[Anonymous]

I messed up the other day and in my haste (after passing auditing) to get my NTS for my May exam, I went ahead and figured I would put in for my NTS for FAR. I was planning to take it at the end of August. Since I scheduled for my NTS on Feb 2, I only have until August 2 to take FAR. I didn’t know about the six month rule.

Depending on whether I take a week off after REG to catch my breath and get caught up on sleep…I will have either 8 or 9 weeks for FAR. Keep in mind that I have been out of college since 1992 for my undergrad and 1997 for my MBA so it’s been a while since my last major Accounting class.

Is that enough time? I’ll most likely be using Wiley and CPAExcel but might have access to a Becker book.

CPAPending

[Anonymous]

I have set aside 8 weeks for FAR myself. I think it is enough time…from my experience so far taking all these exams, i believe its not the quantity of hours but focus more on the quality of hours. I spent 3 months studying for AUD but was just reading the chapters just to finish the book and doing MCQ just to reach a certain amount. and i failed. For BEC, i studied 4 weeks..3 hrs a night and all weekends..and i passed only because i was reading to understand and doing less MCQ but understanding each one before i moved on. you can do it! your never know what your capable of until you push yourself to your limits!

[Anonymous]

8 weeks is usually enough time, especially if you seriously commit to the studying and don't let the weeks slip away unproductively. Some people spend less time than that studying (some may feel 8 weeks is too long) and do just fine.

Since you'll have taken AUD and REG, some of the material should be familiar to you and hopefully the studying easier.

I probably spent about 8 weeks studying, maybe 9, during tax season, and thankfully passed. Many people spend that amount of time preparing for FAR, so there's no reason why you shouldn't be able to pass, with 8 weeks of studying, as well.

Good luck!

[Anonymous]

@CPApending – May I ask what review materials you are using? I am in a similar position as you in that I have been out of school for 11 years now. I studied for 4 months for FAR which was probably overkill. However, I did each module twice (DVD lecture, MCQ's and SIMS) and did about 1/2 of them 3 times. I had forgotten most of the material from college or had never seen it before, so it was comforting to me to have so much time. I think I spent too much time worrying about nit-picky details though. As long as you can see the big picture and have a fairly good understanding of J/E's, I think you'll be fine. And since it will be your last exam, you can take it in August just to see what happens. Worst case scenario is you'll have to try in October/November.

[Anonymous]

I take FAR on 10/27/14. I'm thinking about starting to study on July 6th. I work 40 hrs/week( I don't have kids and I'm not married) Is 15 hrs/week over 16 weeks too much study time (about 240 hrs) for FAR? This is my first exam attempt and I want to make sure I feel prepared for the exam. 16 week is a long study window, but I don't want to underestimate FAR or any of these exams and not give myself enough study time. With is being my first attempt at any exam section, I want to feel prepared when I sit for the exam, but there is also that thin line of stretching study time out for too long and I'm just confused. Any suggestions.

[Anonymous]

I studied for 9 weeks for FAR. I think 11-9 weeks is a good amount of time as long as you stick to your study plan and put in the time to really do lots of practice session after reviewing each chapter (Material).

.

[Tncincy]

I would cut the study time in half instead of 16 weeks try 8. Discipline is the key, so keep the 16 weeks if you are a procrastinator (like me), but 8 weeks should be enough. BTW, I tried to feel prepared the first two times, I'm taking far again 7/7 and I still do not feel prepared. I might need reassurance that I know what I know, but I don't think anyone feels prepared.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[JamesBJames]

I agree. 16 weeks is so long. For the record, I studied FAR from mid-March to the end of April, took the test on May 1st, did great on it… and now I forget the majority of things discussed in FAR. You don't want to spread studying out over too long a period of time.

Instead of doing 15 hours over 16 weeks, how about 20 hours over 12 weeks, or 25 hours over 9-10 weeks? I think 240 hours is a bit much, too, by the way. If you pack in more hours earlier, you'll be more efficient.

FAR: May 1st, 2014 - 91
AUD: May 29th, 2014 - 97!
BEC: July 16th, 2014 - 91
REG: August 29th, 2014 - 88

Licensed December 2015

Feel free to add me on LinkedIn by clicking my username!

[Lidis]

Let review governmental accounting

Government reporting Model

Governmental accounting focuses on two types of accountability and fiscal accountability

Operational accountability is demonstrated by the government wide financial statements which illustrated how efficient the government use the resources available to

to meet its future obligations.

Fiscal accountability is illustrated by fund financial statements which shows the government compliance with laws and regulations affecting its spending activities.

The integrated approach requires reconciliation between the government-wide financial statements and fund financial statements

GASB 34, Basic Financial Statements and Management's Discussion and Analysis for State and Local Governments

GASB 34 provide the requirements to be in compliance with GAAP. The reporting requirements for general purpose governmental units (states municipalities, counties)

Managemen'st Discussion and Analysis (MD&A)

Government-Wide Financial Statements

*Statement of Net Position

* Statement of Activites

Fund Financial Statements

Governmental Funds

Balance Sheet

Statement of Revenues, Expenditures, and Changes in Fund Balance

Proprietary Funds

Statements of Net Position

Statements of Revenues, Expenses, and Changes in Fund Net Position

Statement of Cash Flows

Fiduciary Funds

Statement of Fiduciary Net Position

Statement of Changes in Fiduciary Net Position

Notes to the Financial Statements

Required Supplementary Information (RSI)

Ten-Years Scheduled of Selected Information (For entitiesthat provide pensions through pension funds that are administered

through trust funds. The required information varies on the nature of the plan)

Budgetary Comparison Schedules

Information about Infrastructure Assets (For entities Reported Using the Modified Approach)

Claims Development Information when the government Sponsors a Public Entity Risk Pool

[Lidis]

Comprehensive Annual Financial Report (CAFR)

This report has three major sections

Introductory section

Financial section

Statistical section

[Lidis]

Special purpose government include

a Park districts

b Toll ways authorities

c School districts

d Sanitation districts

GASB categorizes special purposes government that are engaged in the following type activities

1 Governmental activities

2 Business-type activities

3 Fiduciary activities

4 Governmental and business type activities

There are special purposes government that are engaged in governmental activities and have more than one program and special purpose government that are engaged

in both governmental and business-type activities must prepare both government wide and fund financial statements.

Special purpose government that are engaged in a single government activity (such as a cemetery district) may combine the government-wide statements and fund financial

statements or use other method allowed by GASB.

Special purpose government that are engaged in only business-type activities or fiduciary activities are not required to prepared government-wide statements,

only required prepare the proprietary or fiduciary fund statements.

Public colleges and universities and other governmental not-for-profit organizations may choose to report as special-purpose government engaged in only governmental

activities, or engaged in both governmental and business-type activity.

All governments must include the MD&A(Management Discussion Analysis), Notes, and RSI (Required Supplemental Information)

[Author]

Replies