation. I'm feeling the same way but put it in overdrive and just burn through your material! Your motivation is not having a retake in Q2 and waiting until August for a score! Lets Get this! In the meantime, I brought my monkey to the library today and we will be searching for more BANANA LAND questions!

[mtaylo24]

Aww man, OK, time to catch up and change my mindset. I haven't seen anything FAR related since Wednesday.

@Re2pect, Appreciate it, I'm going for the kill man! How did REG go?

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[GiniC]

@nalratoss

This one took a while, I had forgotten some of the components of interest capitalization! Thanks for bringing it back to the “front” of my brain.

The example that helped me re-learn it is here.

[Namstut]

@aatoural, thanks for that video! I remembered how to do the If-Converted calculation but completely forgot about the Treasury Stock Method.

AUD 7/6/16 Passed
BEC 9/3/16
FAR TBD
REG TBD

[Namstut]

@norseman88, after that crazy question about subscription last night (this morning?? :)) my brain completely fell apart. It's hard to find the motivation knowing that I am going in totally unprepared, scoring 74% on average on Becker progress review questions, still haven't done the SIMs OR the practice exam. It is a BANANA LAND for sure!

AUD 7/6/16 Passed
BEC 9/3/16
FAR TBD
REG TBD

[cdn]

@aatoural & @Ginic Thanks guys – got it now.
I know what I did wrong- I took difference with what was amortized; not unamortized – such a stupid mistake.

[GiniC]

@cdn – As I've drilled into my kids – the only bad mistake is one you don't learn from. Count that as a mistake you won't make on your exam!

[cdn]

@ginic agree. Your learn the most from those mistakes- at least me

[aatoural]

@namstut – Do the SIMS they have helped a lot to grasp better the concepts. But I do feel like you. Forced to sit totally unprepared. But it is what it is I am trying to make the best of it.

@cdn – better we get them wrong now than later. But I gotta thanks @ginic, @mtaylo and @mckan for the help in bonds

BEC - PASSED
AUD - 8/29/16
FAR - TBS
REG - TBS

[GiniC]

@aatoural – helping you with bonds is keeping me sane as I try to re-grasp the governmental stuff. Still terrified of Statements of Cash Flows, but hopefully those will be sims with lots of spaces to fill in, so I can get partial credit!

[norseman88]

@Namstut – Lol! That subscription question is a flawed question, they don't state the subscription period. So that leaves the question up to interpretation for a semi-annual or annual subscription period. There should not be one question on the exam that is left to interpretation, all facts need to be provided!

I'm sure I'll be going HAM on the posts tonight or this morning once I get to point where I want to put my fist through the laptop screen.

I'm trying to knock out REG and FAR in this window, Passed REG, not FAR left before some expiration issues due to delayed score release. Can't wait to hit the bottle after this exam!

[Namstut]

@aatoural – I am starting on SIMs right now, this will be my focus for the next two days.

@norseman88, that's insane!!! Both in one window!! The bottle… I lost my alcohol tolerance during these past 10 months!! I won't need a whole bottle! LOL! 😉 And I am pretty sure I will fall asleep while pouring my first shot!

AUD 7/6/16 Passed
BEC 9/3/16
FAR TBD
REG TBD

[Cruzer]

“According to FASB ASC 360-10-40-4, an impairment loss is recognized on an exchange of similar productive assets if the carrying amount of the asset exceeds its fair value on the date of exchange. For Winn, an impairment loss of $2,300 ($16,800 carrying amount less $14,500 fair value) should be recognized.”

I know that first when testing for impairment you look at the undiscounted future cash flows and compare to CV. If less than CV, than you have impairment and the loss to be recognized would be carrying amount – Fair value of asset. Is the above FASB Citation wrong or I am missing something here?

[cdn]

Dahl Co. traded a delivery van and $5,000 cash for a newer van owned by West Corp. The following information relates to the values of the vans on the exchange date:

Carrying Value Fair Value
————– ———-
Old van $30,000 $45,000
New van 40,000 50,000
Dahl's income tax rate is 30%. What amounts should Dahl report as gain on exchange of the vans?

[cdn]

Dahl Co. traded a delivery van and $5,000 cash for a newer van owned by West Corp. The following information relates to the values of the vans on the exchange date:

Carrying Value Fair Value
————– ———-
Old van $30,000 $45,000
New van 40,000 50,000
Dahl's income tax rate is 30%. What amounts should Dahl report as gain on exchange of the vans?

A.$0
B.$1,000
C.$700
D.$15,000

[Author]

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