[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

[KJ]

@ MaLoTu, it's C.

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

[patelhj1]

@Kanwal Just looked at this, If i remember correctly Intangibles will get revalued to fair value at the end of each period. So C would have been my educated guess.

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

[KJ]

When intangible assets are valued at cost model, Impairment loss is recognized in the current year and reversal of impairment loss may be recognized in the income statement up to the amount of impairment loss previously recognized.

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

[SONA]

Yep.. I think it's C

[KJ]

Yes, Patelhj1!!

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

[SONA]

I would suggest to listen to the lecture once and do the optional practice questions for F-10. It has some good material and small topics. Will take just a day, at least you have an idea.

[patelhj1]

Just out of curiosity, what state are you all from?

Asking cause MD has and ethics exam that's not required in all states. What BS!

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

[MaLoTu]

Was it IFRS?

[SONA]

Hey I am from Sheridan, WY.

[SONA]

MaLoTu… It's IFRS because in the first line it says Cost Model.

I am not sure if that was your question. “Was it IFRS”

[SONA]

Hey Guys Just clicked………….

Try to take Sample Test of AICPA before the exam.

[MaLoTu]

@SONA- I didn't catch that, I wasn't aware of that distinction! What chapter is that from, F4? Thank you for clarifying… That is what I was referring to when I asked about IFRS, lol.

[SONA]

Yep F-4 p 34, 35 Fixed Assets.

[KJ]

Yes MaLoTu, it was IFRS. I got the question almost wrong because I skipped the last part of recoverable amount of 84k. That's why I said got to read the question carefully!!

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

[MaLoTu]

kanwal – I did see it said recoverable but I didn't interpret it as they were going to recognize a subsequent gain. Under GAAP even if the intangible has an increase in value the next year you cannot write it back up and I dont think there is even a gain. I would not suspect the exam to have an IFRS question where they didn't clearly call it out. Thanks for posting it, it really drew attention to the different fixed asset accounting methods under the 2 standards.

[Author]

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