9/9 FAR Experience

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  • #2694321
    Ajar
    Participant

    Hi all,

    I just took FAR a few hours ago today 9/9/19 and oh boy was it something. My second exam after passing REG, and here’s how I thought it went + some tips for anyone taking it in Q4.

    1. MCQs-I will say imo they were pretty fair and a good mix of conceptual and calculations. I used Roger (Lectures, MCQs, SIMS) & NINJA (Notes & MCQs). Like everyone else says do as many as you can. Also something that helped me during review (and today) was paying attention to why the wrong answers are wrong.

    2. SIMS- Brutal. I’m gonna go against the grain here a bit and say that you DEFINITELY need to practice simulations and simply doing MCQs over and over again will not be enough. Its true you have no way of knowing what kind of sim you’re gonna get- which is why you 100% need to be familiar with the different types. Personally, (for both REG & FAR), the DRS ones were really hard for me (and of course my luck threw me a bunch on my exam today).

    What are your strategies for doing DRS problems? I feel like I got so lost with all the exhibits / am super slow :/

    AUD - NINJA in Training
    BEC - 82
    FAR - 75
    REG - 82
    Workin’ man blues
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  • #2694465
    AndreA
    Participant

    Thank you for sharing! I really hope you passed!
    Do you have any advice how to prepare for SIMS? I'm planning retake FAR in October and I had only 1 weak area II. Select Financial Statement Accounts (30–40%) and I was strong on MCQ's, but weak on SIMS and as a result I got 73. My plan is to use AICPA blueprint and master topics presented below. Do you think knowing those topics for SIMS would be helpful for you to pass the exam? I have problem of finding SIMS where I can learn about how to reconcile and investigate differences between the subledger and general ledger for the accounts like AR,PPE,Inventory.

    Balance sheet/statement of financial position
    A) detect, investigate and correct discrepancies while agreeing the balance sheet amounts to supporting documentation
    B) calculate fluctuations and ratios and interpret the results while reviewing comparative balance sheets

    Income statement/statement of profit or loss
    A) detect, investigate and correct discrepancies while agreeing the income statement amounts to supporting documentation
    B) calculate fluctuations and ratios and interpret the results while reviewing comparative income statements

    Statement of comprehensive income
    A) detect, investigate and correct discrepancies while agreeing the statement of comprehensive amounts to supporting documentation

    Statement of changes in equity
    A) detect, investigate and correct discrepancies while agreeing the statement of changes in equity to supporting documentation

    Statement of cash flows
    A) detect, investigate and correct discrepancies while agreeing the statement of cash flows to supporting documentation
    B) derive the impact of transactions on the statement of cash flows

    Notes to the financial statements
    A) compare the notes to the financial statements to the financial statements and supporting documentation to identify inconsistencies and investigate those inconsistencies

    Consolidated financial statements (including wholly owned subsidiaries and noncontrolling interests)
    A) detect, investigate and correct discrepancies while agreeing the consolidated financial statement amounts to supporting documentation

    Cash and cash equivalents
    A) reconcile the cash balance per the bank statement to the general ledger
    B) investigate unreconciled cash balances to determine whether an adjustment to the general ledger is necessary

    Trade receivables
    A) prepare a rollforward of the trade receives account balance using various sources of information
    B) reconcile and investigate differences between the subledger and general ledger for trade receives to determine whether an adjustment is necessary

    Inventory
    A) reconcile and investigate differences between the subledger and general ledger for inventory to determine whether an adjustment is necessary
    B) prepare a rollforward of the inventory account balance using various sources of information

    Property, Plant, and Equipment
    A) prepare a rollforward of the property, plan, and equipment account balance using various sources of information
    B) reconcile and investigate differences between the subledger and general ledger for property, plant, and equipment to determine whether an adjustment is necessary

    Payables and accrued liabilities
    A) reconcile and investigate differences between the subledger and general ledger for accounts payable and accrued liabilities to determine whether an adjustment is necessary

    Revenue Recognition
    A) interpret agreements, contracts and/or other supporting documentation to determine the amount and timing of revenue to be recognized in the financial statements
    B) reconcile and investigate the differences between the sales subledger and the general subledger to determine whether an adjustment is necessary

    Account changes and error corrections
    A) derive the impact to the financial statements and related note disclosure of an accounting change or an error correction

    Contingencies and commitments
    A) review supporting documentation to determine whether a commitment or contingency requires recognition or disclosure in the financial statements

    Leases
    A) interpret agreements, contracts and/or other supporting documentation to determine the appropriate accounting treatment of a leasing arrangement and prepare the journal entries that a lessee should record.

    Subsequent events
    A) derive the impact to the financial statements and required note disclosues due to identified subsequent events

    FAR - 73, 78 (WileyCPAexcel 3,000+ MCQs, 50 SIMs)
    AUD - 73, 81 (WileyCPAexcel 3,000+ MCQs, 40 SIMs)
    BEC - 71, 71, 74, 84 (WileyCPAexcel 3,000+ MCQs, 10 SIMs)
    REG - 84 (WileyCPAexcel 2,000 MCQs, 15 SIMs)

    CA Ethics Exam - 94%

    NEVER GIVE UP.

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