FAR Study Group Q1 2017 - Page 15

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  • January 6, 2017 at 10:17 am #1424814
    GiniC
    Participant

    I'm struggling to get back in the groove too – but we WILL do it, we have to!!!

    I've tested in the extended window – it's real, and it works just like the regular window – and you get your score in about a week! I am waiting for NASBA's site updates to end so I can request my new NTS. I want to schedule for March 10 – that gives me one week per Becker chapter and two weeks to pull all the early stuff back into my current thinking in a final review with lots of practice problems. I've already scheduled the week of the 10th as vacation time so my coworkers won't have to deal with my stress!

    January 6, 2017 at 10:17 am #1424817
    Stilgoin
    Participant

    I am sick of this crap. All I do is study. I moved mine to Jan 26 and now I am regretting it because I will not get a score until Feb 28. That’s a longggg time. 🙁 Grrrrr

    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."

    January 6, 2017 at 10:24 am #1424825
    mckan514w
    Participant

    I'm sick of this crap too @stillgoin- and even though my husband is a patient man he is getting pretty damn sick of it as well… he has a trip to Aruba mid-Feb that is a company and spouse deal and flat out told me last night not to come if all I was going to be doing was studying. 🙁 I am scheduled right now Feb 3 but am thinking of pushing it back to either right before the 28th cut off date or during the extension window. (which I guess would mean I would miss Aruba- sigh) I hate this crap and just want to be done- I can't believe I failed last quarter…

    OMG ugh MTaylo!!!! Seriously if I were you I would be concentrating everything I had on BEC right now and circle back to FAR– you were soooooo damn close last time and good God no one in their right mind would even feasibly want to come close to having to sit for it after the change… BEC sims- it gives me nightmares just thinking about it!

    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

    January 6, 2017 at 10:30 am #1424831
    mtaylo24
    Participant

    I have actually gone through 11/20 chapters so far, and they were the chapters at the end of the book, which I slacked on last time. I haven't really done any progress tests tho, so I'm a little worried.



    @stilgoin     Are you facing an expiring NTS?



    @GiniC     I guess I have always used the extended window for “hail mary” attempts, so it has never worked for me lol. The two that I passed were both in the middle of the second month.



    @McKan514w     I have been doing BEC in between sets and the questions are seriously a joke this go-round, especially while studying FAR, but I guess that means nothing. I don't want to get cocky and wind up with a 71, 72, 73, 74 (lol). I will probably sit for both sections around the same time.

    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)

    January 6, 2017 at 10:41 am #1424837
    Stilgoin
    Participant

    @mtaylo24 Reg expires Jan 31. :’( I have a panic attack just thinking about it.



    @mckan514w     Aruba will be there- we are soooo close.



    @GiniC     I can’t believe I will be waiting over 30 days to know if I am a CPA or will have to take 2 exams. It is insane.I wish I could have gotten closer to the end. 🙄 But of course it is- everything is insane in my life right now.

    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."

    January 6, 2017 at 10:48 am #1424846
    mckan514w
    Participant

    oh @stillgoing- that gave me a mild panic attack on your behalf… thankfully mine don't start expiring until late summer (but of course this does me no good if i fail FAR again and have to sit in the window that takes until August to get scores). WE WILL PASS this time- you are right so close we can taste it.

    @Mtaylo you are my study hero if you can pull all of that off! ha ha ha ha!!!!

    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

    January 6, 2017 at 12:44 pm #1425096
    Anonymous
    Inactive

    So I'm just trying to get my head around some of these accounting updates, specifically the equity method. Here is a question using the prior rules:

    On January 1, 20X1, Point, Inc., purchased 10% of Iona Co.'s common stock. Point purchased additional shares bringing its ownership up to 40% of Iona's common stock outstanding on August 1, 20X1. During October 20X1, Iona declared and paid a cash dividend on all of its outstanding common stock. How much income from the Iona investment should Point's 20X1 income statement report?

    A. 10% of Iona's income for January 1 to July 31, 20X1, plus 40% of Iona's income for August 1 to December 31, 20X1

    B. 40% of Iona's income for August 1 to December 31, 20X1, only

    C. 40% of Iona's 20X1 income

    D. Amount equal to dividends received from Iona

    Under the new rules, what would be the proper accounting treatment? I'm thinking it would be this:

    10% of Iona's declared dividends for January 1 to July 31, 20X1, plus 40% of Iona's income for August 1 to December 31, 20X1

    ???

    January 6, 2017 at 1:26 pm #1425170
    mtaylo24
    Participant

    @bondvillian If you owned 10% 1/1 – 7/31, then 40% from 8/1 – 12/31, the answer would be A. The change to equity method should be reported retroactively bro.

    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)

    January 6, 2017 at 1:32 pm #1425197
    mtaylo24
    Participant

    Actually I found two different answers for that question.

    One provider gives me A and the other gives me B

    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)

    January 6, 2017 at 3:13 pm #1425383
    Anonymous
    Inactive

    I believe the change to the equity method is now prospective. That's one of the key changes. In the question I listed they are asking how much income from the investment so I would think you would pick up the dividends for 10% ownership period and then 40% income in Iona during that period.

    January 6, 2017 at 3:28 pm #1425402
    mtaylo24
    Participant

    ^^^ The one that mentions to apply the equity method prospectively is b.

    B. 40% of Iona’s income for August 1 to December 31.
    Answer (B) is correct.
    Once the ownership percentage increased from 10% to 40%, Point was presumed to exercise significant influence over Iona. Thus, Point applies the equity method prospectively from the moment significant influence is achieved (August 1). Given that Point held 40% of Iona’s common stock beginning August 1, it should recognize its share (40%) of Iona’s income for the period August 1 to December 31.

    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)

    January 6, 2017 at 3:34 pm #1425412
    mckan514w
    Participant

    It is my understanding that it is now prospective and you would recognize any unrealized gain / loss through the income statement up to the date that it changes from an AFS to an equity– and then through OCI after that… so it would be A – 10% of dividends and then 40% of income — Journal of Accountancy did a great synopsis of the change a while back and I think I bookmarked it– will look and post if I find.

    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

    January 6, 2017 at 3:38 pm #1425420
    mckan514w
    Participant

    Here ya go…
    https://www.journalofaccountancy.com/news/2016/mar/fasb-equity-method-of-accounting-201614065.html

    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

    January 6, 2017 at 4:16 pm #1425457
    mtaylo24
    Participant

    I wonder why Gleim hasn't updated this question yet, they are pretty good about that. Can anybody find this one on Ninja (I'm currently expired)?

    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)

    January 6, 2017 at 4:23 pm #1425469
    mckan514w
    Participant

    I actually thought it wasn't going to be tested until exam change in q2 Mtaylo… but damn I could be wrong and that hurts my brain to think about. 🙁

    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

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