[Ajaz0810]

So for those of you who have taken FAR. We’re there a lot of IFRS questions on the exam? I have the ninja notes and audio. Would that be sufficient for study for IFRS. My main program of study is yaeger with the wiley book and while they do a good job explaining most of the concepts. I don’t think they are efficient at explaining IFRS. Any input would be appreciated. Thanks

FAR 62, 66, 78
AUD 66, 55, 74, 72
BEC 79
REG

[nbad311]

I don't think we're allowed to disclose how much/little IFRS is on the exam, but I think the Ninja materials regarding IFRS is probably a good base of facts. At least in the notes (which I have), they highlight what's most LIKELY to be tested re: IFRS, so as long as you have that info down, you're probabaly going to be fine.

REG - 65, 70, 80!
BEC - 35, 62, 79!
AUD - 73, 75!
FAR - 65, 73, 70, 75! DONE.

[Texas CPA]

I am currently studying for FAR using Becker and going by past experience using Becker, there must be a lot of IFRS questions on the exam as about every 10th question in the MCQ is an IFRS question and at the end of every section there is a summary of differences between GAAP and IFRS.

Reg - Passed 82 Nov 2012 - Becker
Aud - Passed 86 May 2013 - Becker
BEC - Passed 88 Aug 2013 - Becker
FAR - Passed 88 Nov 2013 - Becker

https://www.becker.com/cpa-review

Texas CPA

[Anonymous]

During the second time I prepared for AUD, I compiled all the differences and similarities (between IFRS & US GAAP using Microsoft Excel) I ran through my whole Becker book (Version-B). I just typed them one by one as I go over each chapter. It's one of the final review materials I read over and over again (along with my other notes, flashcards & final review book) as I approached the actual testing day.

I will do the same in my round 2 for FAR. It will be likely a great source of information/foundation for Framework and Standards (17-23%).

[Anonymous]

With FAR the day before my exam I handwrote notes of the IFRS vs. GAAP differences found in Chapter 10. I had quite a few questions on my exam. Not so sure if they were actually different than the GAAP treatment though.

[Anonymous]

I took the exam today and the Ninja notes and audio are not enough to know the differences. While I can't disclose what I had, I think I can tell you to know the differences and how to apply them to a problem. Whatever review material you are using besides Ninja, make a detailed list of the differences. I was shocked at how picky it was and I knew all the Ninja differences plus I thought a decent amount more. I felt lost today with IFRS. If I don't pass, and I don't think I did, it will be because of IFRS. Remember, it can show up anywhere on the exam. I would say I had as much IFRS as gvnt-nfp.

[joanify]

please can someone help me with this question.

A company received non-refundable government grant of CU 10 000 for the new investment. The company recognized the grant as a liability in the statement of financial position. Tax rate is 25% and the government grants are not taxable. Calculate deferred tax on the grant.

a. Deferred tax asset of CU 2 500.

b. Deferred tax liability of CU 2 500.

c. None of the other answers is correct.

d. 0

is the answer 0?

[MO]

@joanify. Deferred taxes are only present for temporary differences, an item appears on the income tax in one period and financial statements another. The government grants will never be taxed and is a permanent difference between the tax return and financials, that's why there's no deferred tax and the answer is zero.

[joanify]

help please

ABC is developing new product. The research and development started in March 20Z3. ABC hired marketing consultants in order to assess market demand for the new product and to make a decision whether to continue and finalize the development or not.

The marketing study was completed in September 20Z3 and based on the results, ABC decided to complete the development and launch the new product.

Summary of the related expenditures during 20Z3:

• Expert services for evaluating 3 alternatives of new materials and selecting the best alternative: CU 10 000;

• Design of new product prototypes using new materials: CU 150 000 and thereof CU 18 000 incurred before September 20Z3 and CU 132 000 after September 20Z3;

• Fees for marketing consultants in order to assess a market demand for new product and draft the market study: CU 3 000;

• Testing the new prototypes in December 20Z3: CU 17 000;

• Proceeds from sales of test samples produced in a testing phase: CU 7 000.

What development expenditure can ABC recognize as an asset in line with IAS 38?

a. CU 149 000

b. CU 142 000

c. CU 167 000

d. CU 180 000

[joanify]

@ Hiya thank you

[joanify]

An asset is sold in 2 active markets: market A and market B. A company ABC usually trades in both markets and it wants to determine the fair value of its inventories of sugar at the reporting date. The relevant information from both markets is as follows:

• Market A: Price of sugar = CU 100, transaction cost = CU 20, transport cost to transport sugar to market A = CU 5.

• Market B: Price of sugar = CU 103, transaction cost = CU 15, transport cost to transport sugar to market A = CU 10.

Neither market A nor market B is the principal market for sugar. What is the fair value of sugar held by ABC at the reporting date?

a. CU 93

b. CU 95

c. CU 78

d. CU 75

[Determined CPA]

Do not sit for the FAR exam without knowing IFRS. As nbad311 said, the ninja notes do a great job of detailing out what can be tested. Definitely know that information before walking into the exam.

A - 75
B - 78 God is good.
F - 77 Answered prayers.
R - 84! Done!!

Paperwork sent - waiting for license!!
Still on a cloud and in shock. Through God, all things will happen.

[Lidis]

Market A; 100-20-5= 75

Market B: 103-15-10= 78

If there is no principal market for that type of asset or liability, the entity should use the most advantageous market for that asset or liability. FASB ASC 820-10-20 defines the most advantageous market as “the market in which the reporting entity would sell the asset or transfer the liability with the price that maximizes the amount that would be received for the asset or minimizes the amount that would be paid to transfer the liability, considering transaction costs in the respective market(s).”

Answer C

[joanify]

ABC is developing new product. The research and development started in March 20Z3. ABC hired marketing consultants in order to assess market demand for the new product and to make a decision whether to continue and finalize the development or not.

The marketing study was completed in September 20Z3 and based on the results, ABC decided to complete the development and launch the new product.

Summary of the related expenditures during 20Z3:

• Expert services for evaluating 3 alternatives of new materials and selecting the best alternative: CU 10 000;

• Design of new product prototypes using new materials: CU 150 000 and thereof CU 18 000 incurred before September 20Z3 and CU 132 000 after September 20Z3;

• Fees for marketing consultants in order to assess a market demand for new product and draft the market study: CU 3 000;

• Testing the new prototypes in December 20Z3: CU 17 000;

• Proceeds from sales of test samples produced in a testing phase: CU 7 000.

What development expenditure can ABC recognize as an asset in line with IAS 38?

a. CU 149 000

b. CU 142 000

c. CU 167 000

d. CU 180 000

[Lidis]

The marketing study was completed in September 20Z3

ABC should capitalize 132,000 + 17,000 = 149,000

[ocarina]

PLEASE study IFRS & Gov/NFP accounting. Trust me. It's just as testable as all the other chapters. It only helps you!

FAR - 78
AUD - 82
REG - 79
BEC - 78

Study Materials: Becker Self Study, NINJA Notes, NINJA MCQ for review
Started March 2015 and finished December 2015 all on first attempt. Licensed CPA Jan 2016.

IT Auditor/CyberSec Consultant in Public Accounting
Future goals: Learn IT Network infrastructure, obtain CISA & CISSP

[Author]

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