[Anonymous]

I noticed a lot of us are preparing for FAR.

i have no experience with this section, and left it for last.

I decided to make a thread that will hopefully yield tons of advice. this is inspired by Jeff Foxworthy’s “You know you’re a redneck if…”

Hopefully this will turn out as informative as Foxworthy’s thing was humorous. again the criterion is:

“you know you’ll pass FAR if you…[insert advice here]”

[Anonymous]

Matt said it best. FAR required more time. I got away with taking two or three days off work and studying for other sections, an exercise of short term memory of key concepts and words. FAR doesn't allow for this, the exam is much more in depth of testing the foundation of your understanding. You actually need to read the book and take notes for this one. I used Gleim entirely and did not crack the book for Audit, BEC or REG. FAR required reading the book, sometimes retracing areas until the concept is grasped. On the positive side, the exam is extremely difficult but doesn't have the gray areas of audit.

[Excel14]

Oh, I was never suggesting shortcuts, if you mean me. There is just SO much material to know.

BEC (2/28/16) ----- 78
FAR (09/10/16)-----
AUD
REG

CIA, CGAP, CFE

[Matt Douglass]

@Excel14, no I didn't mean to respond to your post, but just as a general comment to the thread.

MS, Accounting - Done!

FAR - 83 (CPAexcel/Ninja MCQ)
AUD - 87 (CPAexcel/Ninja MCQ)
REG - 10/16
BEC - 11/16

[KJ]

I have not taken FAR but is going to be my first on Saturday.

When answering questions RELAX (is the key). I have been doing MCQ's/Review and I have noticed when I am relaxed and not rushing my score has been much better.

For Govt. I struggled but I created my own mnemonic for fund where all falls (example, PAPI, a spanish word, for fiduciary's private-purpose, agency, pension and investment trust). Obviously there is more to Govt. than that but just getting fund categories in order is a daunting task. I know some people say learning FAR is concept and not just memorizing (I agree) but mnemonic helps (for me at least).

I struggled with consolidated/acquisition but I started to write what the question is asking and breaking it down in pieces (which also helped me to answer them correctly).

I am hopeful to pass the first time but if not then I made a mistake in preparing somewhere and somehow…

..and I quote “Anyone who has never made a mistake has never tried anything new.” – Albert Einstein

FAR - August 2016
AUD - September 2016
REG - October 2016
BEC - November 2016

Remember: "Everything should be made as simple as possible, but not simpler." - Albert Einstein

[monikernc]

excel14 – yes. those equations for each type of fund. when i took govt the book had a nice graphic of the funds and i made notes of each type within its category with the equation, the meas focus/basis of acctg, and the financial statements required for each. i referred back to that so many times it all became easy to remember. these basic elements are key to learning through review – they are the fundamentals, so organize them and know them.

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[monikernc]

another thing that might help for IFRS are the summary of differences that the Big4s post on their websites. I didn't use that for the exam but it did come in handy when I took international in school. Deloitte and GT have them and they are nice comparisons. Wiley has some international sections posted that have great Q&A – i used those a lot while in school studying hedges, etc. you will have to google to find them

i posted a link for someone here who had questions about budget entries in govt. for what it is worth: https://www.another71.com/cpa-exam-forum/topic/far-modified-accrual-accounting

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[Excel14]

@monikernc,

Gleim has a pretty good summary of “many” of the differences between IFRS and GAAP, but then when I get to some of these MCQ, they test the down and dirty details. Ugh! I hate to sound like the typical whiner too, but my review plan of,listening to each chapter's lecture and doing MCQ and SIMs, is taking up too much time. I am going to have to ditch that plan I guess. I am not sure that just spitting out MCQ is the way to go either though. I have 2 weeks as of today, and I'm not sure of the best way to keep attacking this review. Maybe hit most of the major tested areas? I really don't want to gloss over something though!

BEC (2/28/16) ----- 78
FAR (09/10/16)-----
AUD
REG

CIA, CGAP, CFE

[Anonymous]

Know that when management restricts assets they are unrestricted. Only Voluntary Wealth and Healthcare Organizations must report Statement of Functional Expense. Agency funds only report Assets and Liabilities. Proprietary funds only funds that report Statement of Cash Flows. I can almost guarantee you they will ask you those 4 things on Non profit and Governmental, maybe even more than once. Also know the 5 fund balance classifications!!!!

FAR 2/29/2016—72
FAR 5/12/16—87

[Excel14]

@CFrught,

Thank you! You brought up your FAR score very nicely. Any secrets, besides the obvious, like studying more? Lol

BEC (2/28/16) ----- 78
FAR (09/10/16)-----
AUD
REG

CIA, CGAP, CFE

[monikernc]

excel – you are 2 weeks out and need to get to final review. can you skip lectures and do mcq's and sims to finish strong?

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[Excel14]

@monikernc,

I've been doing final review, but had just changed up tactics, since it seemed doing nothing but MCQ over and over, might not be the way to go. I've only been doing 2 chapters a day, for 2 days now. Taking way too long! I guess MCQ and SIMs over and over throughout, is the way to go, correct? I know you need to understand too, why answers are wrong, but there isn't a lot of time to sit and reflect.

BEC (2/28/16) ----- 78
FAR (09/10/16)-----
AUD
REG

CIA, CGAP, CFE

[Nessie]

Excel, I am writing FAR on June 10th as well. Might be worth your while to read notes as well as MCQs.

REG Aug 20/15: 88
AUD: Feb 29/16: 80
FAR: Jun 10/16: 80
BEC?

Becker self-study, Becker Final Review & NINJA MCQS

[Grizzly92]

You know you'll pass FAR for if you can pass Becker's practice exams, seriously. I averaged 67 (MCQ only) on Becker's final exams and scored in the high 80's.

FAR: 89 5/14/16
AUD: 99 6/09/16

Becker Self Study

[monikernc]

excel – you are 2 weeks out and need to get to final review. can you skip lectures and do mcq's and sims to finish strong? Maybe just view lectures on topics you have trouble with?
when relying on the mcq's you have to read through everything that comes up with responses. keep your notes organized because you won't have time to reorganize them. stick to a topic until you grasp it but keep moving forward. stop and do review sessions so you don't forget anything as you progress.
watch your detailed progress reports to check in on your weak areas. it is go time. so go!

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[Excel14]

@monikernc,

Easy to identify my weak areas….All of them! Lol. I'm hitting the review heavy, although I'm feeling a little disgruntled.

BEC (2/28/16) ----- 78
FAR (09/10/16)-----
AUD
REG

CIA, CGAP, CFE

[Author]

Replies