[martimann]

So ch 10 in becker has 12 topics one of them being partnerships. I’m short on time and debating whether I should cover the thing. In REG I got tons of questions on partnerships for my exam, are they hitting it from a different perspective in FAR? Why would they throw at me those questions again?

[sancasuki]

Skip it.

[martimann]

Yeap, If I see any questions on it I'll try to do them based on what I remember from REG.

[sallybreann]

Do you happen to have NINJA MCQs? The partnership questions in Becker confused and frustrated me and I gave up, why do they give you all those wordy questions when at most you may have 2 MCQ questions on the actual exam?! I went through 11 partnership questions in NINJA yesterday and feel comfortable to get through a Partnership question now. (Knowing the Bonus Method vs. Goodwill method) It took me 20 minutes.

[StudyNowCPA]

I did not get a single question on partnerships on my exam. That is not to say the same will happen to you but that was my experience. If you are short on time concentrate on Gov. and Not-for-profit. That will be the best use of your time.

[aaronmo]

And IFRS. It sounds like I had bad luck, but I had a solid 20 questions on IFRS…some in considerable detail. The other really obnoxious thing I got was lots of “what's this statement title” under different accounting systems.

[martimann]

@sallybreann, no I've been using becker and cpaexcel. If I get to it the I guess I will approach it paying attention to the goodwill and the bonus method.

@studynowcpa, yeap I know for sure GOV & NFPs will show up a lot. Got through it once but gotta review them a bit and make sure I got those damn JEs straight.

@aaronmo, I tried taking separate notes on IFRS as I got through the material, I did the little IFRS section on ch 10 and took notes also, but I swear those IFRS are so random sometimes. I gotta review that little IFRS twist on prior period costs for pensions, I know there's a twist to it.

[StudyNowCPA]

Its so hard to try to tell someone what they should study because you can only go by your experience and every exam is different. However, I would say to be sure to know depreciation backwards and forwards. Also, how IFRS differs from GAAP on depreciation. I got 2 simulations on depreciation. I consider that lucky. One on GAAP and one on IFRS. They were correction problems. I also felt like the exam was more of a government and not for profit exam more than a GAAP exam. I was surprised to see so many of those questions. Those are my two cents. I wish you the best of luck on your exam!

[hasy]

Don't skip IFRS.

Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved - Helen Keller

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BEC 80 (10/23/15)
FAR 72 (4/2/15); 83 (7/11/16)
REG 52 (4/28/15)
AUD (9/9/16)

Roger + NINJA MCQ + WTB

[Anonymous]

Go over it once and then move on. I would focus more on financial instruments and IFRS.

Chapter 10 is a little strange. It's very likely they test a simulation on it but you won't really be sure on which topic. It could be on an extremely minor topic that Becker spent 2 pages covering. And it's possible it's one of the sims they throw out. I don't think partnerships is that difficult. Go over the questions once and then be comfortable with it and it should be plenty. It should be something you can grind through. The financial instrument stuff might be a little foreign to some people so make sure you go over that. I may or may not have gotten a simulation on that.

And yea like what other people have been saying make sure you go over Govt/NFP. My test also felt like half the exam questions were on those 2 topics… However this could possibly mean that those questions aren't weighted as heavily since those sections are combined 16-24% of the entire exam and all the other questions were worth more points.

[martimann]

Thanks guys, so yeah GOV and NFPs for sure.
Thanks for reminding me to go over the differences for depreciation for IFRS vs GAAP cause I don't remember a thing about that haha. On the instruments on chapter 10 Ill try a quick review on it.
Those of you who've already passed FAR, LUCKY you, I would buy you a car in exchange for your FAR passing score if I could hahaha JUST Kidding. 😜

[Mike J]

I know everyone here wants to be very helpful. It's why I love the forum.

But, be careful you don't disclose (too much) about your specific exam. It is an act discreditable.

[Author]

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