IFRS: King on this Street (IFRS vs GAAP rap)

    CHORUS:
    Get out your 10-key, Excel Spreadsheet
    Ninja CPA, we gonna beat
    Any exam, we achieve that feat
    IFRS be the king on this street

    VERSE 1:
    International Account Standards Board issues IFRS
    They do that and more
    The most authoritative place you can see
    That management looks for guidance accounting policies
    IASB Framework
    Yea, it helps to develop standards that work
    But it’s not a standard itself, no it ain’t
    Can’t supersede any standard’s authority
    Verifiability
    Different people would reach the same conclusion, are you feelin’ me?
    Understandability
    Easy to use and understand, that’s the plan, let’s keep goin’ and
    Timeliness, uh
    I need that info on time so I can decide how to do things right
    IFRS don’t allow Extraordinary Items
    IFRS don’t allow LIFO, it don’t like ‘em

    CHORUS:
    Get out your 10-key, Excel Spreadsheet
    Ninja CPA, we gonna beat
    Any exam, we achieve that feat
    IFRS be the king on this street

    VERSE 2:
    Current Assets & Liabilities
    GAAP only requires intent, not execution
    Contingent liability
    Uncertain future events, those are contingencies
    IFRS, if “probable” and “measurable”
    Classified as a provision, please listen
    When it comes to timing or amount
    Payment is uncertain, and that’s for certain
    GAAP – probable, reasonably possible, or remote
    Yea, now you know
    Bonds can be recorded using one or two methods
    Fair Value through profit or loss, or amortized cost
    Deferred taxes
    Uses the liability method to do the taxing
    Only “probable” deferred tax assets get reported
    All others, yea it’s best to ignore ‘em

    CHORUS:
    Get out your 10-key, Excel Spreadsheet
    Ninja CPA, we gonna beat
    Any exam, we achieve that feat
    IFRS be the king on this street

    VERSE 3:
    The income statement
    Income, finance costs, profit/loss
    Discontinued ops and tax expense
    Non-controlling interest is what you get
    PP&E Valuation
    Valued using one of two options, let’s state them
    Cost model and revaluation model
    You can remember this if my lyrics you follow
    Pensions, defined benefit plans
    Project-unit-credit-method
    It calculates the PV
    Of the defined benefit obligation

    CPA Review

    October 30, 2014 NINJA CPA Review

    CPA Exam Pass Rates for Q3 2014 Released; BEC Pass Rate 22% Higher than AUD

    failure-slide

    The AICPA has released the 2014 CPA Exam Pass Rates for Q3.

    AUD 2014 Pass Rates

    Q3: 47.41%
    Q2: 48.97%
    Q1: 47.35%

    Q3 2014: 47.41%
    Q3 2013: 46.71%
    Q3 2012: 50.06%

    BEC 2014 Pass Rates

    Q3: 57.90%
    Q2: 58.20
    Q1: 53.28%

    Q3 2014: 57.90%
    Q3 2013: 58.54%
    Q3 2012: 57.71%

    FAR 2014 Pass Rates

    Q3: 51.14%
    Q2: 47.720%
    Q1: 44.06%

    Q3 2014: 51.14%
    Q3 2013: 51.23%
    Q3 2012: 53.91%

    REG 2014 Pass Rates

    Q3: 52.21%
    Q2: 51.69%
    Q1: 49.17%

    Q3 2014: 52.21%
    Q3 2013: 49.80%
    Q3 2012: 51.26%

    Takeaways

    1. AUD has taken a hit since the 2013 Clarified Auditing Standards were introduced to the exam.

    2. BEC is still strong – approaching 60%.

    Additional Information

    Check out the Pass Rate Discussion in the CPA Exam Forum.

    See CPA Exam Pass Rates from prior quarters.

    October 27, 2014 CPA Exam Pass Rates

    Forum NINJA MCQ Giveaway (10/24) – Closed

    ninja-group1-209x209

    The NINJAs are giving away 5 NINJA MCQ subscriptions Friday.

    Details in the CPA Exam Forum. HIYA!

