FAR Study Group Q2 2016 - Page 95

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  • May 8, 2016 at 4:05 am #765081
    Anonymous
    Inactive

    https://www.douban.com/link2/?url=https%3A%2F%2Fdrive.google.com%2Fopen%3Fid%3D0B60vYwZnOQX8RDJ1WjBMZHRRT1E

    This is only for Q2 2016.

    May 8, 2016 at 8:06 am #765082
    pracap
    Participant

    Guys,
    Can somebody let me know in which head contract accounts are covered? (% completion vs completed contracts)

    May 8, 2016 at 4:31 pm #765083
    Just3Letters
    Participant

    Zyx,

    Thanks for the answer to my question yesterday. Seems obvious now! Per your question, the two major differences between pensions and “other post-retirement benefits” such as the one in your question are:

    1. option to expense
    2. minimum 20 year amortization period

    Therefore, the net transition obligation is amortized over a 20 year period because the expected remaining service period is less than 20 years.

    If the expected remaining service period was 21, 22, 23, etc. years, that would be the amount of amortization years.

    So while pensions have a 15 minimum year amortization period, this has 20 minimum.

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

    May 8, 2016 at 6:43 pm #765084
    ImCPA
    Participant

    Question related to calculation of Cash flow from Operating activities:

    Cash received from customers= Sales +/- change in A/R +/- change in unearned revenue, right? Is the change in account receivable, in this formula, net of allowance for uncollectible accounts?

    FAR - 85 (5/10/2016)
    AUD - 89 (7/12/2016)
    BEC - 9/07/2016
    REG - TBD

    May 8, 2016 at 9:23 pm #765085
    Just3Letters
    Participant

    ImCPA,

    Yes, that is the formula, and yes, a/r is net of uncollectibles

    So, if your beg. A/R is 5000 gross, end. A/R is 8000 gross
    Beg. Allow. is 500 and end. allow is 300..

    Beg. net = 4500
    End. net – 7700
    Increase of 3200. Subtract from formula.

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

    May 8, 2016 at 9:27 pm #765086
    Just3Letters
    Participant

    I'm going to get a tattoo on my right arm that says “Large stock dividend = Par” just so I remember. I keep forgetting!!!

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

    May 9, 2016 at 1:12 am #765087
    ImCPA
    Participant

    Thank you Just3 for confirming..

    Regarding Large Stock dividend: Yes, if stock dividend is greater than 25%, it is considered large stock dividend and is valued at Par.

    And what is your strategy for the last few days? I'm just 1.5 day away.. I shall complete all the revision and review of notes today and planning to give a Final Review Exam tomorrow followed by 2013 and 2014 AICPA released questions. Scored around 80% in 51 questions on 2015 AICPA released questions, not sure if that's a good sign though!

    Any tips anyone? for the one last day I've before hitting the exam?

    Just want to get over this..

    FAR - 85 (5/10/2016)
    AUD - 89 (7/12/2016)
    BEC - 9/07/2016
    REG - TBD

    May 9, 2016 at 4:35 am #765088
    Just3Letters
    Participant

    ImCPA,

    my first big tip is that I took this entire week off leading up to my test on Friday just to live and breath this stuff..

    but I know that's not reasonable for everyone!

    I was actually going to ask about final week review tips as well!

    My thoughts:

    Tonight = Game of Thrones

    Tomorrow I'm going to do as many Wiley Sims as possible until I can't take it anymore. I feel like Sims are so damn difficult to actually be prepared for because you can't know what to expect.

    After that, I'm going to read my notes (which I have re-written into short tidbits) twice each day and go over my notecards.

    The rest of the time will be 5 or 6 hours per day of MCQ.

    I'm averaging right around 80% with new MC as well so we are in the same boat. Good luck to you!

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

    May 9, 2016 at 5:12 am #765089
    ImCPA
    Participant

    Just3: Good to hear! I've taken off tomorrow! 😉

    I did all my Becker SIMS on Thursday and Friday and did just ok. I think the idea with SIMS is, you need to know the concept and majorly it would be around how you apply them in exam. I know the concepts are all there in my head and application.. I can't be sure 😛 Not sure how they will present it to me.. Also, this is my first CPA exam ever, so I've no clue what to expect. Thus, I've made peace with SIMS thinking that I know the concepts and I can do it! Planning to spend my time on MCQs, speed & accuracy tomorrow, and in the end if I've any time, just a quick eye on my notes.

    Thank You and Good luck to you in this last week of preparation!!!

    FAR - 85 (5/10/2016)
    AUD - 89 (7/12/2016)
    BEC - 9/07/2016
    REG - TBD

    May 9, 2016 at 6:31 pm #765090
    Spartans92
    Participant

    Just3, best of luck to you this week. I have faith in you and sounds like you are going to kill it! I hope you get straightforward SIMS. They are hard but I think if you have a good understanding of concepts from MCQ you will be good; they are just more in-depth and longer compared to the MCQ.

    @IMCPA, yes you need to watch the clock. I think time management is key. I spent too much time on the first testlet. I only had little over an hour on the SIMS which I left one blank and it was the DRS..hoping that was a pre-test. Good Luck to you as well tomorrow!

    BEC- PASS

    May 9, 2016 at 6:39 pm #765091
    Just3Letters
    Participant

    Thanks Spartans! I didn't think they started the DRS until July! Should I practice those???

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

    May 9, 2016 at 8:09 pm #765092
    ImCPA
    Participant

    Hi Spartans and Just3: I haven't practiced DRS either. Should I practice those?

    Spartans- Questions:

    – How were the SIMS? Were they doable?
    – You left just one, so you were able to do other 6 in the time you had (little over an hour)?
    – Are most of them lengthy and time consuming or there is a balance in questions?
    – Any idea where can I get DRS questions for practice?

    With all the experiences I've read on SIMS so far, I'm a little scared! Your help is really appreciated!

    FAR - 85 (5/10/2016)
    AUD - 89 (7/12/2016)
    BEC - 9/07/2016
    REG - TBD

    May 9, 2016 at 8:53 pm #765093
    Just3Letters
    Participant

    GOD I am so burnt out it's ridiculous.

    I don't even know how I can make it till Friday without exploding haha. I wish my testing center had an earlier date this week 🙁

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

    May 9, 2016 at 10:08 pm #765094
    Spartans92
    Participant

    I think getting use to the format is important. They are very similar to the “old” SIMS in terms of concept wise. I finished the remaining SIMS but I guessed on all of them lol. Most being JE, they weren't too hard but def. not easy and were quite lengthy. I really think its the luck of the draw on what kind of SIMS you get. Some may get topics that are easier than others (derivatives vs foreign currency) for example. FAR is very time consuming so def watch that clock!

    BEC- PASS

    May 9, 2016 at 10:19 pm #765095
    ImCPA
    Participant

    Spartans- Thanks a lot Spartans.. this is really helpful!

    FAR - 85 (5/10/2016)
    AUD - 89 (7/12/2016)
    BEC - 9/07/2016
    REG - TBD

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