[jeff]

SO I know every test is different but does anyone have any insight on what has been heavily tested recently? I take the exam Monday and I need to narrow my focus….Thanks!

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

[Mehwish]

I just took the test, and by the end of testlet 3 , I felt so over whelmed. I defn ended up guessing on a few questions without giving much thought :-/

I didn't think the SIMS were that hard. 2 gave me some trouble. 1 i was able to work through, but the other one I ended up guessing :(‘

I hope I didn't do anything wrong on the SIMS because I really did feel they were only slightly complicated. :-0

I felt like the multiple choice questions stayed medium. (Or at least I thought so)

[Future Ninja]

@Mehwish thanks for posting. actually the sims scared me so much. The way you answered post here, I believe you did great.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[mb0363]

Goodluck Mehwish! To me, It sounds like you did great. Its honestly hard for many people to distinguish a change in difficulty because its all so relative.

I freeze up during simulations…something about calculating long answer problems with so many “what ifs” scares me.

@futureninja did you already test?

BEC - PASS
AUDIT - PASS
REG - PASS
FAR - PASS

[Mehwish]

Thanks! Just hoping for the best.

Yeah, there was many what-ifs. Even if the MCS. Like you study something, and it looks familiar, but they gave you a whole new situation…And you gotta figure out if its an exception to the rule…because its so wordy, and looks like it can be an exception. This thing isn't easy.

@Futureninja…yeah, did you take it?

[Future Ninja]

@mb not yet, by this Friday. Tonight is my last.. hopefully. geezz. sims scared me to be honest. someone from the thread posted it was straight from hell. ^_^

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Future Ninja]

@mehwish not yet. this Friday. tonight though is my last night.. hopefully. I wont be studying tomorrow. I'm overwhelmed and tired of only 4 hours sleep.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Future Ninja]

@mehwish what scared me is when they will ask IFRS long and complex problem. I might be just staring the computer. no choice. will just have to take the first step in faith. plus a day off from work tomorrow. yeyyy

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Future Ninja]

Anyone?

With respect to the qualitative characteristics of useful financial information, what are U.S. GAAP and IFRS differences?

A.

The qualitative characteristics for U.S. GAAP are more precise and longer than the objective for IFRS.

B.

With the issuance of SFAC 8, chapter 3, U.S. GAAP and IFRS have the same “Qualitative Characteristics of Useful Financial Information.”

C.

The qualitative characteristics for IFRS are more precise and longer than the objective for U.S. GAAP.

D.

FASB and IASB are working toward convergence of the qualitative characteristics.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[mb0363]

D?

BEC - PASS
AUDIT - PASS
REG - PASS
FAR - PASS

[salring]

@Mehwish, good luck and thanks for the update you sounded prepared am sure you will be okay.

@Ninja my guess would be B and it's a guess since I have no clue.

[mb0363]

Richter had previously recorded $300,000 of goodwill related to an acquisition. At December 31, Year 1, the carrying value of the identifiable net assets acquired exceeded their fair value by $50,000. The implied fair value of the goodwill was $310,000. Prepare the journal entry, if any, to adjust the carrying value of goodwill.

Answer: No Entry.

Goodwill must be tested annually for impairment. Goodwill impairment testing is at the level of the business unit it is related to. If the value of the business unit implies that the goodwill has not been impaired, then the goodwill account need not be written down, and it cannot be written up.

Isn't the 50,000 trying to imply we have goodwill impairment? Or are we just simply comparing the 300,000 vs 310,000? and GAAP does not write up. (IFRS does)

BEC - PASS
AUDIT - PASS
REG - PASS
FAR - PASS

[Future Ninja]

@mb0363 Ninja said it's B.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[mb0363]

@future @salring Yea, B seems like the better choice. I see it on Becker page 7 in Chapter 1. = shouldve known this….

BEC - PASS
AUDIT - PASS
REG - PASS
FAR - PASS

[Future Ninja]

at first I also answered D. But it should be B, because U and I are the same with respect to Qualitative Characteristics of Useful Financial Information.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Future Ninja]

The following information pertains to Smith's personal assets and liabilities on December 31, 20X1:

Historical Estimated Current Estimated Current

Cost Value Amounts

---

---

---

Assets $500,000 $900,000

Liabilities 100,000 $80,000

Smith's 20X1 income tax rate was 30%. In Smith's personal statement of financial condition on December 31, 20X1, what amount should be reported as Smith's net worth?

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Author]

Replies