FAR Study Group Q1 2017 - Page 146

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  • March 6, 2017 at 2:47 pm #1505956
    aatoural
    Participant

    I know I was behind from @hrhexton question but was just trying to do it and coulnt eihter. I was going crazy

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

    March 6, 2017 at 4:36 pm #1506108
    norseman88
    Participant

    @Namstut – Just received confirmation that the Depends have arrived. I will be donating the extra 15 to anybody in need!

    March 6, 2017 at 5:08 pm #1506169
    norseman88
    Participant

    According to the FASB conceptual framework, which of the following situations violates the concept of reliability?

    A. Data on segments having the same expected risks and growth rates are reported to analysts estimating future profits.

    B. Financial statements are issued nine months late.

    C. Management reports to stockholders regularly refer to new projects undertaken, but the financial statements never report project results.

    D. Financial statements include property with a carrying amount increased to management's estimate of market value.

    The answer is D. Why is D correct when management's estimate of market vale on property would be a level 3 input due to level 1 and level 2 not being available? Are we saying that any financial statement issued by a company with a level 3 input is then deemed unreliable?

    March 6, 2017 at 5:20 pm #1506180
    Holly
    Participant

    I know y'all have been talking about this, but this forum moves so quickly. Who's testing tomorrow?

    BEC - 79
    REG - 85
    AUD - 5/27/16

    March 6, 2017 at 5:30 pm #1506204
    mckan514w
    Participant

    @norseman88 I read it more like management doesn't like what the FV is so they adjust the value to what they want it to be (trust me have had clients do this 🙂 )- this would make the statements completely un-reliable.

    and they ask me why I drink...

    FAR- 61-next time I'll ask for lube instead of a calculator
    REG-75- Never been so happy to see such a low grade
    BEC- 8/11
    AUD- 9/2

    March 6, 2017 at 6:03 pm #1506247
    norseman88
    Participant

    Yea that is the issue with these subjective questions. These assets should be revalued to FV at the end of each year and if level 1 and level 2 inputs aren't available (question neither states they are or aren't) then level 3 input of managements estimate would be required. I knew A and B weren't correct but couldnt decide between C and D.

    How is C reliable if reports issued to stockholders refer to new projects but the F/S don't include any financial results of the projects? I view this as lacking completeness and is therefore unreliable.

    C. Management reports to stockholders regularly refer to new projects undertaken, but the financial statements never report project results.

    March 6, 2017 at 6:22 pm #1506261
    mckan514w
    Participant

    Thats unreliable information not necessarily financial data- if they mention new projects but none are reported then it is assumed none have been undertaken- it doesn't make the f/s unreliable it just makes management unreliable…

    and they ask me why I drink...

    FAR- 61-next time I'll ask for lube instead of a calculator
    REG-75- Never been so happy to see such a low grade
    BEC- 8/11
    AUD- 9/2

    March 6, 2017 at 6:26 pm #1506267
    norseman88
    Participant

    Exactly, it is acceptable to assume that none of the projects have been undertaken but not acceptable to assume that fair value estimations are proper level 3 inputs.

    March 6, 2017 at 6:35 pm #1506273
    cdn
    Participant

    @hrsexton – I am taking tomorrow

    March 6, 2017 at 7:06 pm #1506283
    aatoural
    Participant

    Becker does not have sample J/Es for the % of Completion Method I am having to guess the accounts in one of their SIMS.

    Anybody has a summary of those?

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

    March 6, 2017 at 7:52 pm #1506319
    Mscfisher
    Participant

    Good luck cdn!!!! We are rooting for you😊

    March 6, 2017 at 9:06 pm #1506373
    norseman88
    Participant

    @CDN Good luck. Hand FAR the L!

    March 6, 2017 at 9:14 pm #1506387
    Namstut
    Participant

    @cdn and everyone else who is taking the test tomorrow – GOOD LUCK!!!

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

    March 6, 2017 at 9:44 pm #1506402
    aatoural
    Participant

    Good Luck tomorrow everyone!!!!

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

    March 6, 2017 at 9:51 pm #1506409
    mtaylo24
    Participant

    320 ninjas down today! I'm pooped man, I'm gonna attempt a power nap. I hope I wake up (before tomorrow)!

    Good luck to everyone testing tomorrow!

    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)

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