FAR – Exam Prep
March 8, 2011 at 3:13 am #374767
Thanks for your response CPA journey!March 9, 2011 at 12:30 am #374768
I have a question for all of you who have taken FAR or are currently studying FAR using Becker.
Did anyone else realize that they ask questions that weren’t covered in the lecture or even the book. For instance (and this is a Becker question so worries about content), it asks about reversals of impairment of an intangible. See IFRS allows this, but there is no mention of this in the book about what GAAP does. I have been noticing this a lot through my study. Now, keep in mind I am only on the second chapter. So do they eventually fill you in or should I expect this for the rest of the book? I didn’t notice this for either BEC, AUD, or REG with Becker… It is kind of worrying me. Help is much appreciated!March 9, 2011 at 1:57 am #374769
Guys, I took Far recently.
Based on the sims, i believe i knew 3-4 of them well and the others somewhat were tricky. Do you guys think I have a decent chance at passing?March 9, 2011 at 11:48 pm #374770
I failed FAR in November under the old test and re-took in February. Here are some observations I noticed between old test and new test.
1.) Do not skim over the government and non-profit sections anymore like you used to be able to. You must know these subjects pretty well. I repeat do not skim over this section! It is easy to skip these chapters in the Gleim book since they are the last 2 chapters if you are short on study time.
2.) I was ready for IFRS, but was disappointed because there was not many IFRS questions like I expected. It appears you will need to know both GAAP and IFRS rules for all topics if you want to do well. I would recommend that you know GAAP first before you try to learn IFRS rules.
3) I was happy with the change to the so called shorter simulations. They still seemed long to me but definitely not like they used to be.
AUD – PASSED
BEC – PASSED
REG – PASSED
FAR – 3/17March 10, 2011 at 4:51 am #374771
See Becker 2011 textbook F2-22 illustration – Asset held for disposal allows restoration and Assets held for use do not
Sometimes the MCQ do have questions that are covered in greater detail in later chapters (F2 has many MCQ that are covered in more detail in later chapters)
Learn what you can the first time around – and then revisit this chapter again – it will help pull the information together for youMarch 11, 2011 at 12:37 am #374772
Hey Jeff or anyone,
I am waiting on FAR ( last one) I got a 75 on the other 3 exams ,weird right? I got a 74 on Far in Oct. that test was so much easier then new one in Feb. My question is do the examiners look at your prior grades when they decide to curve people, or your picture, or your age?????????March 11, 2011 at 1:53 am #374773
lol they pass pretty girls with a 75?March 11, 2011 at 2:06 am #374774
almost done in flParticipant
If that’s the case, I’m going to email them my picture along with a bio that includes my astrological sign and that I like long walks on the beach.March 11, 2011 at 3:59 am #374775
Can any one tell me if i can follow “The vest pocket guide to IFRS” by steven Bragg? I am following wiley’s book and CD for FAR. Donno if i should study IFRS in depth or i can browse through it.March 11, 2011 at 7:02 pm #374776
@cpa journey Thanks for your input. I was hoping they would go through this stuff in a little more detail. I mean accrual, adjustments, and intangibles all covered with 20 pages is a little much considering I had numerous chapters in my intermediate classes covering these topicsMarch 14, 2011 at 3:11 pm #374777
I’m probably the only one to say this, but I’m very happy to hear that I may need to concentrate harder on the Governmental and NFP sections. Those are the only two sections I’ve had a comparable score to passing candidates both times I’ve taken FAR. It helps that that is where all my background is, probably 🙂
I am anxious to see how people have scored compared to how they think they did. Y’all who took the test in Q1, make sure to report back your scores!March 14, 2011 at 6:47 pm #374778
Did anyone take the test during the first window? What did you guys think of the new simulations? In my opinion, I believe I did well on 3 or 4 of them and the other 3 I struggled with. Anyone feel the same way? I am worried that I will not pass.March 14, 2011 at 7:10 pm #374779
I think the new sims were OK because I saw everything in the study materials. I got 2 research questions, which I know I got right but I completely bombed 2 of the sims and did OK on the other 3. As for the testlets I did perceive (at least I thought I did) them getting difficult but that doesn’t mean anything as I didn’t recognize a difference for REG or AUD. I’m not saying I passed but if God could give me a 75 I will gladly take it.
