[jeff]

Welcome to the Q1 2017 CPA Exam Study Group for REG. 🙂

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[aatoural]

@namstuts – thanks, I am studying for it but is not sticking for some reason.

How did it go?

BEC - PASSED
AUD - 8/29/16
FAR - TBS
REG - TBS

[Namstut]

@aatoural I just realized I did one of the SIMs completely wrong! I initially had it right and then something came over me and I THOUGHT a different rule might apply so changed my answers. So I feel like this will completely screw me up, I was counting on SIMs to get me through this time. Oh well… there is always next time.

AUD 7/6/16 Passed
BEC 9/3/16
FAR TBD
REG TBD

[gigabyte2001]

I'm sure this question has been asked dozens of times but a google site search gave me answers from 2009. For REG do we need to have the tax brackets memorized?

B - 11/11/16
A - 4/16/16 87!!
R - 2/17/17
F - 7/26/16 - Waiting for 8/23

[aatoural]

@namstut – hopefully is not a graded one. You' know those scores can be quite surprising.

BEC - PASSED
AUD - 8/29/16
FAR - TBS
REG - TBS

[RE2PECT]

Hopefully you still pulled it off Namstut!

Guys I need some advice here. I actually made a thread about it, but wanted to see what the regulars in here think. I'm scheduled to take REG on 1/17 and now I'm starting to get the feeling I should push it back. I checked my Prometric and they have open seats on 2/2, 2/17 and 2/28.

I've been doing well using Ninja and averaging 84% since I switched back from Gleim, but still have to finish up ethics and then all the blaw questions. I feel more prepared than last time, but there's still some areas I feel I need to improve on.

Do you think I should reschedule or am I just getting the pre-exam jitters? The few replies I got in the other thread said I should reschedule, but I'm not sure what to do. I feel like if I don't reschedule and I end up failing I'm going to be kicking myself for not taking more time to prepare.

FAR: 75 Roger & Ninja (notes/flashcards/audio/MCQ)
AUD: 73, 81
BEC: 71, retake 8/29
REG:

[Namstut]

@re2pect if you feel like you won't be able to cover ethics and blaw to the point where you are comfortable I would reschedule.

As I mentioned before, we are drilling SIMs and calculations and ignore theory and it WILL be a huge chunk of your MCQs. 10 days is a decent amount of time to cover it, but only you will know whether you are ready or not.

AUD 7/6/16 Passed
BEC 9/3/16
FAR TBD
REG TBD

[RE2PECT]

@Namstut- I just don't want to feel like I'm rushing through the material. That's what I did for my first REG exam and burnt myself out. If I take a few days to do blaw I still want some time to go back and review tax again.

I know it's weird, but for some reason I like being part of the first score release. I remember someone posting about how you have better chances of passing and I actually passed AUD and BEC that way lol.

FAR: 75 Roger & Ninja (notes/flashcards/audio/MCQ)
AUD: 73, 81
BEC: 71, retake 8/29
REG:

[JMG]

Got hit with a bad cold this weekend, trying my best to fight through it and study but it's been rough. Should I just rest up and resume when I'm feeling better? My exam is a little over two weeks away and of course I get hit with it on the weekend, my prime study time.

[fblessed777]

Hi Namstut,

Wish you good luck!.

By the way REG SIMS are bit tough. Did the SIMS exam focus on tax area or property transaction?

Thanks,

[aatoural]

@Re2pect – Even though my first time was the end of last November for REG, ethics DO play a big rule on getting that 75.

BEC - PASSED
AUD - 8/29/16
FAR - TBS
REG - TBS

[aatoural]

What is the amount of time that working papers should be kept? I got confused here:

For what minimum period should audit working papers be retained by the independent CPA?
A. For the statutory period within which legal action may be brought against the independent CPA. CORRECT
B. For as long as the CPA is in public practice.
C. For the period during which an auditor-client relationship exists but not more than 6 years.
D. For the period during which the entity remains a client of the independent CPA.

BEC - PASSED
AUD - 8/29/16
FAR - TBS
REG - TBS

[aatoural]

GLEIM: Audit working papers should be retained by a CPA for a period sufficient to meet the needs of the CPA’s practice and to satisfy the relevant legal standards for records retention. State and federal statutes specify the period of time within which legal action must be initiated to hold a CPA liable, but the auditor may find it beneficial to retain working papers for a longer period. Under the Sarbanes-Oxley Act of 2002, auditors of public companies must retain their audit working papers for at least 7 years. Furthermore, it is a crime for auditors of public companies to fail to maintain all audit or review working papers for at least 5 years.

BEC - PASSED
AUD - 8/29/16
FAR - TBS
REG - TBS

[HoosierCPA]

I've been out since my burst of posts this morning! @namstut how was the exam? I'm a little jealous you have it all behind you! I still have yet to apply for my NTS!

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[HoosierCPA]

@jack that's a good problem you posted! The corp will distribute at FMV…however if the debt on the property distributed exceeds the fmv then the liability is what you work off of, in that example 40-25=15 gain to corp. Thanks for posting!

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[HoosierCPA]

@brittany lutz working from memory here but I'm pretty sure death of a partner automatically dissolves a partnership. Not sure why wiley says otherwise. In other cases where you just have withdrawals from a partnership I believe it has to be over 50% of the partners withdrawal in 1 year.

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[Author]

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