[Happen4reason]

I recently noticed new FAR updates for Becker included a new SFAC No. 8 which replaced the old SFAC No. 2 on qualitative characteristics like relevance and reliability. Has anyone taking the exam recently seen this change in effect?? I want to know which SFAC to study because the new one is every different than the old. The new SFAC No. 8 qualitative characteristics are Relevance and Faithful Representation. HELP!!

[jeff]

People can't disclose anything, so I'll answer – the new pronouncement is tested effective July 1, 2011.

SFAC 2 stuff was removed from the NINJA notes as well.

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

[Anonymous]

Jeff – do you know when the Wiley online test bank will be updated to reflect these changes? I did some concept MCQ's this morning and it's still the old material.

[Happen4reason]

Thank you Jeff!! Didn't want to waste time studying outdated material.

[jeff]

I just e-mailed Wiley – thanks for letting me know.

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

[kettik]

The concept that's on fasb's website is not finished yet, there are still chapters to be added. SFAC 1 and 2 then will be superseded.

So if they're still in effect now I guess the replacement concept won't be tested.

Plus it takes 6 months for new stuff to get in the exam questions.

[KERI0323]

I'm working in the online Wiley testbank and I noticed there are still questions on SFAC 2; are these still testable in the 4th quarter, I thought we only needed to concentrate on SFAC 8?

BEC 10/11/2010 77
AUD 11/30/2010 81
REG 02/25/2011 78
FAR 11/28/2011 74,68, 83 and DONE!!! NTS LA #460

[Author]

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