available for sale changing in CPA exam FAR 2018

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  • #1676438
    Eiman.kuwait
    Member

    how to check if there is any update on standards of accounting that is going to be applied and be tested on 2018 cpa FAR exam?

    I have read that Available-for-sale securities is going to be canceled in 2018. and it is no longer called AFS and no longer tested.

    I tried to search for the update on CPA exam FAR section in the foum, but I haven’t found anything on investment topic.

    so my question is: is it true that AFS when it has unrealized holding gains or losses goes to O.C.I is no longer applied ? it goes to Income statement.

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  • #1676470
    Anonymous
    Inactive

    Debt securities can still be classified as AFS or trading (so you do still need to know that unrealized holding gains and losses go to OCI for AFS debt securities). It's only for equity securities that AFS no longer applies – equity securities are now all valued using the fair value method (or cost if FV is not readily determinable) or the equity method (if there is significant influence).

    #1676597
    CPAwannab
    Participant

    WWS. plus the changes are testable starting Jan 2018 according to Becker update.

    BEC 79

    FAR 78

    AUD 88

    REG 83

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