Need to Know Sim Topics for FAR

  • Creator
    Topic
  • #818271
    Ira Gilligan
    Participant

    I am taking FAR tomorrow and am doing some last minute review for topics that I think might have simulations. Does anyone have any need to know sim topics or types of sims that they wouldn’t go into the exam without knowing? I’m trying to avoid having sims come from out of left field as much as possible.

    AUD - 80
    BEC - 92
    FAR - 92
    REG - 86
    I've made a huge mistake.

    FAR - (scheduled 9/24/16)
    BEC -
    REG -
    AUD -

Viewing 15 replies - 1 through 15 (of 15 total)
  • Author
    Replies
  • #818310
    Lou
    Participant

    I would say know your IFRS, Gov CF (specifically non capital and capital financing), depreciation, and cash-to-accrual acct

    AUD - 91
    BEC - 91
    FAR - 94
    REG - 87
    Done!

    FAR- taken 8/11/16....now the wait begins
    AUD- scheduled 9/8/16
    BEC- scheduled 10/9/16
    REG-scheduled 12/10/16

    Live a few years like most people won't, to live the rest of your life like most people can't.

    #818313
    Anonymous
    Inactive

    Even though it is against AICPA rules, I am going to say it………….study EVERYTHING! Sorry man. I guess a tip that I could give is to make sure you know journal entries on major topics really well. I did not review that many SIMS in my prep, but I did spend the last day of my review going into each topic area and taking time to understand the journal entries and also writing them down to help me retain the information. Also, when you are doing the sims, try to browse through the different problems and solve them in order of familiarity. Wish you luck man!

    #818325
    Ira Gilligan
    Participant

    Haha thanks bigbear86. Hopefully I didn't sound like I was asking for specific examples/info from the exam. I just am looking for some of the more crucial areas to study last minute. I want to make the most of the little time I have left for final review.

    AUD - 80
    BEC - 92
    FAR - 92
    REG - 86
    I've made a huge mistake.

    FAR - (scheduled 9/24/16)
    BEC -
    REG -
    AUD -

    #818355
    Valar Dohaeris
    Participant

    I would say make sure you know how to account for call and put options, franchise agreements, IFRS treatment of R&D expenses, reporting requirements for interim/year-end financials.

    AUD - 81
    BEC - 83
    FAR - 83
    REG - 84
    CPA

    Finance Manager

    Experienced in Big 4 audit, regional audit, and technical accounting consulting

    BEC - 85
    AUD - 81
    REG - 84
    FAR - 7/24/16

    #818547
    hasy
    Participant

    Definitely IFRS differences. Study journal entries very well. For every transaction there is, make journal entries. For every MCQ you do, do journal entries.

    Yeah, I think this post is general enough.

    AUD - 83
    BEC - 80
    FAR - 83
    REG - 78
    BEC - 80 (Roger + NINJA MCQ + WTB)

    FAR - 72; 83 (Roger + NINJA MCQ)

    AUD - 83 (Roger + NINJA MCQ + WTB)

    REG - 52; 78 (Roger + NINJA MCQ)

    Ethics - 68, 96 (how I dislike you)
    -
    This forum is more addictive than drugs. Still returning after licensure.

    Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved - Helen Keller

    -

    BEC 80 (10/23/15)
    FAR 72 (4/2/15); 83 (7/11/16)
    REG 52 (4/28/15)
    AUD (9/9/16)

    Roger + NINJA MCQ + WTB

    #818559
    Ira Gilligan
    Participant

    Does anyone have a good resource for IFRS differences (maybe a link to a good website)? I am using CPAExcel, but they don't give a good summary section that puts all of the IFRS differences together.

    AUD - 80
    BEC - 92
    FAR - 92
    REG - 86
    I've made a huge mistake.

    FAR - (scheduled 9/24/16)
    BEC -
    REG -
    AUD -

    #818640
    GeauxAwayCPA
    Participant

    Following to see if @Brandon gets a response. I am also using CPA excel and could use a nice IFRS summary!

    Good luck tomorrow @Brandon!

    Licensed CPA in Texas trying to start up my own tax practice
    #818709
    monikernc
    Participant

    all is fair in love, war and exam sims.
    nondisclosure rules prevent me from saying anything more.

