FAS 141 Revised Now Fair Game on CPA Exam

07. Jun, 2009 29 Comments

The original FAS 141 is now a clunker

With the coming and going of the April/May 2009 testing window, Financial Accounting and Reporting (FAR) exam takers will now have to tackle SFAS 141(R) – Business Combinations and Consolidations starting on July 1, 2009. With FAS 141(R) many of the key terms have changed and it’s a completely new way of consolidating financial statements.

Your CPA review materials may or may not cover this in great deal, but know this: it’s very important that you understand the new consolidation method.

If your current CPA Exam study materials don’t cover this change in-depth (as in devote 2-3 hours to the topic), then you should consider buying Yaeger CPA Review’s recently released SFAS 141(R) lecture.

The 3.5 hour class comes on a USB thumb drive and includes a 56 page download of text, multiple choice questions, and explanations. It costs $50.

Current Yaeger students already have this lecture included in their 2009 FAR HomeStudy. Students of other courses may want to invest their time and money in this because if you skimp on studying SFAS 141(R) – it could spell disaster for you on exam day.

Phil Yaeger also discussed the change on the CPA Exam Insider podcast (don’t laugh…I’m still working out the kinks…I’m a bean counter, not a radio guy.)

FAS 141(R) will be ripe to be tested as a simulation. Make SURE you know it.

Oh – and one more thing: you will need to know BOTH consolidation methods until they get all of the SFAS 141 questions purged from their test bank that contains thousands of questions. I’m sure that the AICPA will do it’s best to get them removed, but don’t be surprised if you see one that tests the old method.

(Just what you wanted to hear).

Get the FAS 141(R) update here…

Photo courtesy of Flickr user Royal Broil under this Creative Commons license.

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29 Responses to “FAS 141 Revised Now Fair Game on CPA Exam”

Jr Deputy Accountant 22. Jul, 2009 at 11:53 am

I think the issue is that the AICPA doesn't want to admit “human error” is even a possibility. Sorry, Jeff, didn't mean to make it seem like I was trying to discredit you – I think what you do is awesome and love that you're able to offer a wealth of information to exam candidates. If I appeared to attempt to discredit you in the past I sincerely apologize at that was certainly never my intention. I believe I've complimented you before for the work you do? That's not snark, that's a genuine thank you. You help people at a critical point in their lives with expertise and guidance, and if nothing else, sometimes candidates just need to know that they aren't alone and you offer them that sense – all professional affiliations aside, I think that is pretty awesome of you.

So as I said, we talked to the AICPA and they will not admit one way or another that “human error” is even likely, which is sort of understandable, especially considering the fact that they have not allowed a single rescore in quite some time.

I think the fact remains we still don't know. As Phil can attest to, one AICPA staff member will say one thing while another will say something completely different. The secrecy is frustrating to say the least because we're all just trying to present the correct information, right?

Anyway. Consider this me waving the white flag, Jeff, I respect you for what you do and always have, whether or not that has always come across.

Adrienne
jeff @ another71.com 22. Jul, 2009 at 12:05 pm

I appreciate that, Adrienne. Truce accepted for sure.

Take care,

-Jeff
Name 28. Jul, 2009 at 8:23 am

I had no idea they were changing this. I am using 2008 Becker still, and am taking FAR for the 4th time on Friday. I got a 74 in May becuase I had no idea hoe to do the consolidation simulation. Obviously I spent a lot of time learning it now. I guess the best I can do is watch the videos since there isnt enough time to order the Yaeger update! I really wish I had checked this site sooner.
Nichole984 17. Aug, 2009 at 4:38 pm

If I'm taking FAR in Oct. do you still think I will need to know the Old 141? Or should I just study 141R?
jeff @ another71.com 17. Aug, 2009 at 5:21 pm

I would just be familiar with the old way…focus on 141R and be ready to do
a sim on it.
Nichole984 17. Aug, 2009 at 6:39 pm

Thanks that will save me some precious study time!
jeff @ another71.com 17. Aug, 2009 at 7:21 pm

I would just be familiar with the old way…focus on 141R and be ready to do
a sim on it.
Nichole984 17. Aug, 2009 at 8:39 pm

Thanks that will save me some precious study time!
ANONYMOUS 13. Nov, 2009 at 9:59 am

I AM TAKING FAR IN JANUARY 2010. DO I HAVE TO WORRY AT ALL ABOUT THE OLD METHOD STILL OR CAN I JUST FOCUS ON THE AQUISITION METHOD??