Amanda says: Do you have any insight on the new format of the FAR CPA Exam SIMs? Three different sections rather than just one? I am worried about not knowing the entire picture of the SIMs and spending too much time on the first one or two sets only to get to the last set and run out of time. Have you heard any details on the type of questions that will be in each section? For example a research-based question would only be in the final section? I have not heard anything about that from the AICPA. The AICPA has said publicly that research questions are in play. So you could very well get a research question. Whether or not you get it in the first SIM or the last SIM, I don’t know. I don’t think it impacts how you budget your time. And so you have two
Sean says: I’m currently working in the tax service of a big four accounting firm. I started working in public accounting in January and have two CPA exam sections already passed. Now that I’m working it seems just impossible to study effectively because I’m learning new things on the job. I forget what CPA Review topics I studied way too easily but at the same time what I learned on the job doesn’t get retained because I’m staying for the exams. It’s a vicious cycle and I’m going absolutely insane. What can I do to survive this intense time in my life? Sean, it sounds like you need to simply take good CPA Exam notes. So you need to take notes while you’re learning your new job and review them. Keep a notebook with you. Doesn’t sound like you’re taking notes for your CPA Review and so if you’re taking
Evonne writes in. I have been out of school for 20 years but I have taken the CPA exam before. I’m juggling kids and a 50 hour work week. I’m 51 years old and passing the CPA exam is on my bucket list. Which exams should I start with? First of all, good for you Evonne. That’s awesome. There are people in their 50s and even 60s taking the CPA exam. So, good for you. And I don’t think it matters if you’ve been out of school for 20 minutes or 20 years. I recommend everyone take financial accounting and reporting first. Different people have different opinions. I think they’re all wrong. So the only time that you could stray from this is if maybe you had four or five weeks to study and take your first exam. Then I would take maybe BEC because you can easily fit that
Von writes in: In the FAR section of the CPA Exam, why is there an impairment test for intangible assets with finite lives? Don’t we just amortize them? Yes you amortize them, however if the carrying value of the asset if it now exceeds the fair value … So the carrying value on the book is now greater than the fair value, then you have to write it down and take the impairment charge. So and you need to test for impairment at least once a year. But you are correct. You amortize it but you still have to test for impairment. I hope that’s helpful. Have a question about the CPA Exam? You can Ask Jeff. Check out our other CPA Exam Videos. Grab some Free CPA Review Materials while you’re here as well. HIYA.