[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

[MaLoTu]

Welcome, cpa1sttry. You are correct, except for in the case of retail inventory method and LIFO, which still use LCM.

[SONA]

WOW….. really?

Since when is this change applicable? Are you guys reading more than what i am reading and studying for the exam? I am just doing redo becker H.W. and once in a while ninja MCQ. So i need to read more than this.

Already redoing h.w feels like i am new for everything. It is less than 2 weeks for my exam i m loosing my confidence as the exam coming closer :(.

Is it enough to pass the exam?

[Anonymous]

@ MaLoTu thank you so much for your response…any other changes that you think are significant?

[MaLoTu]

Not if you have new materials … are you using 2016 materials?

[Anonymous]

@MaLoTu …I'm using 2014 materials

[SONA]

Yes i am using becker 2016 material and redoing my h.w.

But i did not see anywhere what @cpa1strry said about U.S. GAAP.

[patelhj1]

@SONA Don't freak out just thats exactly how I felt but as you go on it all starts to make more sense the second time. Just try to knock out 1 becker section everyday.. I'm on F5 right now go and its all making sense a little more.

Also the inventory section has the change starting July 2016 and it says it in the becker book page F4-22 🙂

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

[SONA]

@patelhj1…..

Thanks for the encouragement. I am in F-2 & will be finishing tonight. Can't give more than one day each section.

Yep… Just read it.

Thanks

[jeff]

New FAR Inventory Standard is NOT testable in 2016 … fyi

https://www.another71.com/cpa-exam-forum/topic/far-new-inventory-measurement-standard-not-testable-until-q1-2017

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

[SONA]

Alright, Thanks Jeff.

[MaLoTu]

@ Jeff – not sure if you will check back, but Becker is already calling LCM the old method and they state it is only used for LIFO and Retail methods.. Are you saying they are still using the ceiling, market and floor approach on the exam?

[jeff]

Per ASU 2015-11, FIFO and Average Cost are affected by the update, which isn't exam-testable until next year.

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

[MaLoTu]

Thanks, Jeff, but Gah! I wish Becker would emphasize that! Ill just use LCM for inventory then.

[Anonymous]

Need suggestions have my exam on 5/27. I have done about 1000 MCQ. How many more practically I could do. I do have full time job. But did took 3 days off before exam. Also how many TBS i should do.

[SONA]

If you have becker take the final exams and do as many comprehensive test untill final day of exam. Also if you have Ninja MCQ i like the simulations on it.

[Author]

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