All the best.March 14, 2011 at 7:41 pm #374780
I thought the new sims were tough. Not impossible. If I had spent more time on the areas tested would’ve been a slam dunk…but it wasn’t and I guessed in half of it…getting two research tabs seems so lucky. For me those research questions for me take like 3 minutes to do, would save a lot of time when u figure one of them is likely to be pretest and the other 5 sims counted.March 23, 2011 at 4:29 pm #374781
I know this thread isn’t getting much action while scores are being released, but I am in the process of going through Becker’s FAR review. It’s my 3rd attempt, and I’m really trying to pass this time! Honestly, I didn’t really try the last couple of times.
Anyway, I’m really trying to be thorough with the MCQs and work out each one, select my answer, and if it’s wrong, work it out the right way. This is taking me FOREVER. It took me 4 hours last night to get through 50 F4 questions (inventory-LIFO/FIFO/etc.) and I’m not even half-way through all of the F4 MCQs. I have my test in 2 weeks and I don’t know if I’ll be able to get through the rest of the chapters. I do have some vindication as governmental/NFP is my strong point since I work in it, so F8-F9 shouldn’t be too bad.
So my question is, should I skip the lectures and just focus on the MCQs, or just get it all done and cram in as much as possible these next two weeks?March 23, 2011 at 4:37 pm #374782
Even I m preparing for FAR can u suggest me how to go through…March 23, 2011 at 4:46 pm #374783
@megan: Its definitely worth your time to do the MCQs and read the complete answers to everything you solve. I honestly believe that the reason I’ve passed these exams is because the explanations of the MCQs showed me little nuances which I would never have got from just reading the text.
Having said that, I do feel that you can either skip reading the text and watch the videos or vice-versa but not skip both and just do the MCQs. I personally learn more by reading so I didn’t watch any lectures but I did read all the chapters completely.
Good Luck studying 🙂March 23, 2011 at 4:55 pm #374784
Megan, I agree with Deepa. Doing MC ad nauseum was the most helpful, but I remember being so frustrated if I hadn’t read the text or watched videos cuz it made such a difference in the amount of questions I was getting right. So, I would definitely try to at least watch the lectures for the remaining FAR chapters with the exception of F-8 and F-9 since you’re probably more familiar with those. Watching the lectures also tends to help you focus on the areas that are of more importance, which will help your study efforts.
Good luck!March 23, 2011 at 6:38 pm #374785
My far strategy was this…I used Yaeger. Watched lectures first. Tape record at same time. Listen to same lectures in car as I commute to work…thats all I did first month.
Feb I started over again watch lecture made flash cards, and did mcqs and sims. One chapter at a time. Noted the wrong ones. Did that for 20 or so days. Reviewed flash cards daily. Then last 8 days was final review time. Went over wrong questions…then wrong ones again. Review my flash cards…journal entries and ifrs last few days…some chapters like bonds and anything present value related or stock transactions took long at first then became like second nature. If you don’t know the answer…don’t spin ur wheels trying to.figure it out. Just look at the answer and mark it wrong and come back to it. When u come back to it it will be easy and take u a minute to figure out.
I saw someone using BECker make pdf files of every answer they got wrong…if I had Becker I’d make a binder of that…March 23, 2011 at 10:08 pm #374786
I just got the BAD news….. 74 in FAR
I know it’s a cliche and its happened a million times to everyone but now
its me….i feel horrible….retracing all my steps the final week
and wondering what I should have done differently
So what do you guys think…where do I re-start?? Go straight into the MCQs or Watch the videos again?
