@Path to CPA, Lady in Red, to_be_a_CPA, bjo………………up to page 34 of FAR ninja notes and already discouraged and have no clue how im going to get through this info, and master it before 11/30… let the stress begin
70 is solid though, good job. I heard the Becker ones are actually harder. How are you gonna decide what to do after FAR? I paid for BEC too which I can take up to 2/28.
I wanted to just move on and take BEC in january, but I am not sure maybe I'll have to restudy for FAR again.
Hello guys, I received Jeff's email about study group and didn't get a chance to check it until now. Please count me in. My exam is scheduled for October 25th. I am done with the Yaeger video, Ninja notes, and currently working on the Wiley testbank MCQ's.
This is will be my retake for FAR with 73 on the first try. Now I am confused, since I didnt have this feeling with the first I studied the subject. Do you also feel like the more you study and prepare for the exam, the more you get confused? AND it seems like half of the topic is confusing. Arggghh….I hate this exam.
I paid for Audit and I have it scheduled for the end of November. It's less time to study than Far, but I will have more free time and I think I'm more prepared for that part. I'm in CT.
I think we should be in good shape to pass FAR on the first try. I feel like I'm studied out, haha. Reviewing 1-2 chapters a day until the 23rd.
Yea I paid for BEC too, but I dont get my beckerbooks until November so the earliest I can take that is january. If I fail FAR i will probably retake it first though..
I had class all weekend so I lost a lot of study time. Going to go hard for the remaining 9 days..
FAR is a beast!! I am going through my final review now and can't beleive how much I forgot.
I am using Becker 2011 and supplementing with Wiley 2012 and noticed the following difference so far:
If company elects to use the fair value option then unrealized gains/losses on available for sale securities are on the income statement and not on OCI. If company doesn't elect fair value option, then available for sale unrealized g/l are in OCI. I don't recall fair value option in Becker?
All I can say is WTF after finishing up F-10. Making my flashcards today for it and doing the MCQs, then starting the review tomorrow of the whole book. I've got about 20 or so days until the exam.
Virginia
F - Passed
R - 1/19/2013
B - February 2013
A - April 2013
@kambsa Can you tell me where you getting this from? I'm using Becker 2011 also but after some research the only change I see with OCI is on how it's presented on the BS not on the components. I think any G/L on available for sale still goes to OCI. Unless you're talking IFRS and then any foreign exchange G/L on debt securities only goes directly to IS. https://www.bakertilly.com/FASB-new-guidance-on-comprehensive-income So tired of trying to keep all of this straight.
It is my understanding that if it is a temporary decline in an AFS then it goes to OCI or if it a temporary decline in HFM then it isn't recorded. However, if it is a permanent decline it should go to the I/S. Unless the MCQ says it is permanent, you assume temporary.
Sometimes Becker doesn't include things that aren't heavily tested, where Wiley includes almost everything. This can be a good thing or a bad thing.
Under GAAP, if an entity elects the fair value option, unrealized G/L on those eligible instruments are recognized in earnings instead of OCI. For example, for available-for-sale securities, if the entity elects the fair value option, those unrealized G/L are reported in earnings and the election is irrevocable. If the entity does not elect the fair value option, they are recognized in OCI with a corresponding valuation account set up.
Virginia
F - Passed
R - 1/19/2013
B - February 2013
A - April 2013
@kambsa, rsoxtim has it right. I memorized Trading and just remember the rule if FV Option is elected, all are like Trading. EX:
Trading Security – unrealized Gains/Losses go to the Income Statement and are reported as “other Income/Gain” or “other Expense/Loss” below Operating Income
The J/E for Unrealized Gain will be Dr – Valuation Allowance CR – Unrealized Gain
When electing Fair Value Option, all Gains/Losses are recorded as Earnings for that period (not Other Comprehensive Income).
Basically treat Held to Maturity and Available for Sale, like Trading Securities (above).
A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*
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