[Anonymous]

I noticed a lot of us are preparing for FAR.

i have no experience with this section, and left it for last.

I decided to make a thread that will hopefully yield tons of advice. this is inspired by Jeff Foxworthy’s “You know you’re a redneck if…”

Hopefully this will turn out as informative as Foxworthy’s thing was humorous. again the criterion is:

“you know you’ll pass FAR if you…[insert advice here]”

[1dayatatime]

My advice is actually the polar opposite of what a lot of people are saying.

Master GAAP. Be comfortable with NFP and Governmental. Don't worry about IFRS aside from maybe 3-5 major differences from GAAP that seem to come up often in the MCQs.

No amount of knowledge in any other topic can bail you out if all the big GAAP rules aren't ingrained in your mind.

AUD - Pass
REG - Pass
BEC - Pass
FAR - Pass

[Anonymous]

how important is knowing the FASB codification and using the research tab for “Regular sims” and not just research sims?

This advice (from forum user moniker) helped me pick up some points on AUD sims, as some of them are verbatim from the prof literature.

Can the same be done for FAR sims?

[Excel14]

So the general vibe I'm getting from this thread, is that you better know GOVT/NFP very well, since it is heavily tested and in depth. One question…..Some have stated that they are easy points. How are they easy points if they test the minutiae?

What do they call an accounting person, who only managed a 75 on all four parts of the CPA exam....you got it, CPA!!!

BEC (2/28/16) ----- 78
FAR (09/10/16)-----
AUD
REG

CIA, CGAP, CFE

[monikernc]

eesti is back and ready to rumble.

for gov/nfp at least know the basics. know each of the govt fund types, the funds that are in each group, the financial statements required for each ( including how the fund balances are reported) the measurement focus and basis of accounting for each. know the components of the CAFR and what each part includes.

register for browse access at fasb.org and learn the structure of the standards. you have to pay for search access but browse is good for familiarizing yourself with structure.

know what standards to follow for each entity type.

finally, help me if i need a reg retake.

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

[Excel14]

@monikernc,

By standards for each type, do you mean that GASB is over governments, while the FASB oversees NFPs? Also, what do you mean by “structure of the standards”?

What do they call an accounting person, who only managed a 75 on all four parts of the CPA exam....you got it, CPA!!!

BEC (2/28/16) ----- 78
FAR (09/10/16)-----
AUD
REG

CIA, CGAP, CFE

[monikernc]

yes to GASB and FASB
by the structure just understand how the standards are organized because as i recall that is how you will see them on the exam. take the aicpa practice exam and compare the structure to fasb.org

as a simple exercise go browse to the standard for the statement of cash flows or initial recognition of bond issuance costs.

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

[Excel14]

Cool. Thanks! That is another thing that drives me crazy…when to expense costs in each case, and when to add it to the asset and capitalize it as part of the total. I realize a general rule is future economic benefits, but that isn't enough to always remember when to do what. You know?

What do they call an accounting person, who only managed a 75 on all four parts of the CPA exam....you got it, CPA!!!

BEC (2/28/16) ----- 78
FAR (09/10/16)-----
AUD
REG

CIA, CGAP, CFE

[monikernc]

while looking at bond issuance check under remeasurement. fasb breaks things down by initial recognition then remeasurement, etc. we had assignments in all 3 intermediate classes for fasb research topics. it helped to know how it works.

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

[monikernc]

understand amortization tables set a few up when working bond prblems so you understand how interest expense and premium/discount amortization works.

where is CPA50 – she needs to jump on this train

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

[monikernc]

i want to add for gov know the accounting equations for each fund type.

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

[CPA50]

Seriously? If I knew, I'd have passed by now!

Ok, here goes…

IFRS
Gvt
NFP
EPS
JE
Definitions and synonyms (not all questions are worded the way you seem them in review)
Pension
ARO
Bond Issuance Costs (new)
Statement of Cash Flows
Convertible Bonds
Percentage of Completion AND Completed contract
Hmm…After 8 times, I've pretty much seen each and every part of FAR tested.
Now, why I can't I just get this behind me???

AUD - 80
BEC - 77
FAR - 80
REG - 80

3 years

+ 16 tests

+ 2 expired sections

= DONE FOREVER!

AUD 88 (expired), 80 retake
FAR 64,69,67,73,67,73,73,73, August 3
REG 75 (expired) September 7
BEC 72, 77

The adventure continues...

[Excel14]

@moniker,

You mean such as “assets + deferred outflows – liabilities + deferred inflows”? That type of equation?

What do they call an accounting person, who only managed a 75 on all four parts of the CPA exam....you got it, CPA!!!

BEC (2/28/16) ----- 78
FAR (09/10/16)-----
AUD
REG

CIA, CGAP, CFE

[Bear-Bear]

I'm…so glad FAR is done with. Granted, I still have REG and AUD to look forward to, but I genuinely, wholeheartedly HATED FAR with the fury of Poseidon's trident stirring up a tidal wave.

FAR - PASS
BEC - PASS
REG - PASS
AUD - PASS

Done and licensed!

[Excel14]

I'm screwed on IFRS I think, because while I know generalities somewhat, I don't know the minutiae.

What do they call an accounting person, who only managed a 75 on all four parts of the CPA exam....you got it, CPA!!!

BEC (2/28/16) ----- 78
FAR (09/10/16)-----
AUD
REG

CIA, CGAP, CFE

[Matt Douglass]

Put in the time. Unlike other sections, FAR can't be done in a few weeks, it tests your ability to focus for a protracted period of time. For me it was 10 weeks every single day. You might pull it off in 7, but unless you are very, very gifted, you won't pull it off in 4.

Licensed CPA in Missouri

FAR 4/16 - 83 Wiley CPAExcel/Ninja MCQ
AUD 5/16 - 87 Wiley CPAExcel/Ninja MCQ
REG 10/16 - 76 Wiley CPAExcel/Ninja MCQ
BEC 12/16 - 88 Wiley CPAExcel/Ninja MCQ

MS, Accounting - Done!

FAR - 83 (CPAexcel/Ninja MCQ)
AUD - 87 (CPAexcel/Ninja MCQ)
REG - 10/16
BEC - 11/16

[Author]

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