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Hey everyone,
I’m new here. I’m thinking of taking the FAR at the end of November (it’s my first CPA exam). But I am really unsure about myself. Maybe someone here with some experience can help me out.
I’m using Becker’s self-study. I went through all the sections, read the book, watched the videos, and did the MCQs. I got most of the stuff but some of the details I just didn’t get. Now I’m redoing all the lectures, one lecture per day. I did F1-5, will do F6-7 through the weekend, and the rest next week.
I know a lot of the stuff, but I still don’t feel comfortable. All the little details. I just can’t remember them all.
I’m studying 4-6 hours a day on Becker’s, then I watch YouTube videos on accounting. Seriously. That’s what I’m listening to on the way to and from work. (If anyone wants, I can post a link to Rutgers on YouTube, they have great lectures on topics like leases, NFP, etc., though a bit long.) Whenever I have an extra minute I’m studying. I stooped following news and sports. I have no idea how many people have Ebola, how many people ISIS recently killed, or who’s poised to win the midterms. All I’m doing is studying and studying and studying.
When I’m not studying I get nervous. I feel like I’m wasting my time. When my wife and kids talk to me, I’m getting annoyed.
At night, I dream about leases, bonds, PV, FMV, consolidations, etc.
Anyway, is getting all the little details really important? I’m taking notes when I’m doing the MCQs, see a sample after my post. Are details like the ones I have in the sample really important to remember?
I have a 4.0 GPA, yet still find FAR to be tough. I think the reason is that I have to understand things. If I don’t understand something, it just doesn’t register in my head. FAR, at least the way Becker’s is presenting it, is all about memorization. I don’t understand the logic behind most of the rules (that’s why I like the Rutgers lectures, they “explain” the rules).
Also, I’m getting between 80-95 on my MCQs. I’m comfortable in most areas including NFP. But there are areas I can improve, like pensions. When do I know I’m ready to take my exam?
Thanks for hearing me out. Just having a place to vent and rant makes me feel better….
Good luck all with your studying.
Here’s a sample of my notes:
Review Instalment sales F2, like-kind exchanges
Officers’ salaries ARE related parties discourse under IFRS (not GAAP)
10% of liabilities is NOT a measurement used for segment reporting
Form 6-K semiannually foreign private issuers. Unaudited
Accelerated filer 75. LARGE accelerated filer 60
Form 11-K, employee benefit plan. DO include FS of plan
Maintaining goodwill = expense
R&D done by third party on your behalf = expense
Un-mailed checks = do not record
Prototype
Goodwill impairment = reporting unit GAPP, cash generating unit IFSR
Under IFRS, goodwill impairment CV – grater of FV (minus cost to sell) and future cash flows (value in use)
Held to maturity long AND SHORT term bonds = carrying amount (unless permanently impaired)
Foreign exchange gains and losses from AFS “debt” securities = IS under IFRS
******BE CAREFUL WITH THE DATES!!!!!!!!!!!!!!!!!!!!!****
Goodwill created under equity investment is NOT subject to impairment test. The entire investment, however, is
From equity to cost = do NOT restate. Use equity for beginning and cost for end. From cost to equity, restate.
100% of sub dividends are eliminated in consolidation (NCI dividends are debited to NCI)
Actual refinancing of a short term note to long term after BS date before FS release = long term liability
Factoring = AR. Discounting = Notes receivable
Deferred tax liability arising from depreciation = Long term liability
Postdated checks is NOT cash/cash equivalent, neither is cash in sinking bond
Prepaid asset is NOT part of quick ratio
Overdrafts are recorded in liability section. It is NOT cash. (Unless it’s the same bank of a positive balance account and bank can offset the overdraft)
Interest during construction should be capitalized even for own building
Under IFRS an individual assets can NOT be revalued alone. The ENTIRE CLASS must be revalued
Interest on land should NOT be capitalized, unless during construction???????. Architect fees = building. Sewage = land improvement
Group = similar assets. Composite = dissimilar
Impairment loss is recorded in Accumulated Depreciation account
BE CAREFUL WITH THE DATES!!!!!!!!!!!!!!!!!!!!!
EXPENSE IMMEDIATELY capital assets used in r&d (if no alternative use) even if r&d takes more than a year. DO NOT DEPRECIATE
Personal FS = Sttmnt of FINANCIAL CONDITION and sttmnt of CHANGES IN NET WORTH
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