    October 20, 2014 Another71 Forum

    CPA Exam Score Release Timeline: Q4 2014

    AICPA Target Date
    NINJA Date
    October 1 – 20

    November 4

    November 3

    October 21 – November 14

    November 24

    November 21

    November 15 – November 30

    December 9

    December 8

    Note: The NINJA Date is a perfect 9 for 9 in 2014.

    The CPA Exam Forum has the details.

    ***

    Any CPA Exam veteran knows that taking the exam is the easy part.

    The hard part of the CPA Exam is the score release wait.

    A couple of things about the information on this page:

    1. This is for NASBA States.

    If you live in California, Illinois or any of the other “Indie” states, then your score release will happen after the NASBA release. Usually it’s 1-3 days after, depending on the State.

    2. The science behind the NINJA predictions is simple:

    Target Date – 1 Business Day.

    That’s it.

    It’s very simple, but rarely wrong.

    The NINJA Date is a perfect 9 for 9 in 2014.

    3. On Score Release day, the only place to get up to date score release information is the Another71 Forum.

    CPA Exam

    Free Downloads: 2014 NINJA CPA Exam Study Planner + ELL PLAN™

    Bonus: Complete Chapters ($105.72 Value) from the Ten Point Combo:

    FAR – Financial Reporting (Notes/Audio/Flashcards)

    AUD – Engagement Planning (Notes/Audio/Flashcards)

    REG – Individual Taxation (Notes/Audio/Flashcards)

    BEC – Economics (Notes/Audio/Flashcards)

    Enter your email below and get them instantly:

    • Please tell us about your CPA Exam status.
    • * = Required Field


    Where do I Check my CPA Exam Score?

    There are three categories of states when it comes to releasing CPA Exam Scores: NASBA States, Indie States, and Snail Mail States.

    Most state boards of accountancy outsource their score reporting function to NASBA. NASBA is quick, consistent, and reliable when it comes to releasing scores. Once the AICPA releases scores to NASBA, the Indie States, and the Snail Mail States, NASBA is very quick to upload candidates scores – oftentimes the same day.


    Go to the CPA Exam Forum

    October 19, 2014 CPA Exam Scores & Results

    Test Your Might (Weekend): MACRS, Engagement Planning & More


    HIYA!: 300 more AICPA-Licensed questions have been added since the video was recorded

    AICPA-Licensed Content

    5,900+ MCQs

    250+ Simulations

    Adaptive Learning Technology

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    Has NINJAs

    Click here to Get Started Immediately

    “Your NINJA MCQs helped me score a 96 on FAR. Great products.” – Matt D.

    “I bought NINJA MCQ about a week before I took Reg…Average Trending Score on NINJA MCQ = 82.17%. My actual score on the exam was 89.” – Mike H.

    “I bought the AUD NINJA MCQs for my final review and I scored an 87…Wonderful Addition!” – Teleka J.

    Link: http://www.another71.com/products-page/ninja-mcq

    NINJA MCQ


    CPA Exam Study Groups – October/November 2014

    The CPA Exam Forum Study Groups are locked and loaded…

    October 06, 2014 Another71 Forum

    CPA Reviewed #57: CPA Exam Study Advice – 9/23/2014

    Podcast Giveaway: Ten Point Combo – Winner announced during the show.

    “Ask Jeff” Questions (another71.com/ask-jeff):

    Tom - I am 27 and have no real-life accounting experience and have been working as a temp at firm for about a year in a position that doesn’t deal with accounting and very little finance. I want to get my CPA but my accounting knowledge is very low at this point. What do you suggest I do at this point? Do I need to do something to get a base accounting foundation?

    Link to Video (3:12)

    Tony - I failed FAR with a 68, and I am starting to study again for the exam. Should I re-watch the lecture videos or just reread the book, rewrite notes, and practice test questions in the test bank?

    Link to Video (2:14)

    Amber - I am overwhelmed by all of the review courses out on the market to pass the CPA exam. I’m going to get the Ten Point Combo and it seems to come with a plethora of information. Is that all I need to study for the four sections or do I need to get another review above and beyond?

    Link to Video (3:30)

    Roman – I’m 10 days away from my first exam — Audit. How should I study during these final days? I have the Wiley book and test bank, NINJA Flashcards and NINJA Blitz.

