[jeff]

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

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

[Stilgoin]

Hard testlets are a very good indication that you did well. 😉

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."

[AR]

@A1lessio Happy for you, especially since your testlets got harder!
Did you get any research type simulation? How many?
Thank you.

[Taps731]

@NYAccountingStudent – If you are using the NINJA MCQ's, do Simulation #46. It gives you information about 3 or 4 different sources of revenue a local state government receives, and using that information, you need to select the correct fund that reports the activity. For example:

Big City (a local governmental unit) performs the following functions through the collection of earned income tax
and property taxes:
• Salaries for a police force
• Pays the fire department
• Maintains the local road infrastructure
• Supports the city library

Recently Big City floated a bond to fund the construction of a new fire company building.

Part I & II of the Simulation's Required Response:
•Income and property tax revenues would be deposited into this fund. ————-Answer: General Fund
•Which specific type of fund would be used to account for the sewer and water revenue and expenses? —–Answer: Enterprise

The Sim has 9 different questions where you have to name the correct fund and/or specific fund name.

Might help you with your question a little.

[A1lessio]

@AR – Yes, one research question, I either got it 100% or 75%

AUD (08/02/2016)

[Holly]

I hate consolidations! Anyone testing in March?

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

[j3cpa]

my test date is 2/28. I seriously have to sit down and fully understand consolidations and pensions if I really want to pass.

INV and BONDS are easy to me for some reason.

GOOD LUCK!

Study Material:
GLEIM
BEC - FEB/2012
AUD - FEB/2012
FAR - JULY/2012
REG - JULY/2012

[GiniC]

@HRSexton –

I'm testing March 9. Wanted the 10th, but there were no seats by the time my new NTS arrived!

[Holly]

@ginic I'm using Becker, too. Which chapter are you in?

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

[GiniC]

@HRSexton – I'm hoping to knock out all of Chapter 5 (Leases, Liabilities, and Bonds) this weekend. I was supposed to have the whole week, but work got super-demanding on me! I am strong on bonds and liabilities already, so I hope the lease section “comes back to me” fairly easily!

[Holly]

@ginic you're WAY ahead of me. I'm wrapping up chapter 3 right now.

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

[Holly]

Does anyone know under IFRS how foreign exchange gains and losses on available for sale securities are reported?

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

[Stilgoin]

I think it is the same as U.S. and prospectively- so unrealized G/L reported in OCI, and realized G/L go to the IS.

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."

[Anonymous]

https://www.iasplus.com/en-us/standards/ifrs-usgaap/debt-eq-securities

Recognition of Foreign Exchange Gains and Losses on Instruments That Are Available for Sale or Measured at Fair Value Through Other Comprehensive Income

Under U.S. GAAP, unrealized changes in the value of an investment in a foreign-currency-denominated security classified as AFS that are attributable to changes in foreign exchange rates are included in AOCI. ASC 320-10-35-36 states that the “entire change in the fair value of foreign-currency-denominated [AFS] debt securities shall be reported in other comprehensive income.” However, impairment losses are recognized in net income when the impairment is determined to be other than temporary. Such losses may include foreign exchange gains or losses.

Under IFRSs, IFRS 9 does not permit entities to account for debt-instrument financial assets at FVTOCI. However, in accordance with paragraph 5.7.5 of IFRS 9, an entity may elect to account for an equity investment at FVTOCI if such investment is not held for trading. As noted in paragraph B5.7.3 of IFRS 9, an equity investment “is not a monetary item. Accordingly, the [unrealized] gain or loss that is presented in other comprehensive income in accordance with paragraph 5.7.5 includes any related foreign exchange component.”

Differences Between MS – Classification/Impairment – IFRS vs. US GAAP

[Anonymous]

Sorry, the links I gave didn't really answer your question.

[Holly]

The reason I ask is because I have old Becker flashcards that read: Under IFRS, foreign exchange gains and losses on available for sale debt securities are reported on the income statement. I don't remember reading anything like that, and because these card are old I wanted to verify.

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

[Author]

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