[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

[mckan514w]

Thanks guys for encouraging words- but pretty sure i'm screwed 🙂 poor Spartan… Im actually surprisingly calm and fine with re-sitting…. all I can do at this point is upward and onward to Reg….

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

[ABTX411]

Mckan, you're sitting for REG 13 days after me. I started studying 2 days ago. We're in this one together, dude.

BEC - 90 - 2/04/2016
AUD - 97 - 2/29/2016
FAR - 92 - 4/19/2016
REG - 88 - 5/19/2016

[Just3Letters]

How long do you guys think studying for REG should take? I have essentially two entire months for it… You guys are spending one month

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

[ABTX411]

For me, it's taking however long my review course says it takes, which is technically only 3 weeks because they have to get grades turned in by May 10th, which means all of the review materials have to be completed online by that date or I don't get full credit for the class (meaning they'll give me a B or C instead of an A). However, if I don't feel ready, I'll push my test back a few weeks.

BEC - 90 - 2/04/2016
AUD - 97 - 2/29/2016
FAR - 92 - 4/19/2016
REG - 88 - 5/19/2016

[marqzho]

Just3Letters

I spent 2 whole months on REG. I don't have any tax background. I didn't take any tax courses in college. I don't do my own tax. And the amount of material is only I'll say around 75% of FAR.

REG 90
FAR 95
AUD 98
BEC 84

[Just3Letters]

Thanks ABTX and Marqzho,

I think I'll just leave my exams where they are. Although I REALLY wanted to finish Audit (and hence all 4) before I started work in early October. Oh well…

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

[Just3Letters]

A company reporting under IFRS holds a position in BE Corporation bonds that is classified as AFS. In the previous year, the company recorded an impairment loss on these bonds. In the current year, the company reversed a portion of these impariment losses. How should the reversal be recorded?

The correct answer is that the entire reversal is recorded in current year income.

I'm confused though. I thought that if you had a prior loss in OCI, and then subsequently had a gain, the gain up the amount of the previous loss in OCI would be netted until OCI loss was 0 and then any EXTRA gain would be attributable to the I/S.

Where am I wrong here?

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

[KJ]

ased on the stock transactions below, what is the weighted-average number of shares outstanding as of December 31, year 1, that should be used in the calculation of basic earnings per share in financial statements issued on March 1, year 2?

Date Transactions
January 1, year 1 Beginning balance 100,000
April 1, year 1 Issued 30,000 shares for cash
June 1, year 1 50% stock dividend
February 15, year 2 2-for-1 stock split
March 15, year 2 Issued 40,000 shares for cash

Explanation:

1/1 100,000 × 1.5 × 12/12 = 150,000
4/1 30,000 × 1.5 × 9/12 = 33,750
183,750
Effect of retroactive split 2
367,500

How did they calculate 1.5 in this?

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

[Credit Revenue]

50% stock dividend. Stock dividends are retro to beg of year.

A - 79 expires 4/30/16 need a pass on REG
B - 78
F - 80
R - 83!!! Can live again!

[KJ]

Thanks Credit Revenue!!

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

[Credit Revenue]

YW

A - 79 expires 4/30/16 need a pass on REG
B - 78
F - 80
R - 83!!! Can live again!

[Spartans92]

Hey all! Just got back from Bdubs LMAO…That was necessary imo. Well, HOLY Granola bars..What did I see on FAR SIMS..HAVE NO F***KING CLUE. Most likely I will be back here next window. The MCQ were def doable not as in depth as Becker's. I also had the issue with Mckan did some problems were simple and I tend to overthink and believe there must be some trick to it. I just feel like I should have went with my guts more and not second guess..I hate that feeling! I will keep studying for FAR in the meantime so I am not forgetting anything.. So I will continue to post on here HAHA. It was a disaster. Make sure to re-read the questions, some were so long and I liked the trick of reading the last sentence first. IMO my testlet were easy medium medium..Not sure if that is a good indicator but overall it sucks! End of Rant.

BEC- PASS

[KJ]

Spartans92..I wanted to say and believe its a good sign. I have seen lot of times when I have read the posts here, when you think you flunked it, people have passed. Did you had enough time to answer everything or anytime to review? I am sure you got it, so keep your fingers crossed!!!

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

[Credit Revenue]

My SIM's were brutal too. I walked out thinking I probably passed, but the more I think about it…maybe I failed. Hopefully, the SIM's are curved based on difficulty. The waiting game sucks.

A - 79 expires 4/30/16 need a pass on REG
B - 78
F - 80
R - 83!!! Can live again!

[Spartans92]

HAHA I honestly hope I can pass. I really dont want to review FAR again, it SUCKS! If I can't pass this studying full time I just dont know how I will do it while working full time in few months. I did have enough time to go through everything thank god. But I didnt really have extra time to review so I took my best guess on some. The SIMS were my only issues and I already know I will get a WEAK on the breakdown, only if I can get STRONG on MCQ my chances of passing may be very slim LOL. But thanks for the kind words kanwal. Waiting for a month is NO FUN. Hope we can pull this one. 🙂

BEC- PASS

[Author]

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