I need to pass this soon Do you think a month would be enough time?March 23, 2011 at 11:36 pm #374787
I got a 66. I watched all the Becker videos twice, made notes and then copied them all out. Did ALL of the MCQs even the supplementals at least twice, ones I got wrong I wrote out the right answer and then redid the MCQs over again. Did progress tests, scoring in the 90s. Did the practice finals scored 77 both. It will be at least two weeks before I get my report showing my “weak” areas. In the meantime I have to study to try and pass BEC (5th fricking time) and then try and get in a month of restudying for FAR before I lose AUD on 5/31. I truly despise this test.March 24, 2011 at 1:11 am #374788
@dhuffman sorry to hear :(…You still have time to do it. If I was in your situation I would reschedule BEC to Late May, and retake FAR in Late April. Its only been a month since you took FAR the stuff should come back to you in no time. I don’t like to overlap courses….going from GAAP to NON GAAP is not good…start that over fresh…BEC is totally studyable in less than 4 weeks.March 24, 2011 at 12:43 pm #374789
Herbie…I’d like your advice. In order to take FAR on 4/30 I have to sign up with my board (which I did last nite) get an NTS so I can change the BEC I already have scheduled at Prometric. I won’t get my score report probably for another 2 weeks so won’t know what “they” say I’m weak in. I do work during the day but study at nite at home. SO say I do this I’m trying to get a handle on how to do it. I’ve used Becker in the past but also have CPAexcel so have access to lots of MCQs. I hate to buy any more review material.
For BEC my two trouble areas are cost acct and fin mgmt which I have just started to study. I’ve already done econ, IT and the corp structure none of which are trouble for me so I had already planned to spend the month studying my weak areas so could easily push that into May.
I’ve never done as you have suggested so right now my wheels are spinning trying to get some traction. I just so want to be done.March 24, 2011 at 1:23 pm #374790
I don’t have a ton advice, being that it took me 4 tries to pass. I was always pretty close to passing, but I think mostly because I am a pretty good test taker and have about 5 yrs experience in public accounting.
I will say it is important to know the “advanced accounting” portion and the Govt/NFP portion. I spent extra time studying those areas the last two times I took it. I also spent time making sure I could calculate Depreciation for all methods, and LIFO/FIFO/Weighted Average. Also, I memorized the relevance/reliability definitions.
So before the last time I took FAR, I reviewed Consolidations/Combinations/Mergers and Equity method, and then reviewed the NFP/GOVT portion and did a quick review on the other account specific items I mentioned above.
Sometimes I find it more important to read the lessons (or watch the lectures, depending on your material), rather than spending a ton of time on calculations. I’ve never had a ton of calculation MCQ’s during FAR, so I hate to spend my time with all the calculations. I just make sure I do a couple and understand it well. If I am struggling, I move on and go back to it for a review the next day. I guess I’m just trying to say that I feel like you give yourself a better chance at answering more questions correctly if you read through the lessons versus worrying about doing a million MCQ.
As far as Sims, I have never studied sims. I feel that if I know the material somewhat well, I will be able to do the sims. Now there have been a couple sims that have thrown me for a loop, but I’ve never felt terrible about more than 1 or 2 sims, and they were very hard or very vague. With the new format, I was actually able to finish early for the first time. I think this is because there was no writing portion, which I always tend to do above average, but it takes me a while to write and respond well.
Summary: If you have taken the test before, review your old notes and focus on the areas that your score report told you that you performed poorly. But in the end, you know that the exam will be completely different and just as difficult as the last time you took it. Try your best and keep plugging away.March 24, 2011 at 1:28 pm #374791
@dhuff If you can afford it buy yaeger…it prepared me for reg BEC and far. Cost acct was a joke after watching a 20 minute lecture…I’m serious!!
As for waiting for FAR score report…FAR has so much info they can test you on….that on your next exam might not even be relevant…and it can backfire if you set ur mind concentrating on your “weak areas”…March 24, 2011 at 1:37 pm #374792
Created with Compare NinjaMarch 24, 2011 at 2:09 pm #374793
Yes used yaeger for far…see above post for my strategy…It’s 50 hrs of lecture…try it in 1.4x speed to cut it down. I did like an intense study in FEB. Watching lectures over doing questions. Then reviewing it all. Work full time too…you should be familiar with many topics already.March 24, 2011 at 2:30 pm #374794
Thanks everyone for all the advice! I think I’m going to bite the bullet and just take some PTO to get caught up, and use a combo of everyone’s strategies this time.March 24, 2011 at 2:41 pm #374795
Alrighty….on my way to a CPA as Olinto says. LOL. I ordered the FAR HS so hope it gets here quick. I’ll use what I have in the meantime and pray like hell it’s enough. Thank you Herbie.March 24, 2011 at 2:46 pm #374796
Ask them for the hand out link too…its really gold!!
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