[jeff]

Post by Another71.

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AUD - 79
BEC - 80
FAR - 76
REG - 92

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

[lex91]

Thanks got it!

[Fk]

If a company elect fair value treatment for its Equity Method of Investment. How should we account for Equity in Earning , PPE and Dividend . Finding it very confusing.

Fk

[Yaw]

From the temporary differences below, which ones are classified as deferred Tax Asset/Deferred tax liability and why?

1. Accrual sales

2 Equity method income

3 Gain on involuntary conversion

4 Excess Tax depreciation

5 Unearned revenues

6 Excess financial stmt depreciation

7 Warranty costs

8 Start-up and organizational cost

9 Bad debt expense using allowance method

[ewalk728]

@dzyj

The best thing is to just go through and look through the website that is given to you. I actually finished a class this past semester on this sort of stuff and it helped a lot.

4. There are three (3) primary search options:

a. Codification #: upper left corner

b. “Search” box: upper right corner (to use with keywords)

c. Index to Codification: left side of screen

i. General Principles: Topic 105

ii. Presentation: Topic 200’s

iii. Assets: Topic 300’s

iv. Liabilities: Topic 400’s

v. Equity: Topic 505

vi. Revenue: Topic 605

vii. Expenses: Topic 700’s

viii. Broad Transactions: Topic 800’s

ix. Industry: Topic 900’s

x. Master Glossary

For example:

a. Go to Assets

b. Notice the list of Topics beginning with Cash

c. For our example, choose Receivables (Topic 310)

d. Once a Topic is selected, there are a series of Subtopics from which to choose. There may be a Subtopic directly on point or there may be an industry listed that is specific for our research needs.

If not, go to Subtopic 10 – Overall

[Lidis]

Deferred tax assets are always based in future deductible amount (FDA) times future tax rates

Deferred tax liability is based on future taxable amount (FTA) time future tax rates

Example: Accelerated depreciation (MACRS) vs, straight line.

You have taken more depreciation in your tax return than in your books. You have to pay more in the future. There is a FTA. The company get taxed in the future.

Warranties- GAAP says you have to estimate your warranties in the books. But, IRS said you will deduct warranties when you paid your claims. You will deduct in the future when you paid your claims There is a FDA.

How you classify deferred tax assets and liabilities depend on what caused them

[Yaw]

Thank you, @ Revenue

[Satchman]

Concentration Tips please..

Recently, I don't know what has happened to me, I try to study and I start thinking about this girl. I sit down to study and after 10 mins, I start day dreaming about this girl again and I want to pull my hair out !!. It has been happening since these past 3 days after she left town to travel abroad..

I have always been a very focused person and never had such problems in my life. I have FAR scheduled on the 01/09/2015 and this is driving me crazy.

I would really appreciate any tips. I am sorry if this post does not adhere to the forum rules.

[ewalk728]

@satchman somewhat in the same boat right now. I'll be on my computer watching videos to study then I think of something I want to look up and then I end up spending 30 minutes on wikipedia on some random companies page looking at their subsidiaries and history.

Just try to keep the course and if you need a break then take one and if you're drifting out into daydreaming then try to remember why you are studying and what you need to complete for the day. Once you complete those tasks then you can do whatever you want.

[Anonymous]

I'm looking over the BCC section and would a convenant not to compete be classified as an intangible asset or no?

[Anonymous]

Interesting question. I found a couple documents that mention non compete agreements as intangibles but I have never seen a question that mentions non competes. What is the BCC section? Have you come across a MCQ or SIM that asked this?

[Anonymous]

Business Consolidations

I have not run through a question dealing with covenants not to compete for FAR, but saw a few questions on it for REG. I know on Wiley there is a simulation with customer relationships being considered an asset so would covenants not to compete for an intangible asset as well?

[Anonymous]

From what I have read they are considered intangibles and are amortized over the contractual life. If I came across a question on the exam that is how I would treat it (i.e. an identifiable intangible asset in a business combination).

[Satchman]

@ewalk728 – Thanks – Setting goals/tasks everyday is a great idea.

In addition, I have started listening to music in the background (esp soothing and instrumental at low volumes.) while doing my MCQ's and is keeping my brain from wandering off..

[rossk]

Hi, I will be taking FAR for the third time I got 69 in my last attempt. I switched to Becker from Roger CPA. I am half way through and I am planning to take the exam in 2nd week of JAN. I wanted to know how should I do the final review with Becker? I will have one week for the review. It will be very tough to review all the lecture notes and do questions in one week. Any review suggestions will be highly appreciated!

[Anonymous]

Rossk, in my last week I will be hammering MCQ's. I use Becker but also bought the NINJA MCQ's for FAR this time. I plan on working those questions like crazy the last week and reviewing only the areas that I struggle with while still going over questions on topics I am more comfortable with so I don't lose ground in those areas. My goal is to be able to explain the correct answers on the topics that I struggled with in the past. From what I have read on here that seems to be a pretty successful study method.

[Author]

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