[jeff]

Welcome to the Q2 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

[lolo]

@Dab for your first question, the answer is B because this is remeasurement not translation, the translation would be from the functional currency to the reporting currency!

As per your second question I haven't studied that yet!

My Nick name is sunshine, but the fact is I have not been in touch with it since I started this CPA exam! IT HURTS

AUD - ✔ Passed Becker self study!
BEC - ✔ Passed Becker self study!
FAR - ✔ Passed Becker self study!
REG - TBD

[KJ]

Dec. 31, Year 1, Janis Corp. owned two assets as follows:

Equipment Inventory
Current Cost $100,000 $80,000
Recoverable Cost $95,000 $90,000

Janis Voluntarily disclosed supplementary information about current at Dec. 31, Year 1. In such a disclosure, at what amount would Janis Report total assets?

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

[KJ]

Sorry forgot to post choices!!

A. $175,000
B. $180,000
C. $185,000
D. $190,000

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

[lolo]

85,000 + 90,000 = 175,000 lower cost or market!

My Nick name is sunshine, but the fact is I have not been in touch with it since I started this CPA exam! IT HURTS

AUD - ✔ Passed Becker self study!
BEC - ✔ Passed Becker self study!
FAR - ✔ Passed Becker self study!
REG - TBD

[KJ]

Correct .Sunshine! I have probably seen this question before once since I have been studying for FAR. When I came across it today. I went totally blank first. So thought will share with all who are studying and still have to give the exam.

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

[lolo]

Yea, thanks for the post anyway!

My Nick name is sunshine, but the fact is I have not been in touch with it since I started this CPA exam! IT HURTS

AUD - ✔ Passed Becker self study!
BEC - ✔ Passed Becker self study!
FAR - ✔ Passed Becker self study!
REG - TBD

[1dayatatime]

@tulong.le I had the same strategy. Towards the end of studying I determined that I'd never be able to remember all the details of IFRS. If anything, focusing too much time on IFRS might've made me confuse those rules with GAAP. I decided to just remember a few IFRS rules, like the ‘R' of PUFER, since I read that historically the test has been composed of something like 5% IFRS questions. Unless you're a genius with incredible memory, FAR is all about allocating your brain space with the most-tested topics. To anyone who can master it all: Kudos to you. I don't know how you do it.

AUD - Pass
REG - Pass
BEC - Pass
FAR - Pass

[Tuthegreat]

@1dayatatime..about to take it in a few hours..its hard enough to keep all the GAAP rules straight so i will skim through

…in one of the previous quarter it was a major focus..but have seen little since those days…

[patelhj1]

Good Luck Tuthegreat you got this! d

BEC 78 08/2015
REG 71 11/2015, RETAKE 83 01/2016
FAR 75! 5/2016
AUD ? 8/2016

Becker with Nonstop NINJA MCQ
Google most difficult professional exam

[Just3Letters]

Regarding IFRS,

I would definitely recommend knowing the big differences. But if you don't have time/don't want to memorize all those differences, just think about the general idea of GAAP/IFRS

GAAP is much more principles based whereas IFRS has more flexibility for almost everything

For example, if you don't know the IFRS difference for interest paid treatment on the SCF…

Think, “IFRS has lots of rules that allow more flexibility than GAAP”, so I bet the correct answer is the one with more flexibility (Operating or investing) and you would be correct!

FAR- 81
REG- 81
BEC- Aug 22, 2016
AUD- TBD

[jeff]

Test Your Might: FAR

https://www.another71.com/test-your-might-far-financial-instruments/

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

[MaLoTu]

I think the answer to Jeff's question is D because either of those situations are independently liabilities, but I am not sure.

[lolo]

I feel the same as you MaLoTu!

My Nick name is sunshine, but the fact is I have not been in touch with it since I started this CPA exam! IT HURTS

AUD - ✔ Passed Becker self study!
BEC - ✔ Passed Becker self study!
FAR - ✔ Passed Becker self study!
REG - TBD

[KJ]

I also think D is the correct answer.

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

[Anonymous]

Hello Everyone,

First time poster here on the Q2 study group. Looks like an awesome and helpful group. I have a quick question:

I read on this board that GAAP will no longer be using lower of cost or market but instead will switch over to lower of cost or NRV. Is that correct? If so, is that calculated the same way we calculate it under IFRS?

[Author]

Replies