    Link to Video (1:45)

    Patrick - I am struggling with FAR, especially journal entries. Do you think your Ten Point Combo will help me prepare?

    Link to Video (1:20)

    Mohamad - I am struggling with the CPA Exam. Should I try to get my CIA instead since it is easier and then go for my CPA later?

    Link to Video (1:59)

    Pam - I get very bored during lecture videos and find it hard to retain the information as I just listen to these guys talk for hours. Do you think supplementing my lectures with the NINJA Notes might be a good strategy? I’m wondering if this is a common way to study and if you know if it has worked for others.

    Link to Video (2:15)

    Mike - There are no homework questions with my review course, only multiple choice questions. With the NINJA method, do I just ignore the MCQs for now and keep taking notes and watching videos? I feel like I learn more from the lesson when I work the multiple choice after the lecture and reading the material.

    Link to Video (1:41)

    Yi - I passed REG in 2012, but now I need to pass it again. Is my review material from 2012 still relevant? Can I use an updated supplement instead of purchasing all new materials?

    Link to Video (1:35)

    Facebook Questions (facebook.com/another71):

    Xubair – Is it possible to complete REG in two weeks, studying full time?

    Link to Video (2:17)

    Audrey – What are some tips on how much and what you should study the last two weeks before a test?

    Link to Video (2:39)

    Justin - I’m studying for BEC using the wiley book and online test bank and your audio and ninja notes. What is the best strategy/time allocation for reading and doing MCQ’s?

    Link to Video (1:48)

    Justin D – Jeff, I’ve tried studying with another course (one that starts with a B) and I’ve had terrible results Gotta be honest, I’m feeling a bit down and defeated. It’s my lifelong dream of becoming a CPA. Can you help? Thanks

    Link to Video (2:54)

    Gary - What is the true nature of a 1031 like-kind exchange?

    Link to Video (2:14)

    Forum Questions (another71.com/cpa-exam-forum):

    AScott89 - Do you think it’s possible to study for an AUD retake in eight weeks or less? I just started studying for my retake and I’m hoping to schedule it for the end of November. I work part-time and my schedule is always changing.

    Link to Video (1:36)

    golfball7773 How do you stay motivated after spending your whole summer on FAR to find out you pretty much bombed the test?

    Link to Video (2:14)

    Mjganier For AUD, what is the best method to get the management assertions (existence, valuation, etc) to stick? What are the specific keywords in the questions that will help identify the correct answer? These can be so tricky!

    Link to Video (2:00)

    Links:

    More Podcasts
    Another71 on YouTube
    CPA Reviewed on iTunes

    Free CPA Exam Resources:

    CPA Exam Survival Guide
    CPA Exam Study Planner

    September 23, 2014 Podcasts

    Hoping to Rebound after Disappointing FAR Score

    blog imageRollie is a NINJA CPA Blogger.

    Hello NINJAs!!

    I wish I had some exciting news, but alas I do not. I finally received my FAR score after NASBA’s great Friday tweet and server issues on Monday. I knew what I was expecting, but I did not expect to completely bomb FAR.

    I received a 55. That is worse than when I was pretending to study last year. By pretending, I was justifying Call of Duty instead of studying. I am kind of shocked to the extent that I failed, but I need to hop off the depression train and pass in early October. Woo woo! (Train noise…)

    I was expecting to fail when I was only trending 49 percent in NINJA MCQ and the test was a beast. I don’t know why I thought my result would be any different.

    I am going to change my plan up just a tad. Instead of focusing on lectures, I am going to do purely multiple choice questions. The other change I plan on making is to stop at the gym before heading to the library. Hopefully by getting some physical activity in my life, I will be able to focus and understand the material better.

    When I was studying this summer, I felt like I needed some sort of nap by the time I got to the library and my productivity and ability to focus plummeted.

    To all NINJAs that have failed, I know it tempting to give up, but keep moving forward. If you follow the CPA Exam Forum, you see so many success stories and how the posters have changed their family and career by pushing ahead.

    I recommend looking at Kricket’s story. It is somewhere in the forum and it is great motivational story to push you ahead after failing. Until next time, I hope to rebound in Q4!

    September 12, 2014 NINJA CPA Review
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