[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

[Skynet]

If CPA candidate 1 is traveling to Prometric at a rate of 45mph and CPA candidate 2 is traveling to Prometric at a rate of 60mph…….

Oh Wait never mind this is supposed to be a FAR game.

[Skynet]

If CPA candidate 1 is traveling to Prometric at a rate of 45mph and CPA candidate 2 is traveling to Prometric at a rate of 60mph…….

Oh Wait never mind this is supposed to be a FAR game.

[Amay]

@skynet LOL

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]

@skynet LOL

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 is requirement 2 for initial implementation of IFRS and requirement 1 for subsequent years? Not too sure on that one…

Q: What are the two methods used for convertible bonds and which one is not considered GAAP?

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 is requirement 2 for initial implementation of IFRS and requirement 1 for subsequent years? Not too sure on that one…

Q: What are the two methods used for convertible bonds and which one is not considered GAAP?

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]

Amor D, I believe Req#1 is GAAP and REq#2 is IFRS.

[Anonymous]

Amor D, I believe Req#1 is GAAP and REq#2 is IFRS.

[Tootsie]

In the Becker textbook, it states that interim financial reporting is not required under US GAAP or IFRS, however both provide guidance to be used when interim information is presented. In the US, the SEC requires public companies to file quarterly reports and interim reporting is generally concerned with these reports.

These are the types of trick questions that we may see on the exam. That's why I asked it! 😀

Question: What is the definition of an extraordinary item and does IFRS allow it?

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

never, never, never give up

[Tootsie]

In the Becker textbook, it states that interim financial reporting is not required under US GAAP or IFRS, however both provide guidance to be used when interim information is presented. In the US, the SEC requires public companies to file quarterly reports and interim reporting is generally concerned with these reports.

These are the types of trick questions that we may see on the exam. That's why I asked it! 😀

Question: What is the definition of an extraordinary item and does IFRS allow it?

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

never, never, never give up

[Anonymous]

An extraordinary item is both UNUSUAL in nature AND INFREQUENT in occurrence. IFRS does not allow it. One of the few things I actually can recite from memory. Heck yeah!!!

[Anonymous]

An extraordinary item is both UNUSUAL in nature AND INFREQUENT in occurrence. IFRS does not allow it. One of the few things I actually can recite from memory. Heck yeah!!!

[Anonymous]

Yes, Req#2 is required by IFRS during the First-Time IFRS Adoption.

For #1, Regulation S-X requires audited FS composed of 2-B/S & 3-Other Basic FS. Not really by US GAAP but by SEC.

@Mammabear, you don't like my Tarzan question? That's the way I got used to our CPA Examiners, LOL.

[Anonymous]

Yes, Req#2 is required by IFRS during the First-Time IFRS Adoption.

For #1, Regulation S-X requires audited FS composed of 2-B/S & 3-Other Basic FS. Not really by US GAAP but by SEC.

@Mammabear, you don't like my Tarzan question? That's the way I got used to our CPA Examiners, LOL.

[Anonymous]

I am sad because I have no idea what you guys are talking about with the REQ#1, etc. Must have missed that in my studies. 🙁

[Author]

Replies