[Tootsie]

So I thought it could be fun to have a game where we post FAR questions to help us study and if you know the answer, post it and ask another question. I did this for AUD and BEC as well. 🙂 I’ll go first.

True/False

Interim financial reporting is required under US GAAP and IFRS.

FAR - 76
AUD - 88!!! DONE!!!!!!!!
BEC - 76
REG - 77

never, never, never give up

[Amay]

I'm going to say False, Mamabear, because the lower rate, 2% should be used.

Q: What are the formulas for calculating goodwill and NCI under both GAAP and IFRS?

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Amay]

@ Jeff the two valuation methods used for PP&E under IFRS are Cost Model or Revaluation Model.

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Amay]

@ Jeff the two valuation methods used for PP&E under IFRS are Cost Model or Revaluation Model.

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Anonymous]

I didn't even realize Mamabear's question is asking true or false. I should really RTMFQ:)

@Amay, your question is hard I have to go back to my notes to copy/paste my answer. Hahaha.

Do you have any harder question?

[Anonymous]

I didn't even realize Mamabear's question is asking true or false. I should really RTMFQ:)

@Amay, your question is hard I have to go back to my notes to copy/paste my answer. Hahaha.

Do you have any harder question?

[Anonymous]

It's false, but from what I gather from the explanation it doesn't have anything to do with the rates, but has to do with the fact that the amount doesn't need to be discounted because it's paid within a year.

[Anonymous]

It's false, but from what I gather from the explanation it doesn't have anything to do with the rates, but has to do with the fact that the amount doesn't need to be discounted because it's paid within a year.

[Study Monk]

@ CPAMommyof3

SpartanCPA's confidence in his answer got me second guessing myself. It's one of those auditing type questions where the word REQUIRED has a huge impact on the question. I remember the huge emphasis on that chapter being that GAAP provides rules for using interim reporting, but does not require interim reporting.

I spoke to an ancient wise man who sent me on a mushroom induced journey through an ancient forest to find the key to passing the CPA exam. A talking spider monkey told me to throw the last of my drinking water in the dirt to find what I was looking for. So I followed his instructions and the following message appeared in the soil:

"Do 5000 multiple choice questions for each section"

[Study Monk]

@ CPAMommyof3

SpartanCPA's confidence in his answer got me second guessing myself. It's one of those auditing type questions where the word REQUIRED has a huge impact on the question. I remember the huge emphasis on that chapter being that GAAP provides rules for using interim reporting, but does not require interim reporting.

I spoke to an ancient wise man who sent me on a mushroom induced journey through an ancient forest to find the key to passing the CPA exam. A talking spider monkey told me to throw the last of my drinking water in the dirt to find what I was looking for. So I followed his instructions and the following message appeared in the soil:

"Do 5000 multiple choice questions for each section"

[Amay]

@amor I am forcing myself to memorize the formulas. I can probably give it a stab without looking at my notes, but it's one of those I need to re-write multiple times so I don't forget.

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Amay]

@amor I am forcing myself to memorize the formulas. I can probably give it a stab without looking at my notes, but it's one of those I need to re-write multiple times so I don't forget.

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Anonymous]

Req#1

2-B/S

3-Other Basic FS

Req#2

3-B/S

2-Other Basic FS

Question: Who requires what?

[Anonymous]

Req#1

2-B/S

3-Other Basic FS

Req#2

3-B/S

2-Other Basic FS

Question: Who requires what?

[Anonymous]

@Amor–Huh?

[Anonymous]

@Amor–Huh?

[Author]

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