    AUD - 93
    BEC - 82
    FAR - 76
    REG - 88
    How have you been?
    Ninja book and MCQs and the forum, all first try! 2016
    Licensed State of Montana April Fool’s Day 2020
    State of Colorado June 2020 - AICPA Ethics 93
    Experience was the worst part of the journey for me. You?
    If you want things to change you have to do something different.

    FAR 7/25/15 76!
    AUD 10/30/15 93
    BEC 2/27/16 82
    REG 5/23/16 88!
    Ninja Book and MCQ and the forum - all the way!!!
    and a little thing i like to call, time and effort!
    if you want things to change, you have to do something different

    #818718
    monikernc
    Participant

    EY's USGAAP v IFRS

    https://www.ey.com/publication/vwluassetsdld/ifrsbasics_bb3119_22december2015/$file/ifrsbasics_bb3119_22december2015.pdf

    AUD - 93
    BEC - 82
    FAR - 76
    REG - 88
    How have you been?
    Ninja book and MCQs and the forum, all first try! 2016
    Licensed State of Montana April Fool’s Day 2020
    State of Colorado June 2020 - AICPA Ethics 93
    Experience was the worst part of the journey for me. You?
    If you want things to change you have to do something different.

    FAR 7/25/15 76!
    AUD 10/30/15 93
    BEC 2/27/16 82
    REG 5/23/16 88!
    Ninja Book and MCQ and the forum - all the way!!!
    and a little thing i like to call, time and effort!
    if you want things to change, you have to do something different

    #818985
    Anonymous
    Inactive

    Brandon….I know your question is about SIM topics….but, was wondering if you have taken care of your testing time budget yet….

    here is what I asked somewhere else on this site…and no respond yet.
    ============================================================================

    ……. have a general question regarding time budgeting during FAR exam.
    my understanding is that time will begin with 0 minutes and adds up until reaches 240 minutes (4 hours).
    Is this how it works?

    I am planning to sit for exam in Sept 7th and want to have a time allocation, so i know at what time i should/must be done with each part and move the next.

    thanks in advance!

    #819531
    monikernc
    Participant

    i suggest you do the AICPA practice exam – requires windows pc and IE – it will show the clock.
    also, ask for a handheld calculator for the exam. essential for quicker calcs that do not require the tape feature. saves time. reduced my stress due to ease of use.

    AUD - 93
    BEC - 82
    FAR - 76
    REG - 88
    How have you been?
    Ninja book and MCQs and the forum, all first try! 2016
    Licensed State of Montana April Fool’s Day 2020
    State of Colorado June 2020 - AICPA Ethics 93
    Experience was the worst part of the journey for me. You?
    If you want things to change you have to do something different.

    FAR 7/25/15 76!
    AUD 10/30/15 93
    BEC 2/27/16 82
    REG 5/23/16 88!
    Ninja Book and MCQ and the forum - all the way!!!
    and a little thing i like to call, time and effort!
    if you want things to change, you have to do something different

    #819633
    JustAnotherWannabe
    Participant

    Govt./NP and IFRS. Honestly, everything else seems so random. 3 of my Sims were about topics I did not really expect, topics that are not usually thought to be that heavily tested. Even if you feel you are not doing well on the Sims don't give up! 2 of mine I felt like I had no idea what I was doing and I scored a 91 somehow. Good luck!

    AUD- 98 2/24/16
    FAR-
    REG-
    BEC-

    Self Study CPAExcel

    #819663
    neaux
    Participant

    There is no way to prepare for SIMS other than knowing the material and familiarizing yourself with the type of questions. If you have a strong understanding of FAR topics, you should be fine. If I had to choose topics to know for SIMS, I would say Bonds, Leases (all types) Government, and NFP. If you want something to review/study, review your weakest areas.

    FAR - 81, 7/4/16
    AUD - 77, 7/11/16
    BEC - 83, 7/23/16
    REG - 63, 8/12/16; 87 11/4/16

    NINJA saved my working life!

    #819792
    atabiaka
    Participant

    berlin97, here is what i do on each of the exams:
    Before i start the exam, in the corner of the sheet they give you, i write down the following:

    4:00 start 1 testlet
    3:15 start 2 testlet
    2:30 start 3 testlet
    1:45 start sims
    0 run away.

    i used this layout for FAR. You can figure out your own for every other exam.

    it helped me to stay on track. Hope it will help you too.

    P.S. the clock counts down

    Good luck!

    #820014
    Anonymous
    Inactive

    monikernc
    &
    atabiaka

    Great advises! thank you….

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