[Dan]

Hello All,

I’m practicing for FAR and running through the TBS quizzes. I keep getting a ton of questions asking me to locate certain sections and paragraphs in the Professional Standards for a certain situation. Below is an example. At first I didn’t care much about these kinds of questions. Now I’m wondering if it’s something I need to memorize or further study for. Does anyone know if the below question gets tested on the exam?

Your client does not understand why inventory is written down to the lower of cost or market. Identify the location in professional standards that indicates the purpose of reducing inventory to market.

1. Which title of Professional Standards addresses this issue & will be helpful in understanding the documentation requirements for matters communicated with governance?

2. Enter the exact section and paragraph with helpful information.

Choose a title from the list.

For IRC answers, choose IRC-2 for an answer with Section and Subsection, and IRC-3 for an answer with Section, Subsection, and Paragraph.

FASB ASC

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Some examples of correctly formatted FASB ASC responses are 205-10-05-1, 323-740-S25-1, 260-10-60-1A, 715-30-35-95, 820-10-35-16BB and 810-10-55-205AE.

Thanks,

Dan

[KJ]

You will not be able to memorize all of them but definitely practice some and be familiar with it.

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

[Author]

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