November 29, 2019 at 3:07 pm #2818245salexandra6Participant
What would you recommend topics to hit home before taking FAR?!
I take it in about a week and a half and am on a losing streak with Reg so my confidence in passing a test is super low right now, but my promotion to manager is riding on getting the CPA by July. Any tips you have would be amazing! I know people always talk about Government, NFP and leases, but didn't know if there was anything else.November 29, 2019 at 3:14 pm #2818248
Governmental must, leases, consolidation, cash flow statement, none-monetary exchange. MCQs are fine, but SIMs are difficult.November 29, 2019 at 3:15 pm #2818251
I have the same question for you about AUD :), my exam in 3 days.November 29, 2019 at 3:19 pm #2818254salexandra6Participant
100% know your reports and the wording and the difference between the reports for a public company vs. private. Know your risks as well! It's been a while since I took it (February 2019), but I remember those things being tested and I definitely got a SIM that was about wording on a report. I've also been working in public audit for 5 years so I was in for a big shock when it came to REG and now FAR for as much time as I need to put into studying! Good luck!!November 29, 2019 at 3:34 pm #2818263
Thank you very much! FAR isn't as bad as it seems, you will pass, just don't forget to review your notes it's very easy too forget the material.November 29, 2019 at 3:38 pm #2818266
6 topic for FAR: Revenue Recognition, they like to test it.. almost forgot.November 29, 2019 at 5:20 pm #2818416DJD17Participant
Everyone I have talked to has had a sim revolving around adjusting entries. You are given about 8 different tabs of information to translate to a balance sheet.
Gov NFP, Balance Sheet topics (Cash, Receivables, PPE, etc), Consolidation are important to know.
I was able to pass (barely) without putting time into the following topics:
IFRS vs. GAAPNovember 29, 2019 at 6:50 pm #2818512animalwithinParticipant
After taking FAR 5 times, here are my top 3 in no particular order:
-Journal entries (broad & general across all chapters)
-Financial statements (no the specific sections of each one, how to create one from info provided, etc.)
You're well on your way to passing if you get those down, the rest is just icing on the cake.November 29, 2019 at 7:22 pm #2818560bigstakkParticipant
Gov/NP is a huge part of the exam. Know it well. Also try your best to remember the IFRS vs GAAP differences. You will have multiple related questions and probably a SIM. You will need to know all of the new rev rec and lease accounting rules which will be a major part of the exam. Anything else will be a random question or two. Biggest advice is pay very close attention to the instructions and qualifying words particularly on SIMs. GL!November 29, 2019 at 7:28 pm #2818563Jeff Elliott, CPAKeymaster
Reminder – Exam Disclosure. As a general rule, anything that you can answer only because you took an exam is probably exam disclosure and not allowed by the AICPA.
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