FAR Study Group January/February 2013

CPA Exam Forum FAR FAR Review FAR Study Group January/February 2013

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  • #399348

    allsgood
    Member

    I guess its time to get up to speed. I’m scheduled for a retake 1/5 and this is the day my NTS expires so I cannot move my date. That being said I have 23 days ( 1 day off for Xmas) and am currently on section 4.2 not even half way through. I need to speed up my studies, some of the material is coming back to me when I am reading and it is a bit easier now than it was the first few times I took it.

    I just don’t know if I will have enough time to study it all in depth. REG expires in August so If I fail I do have 1 more testing window to pass but I don’t really want that stress.

    It’s my goal to pass FAR in January.

    PS I am only using 2011 Becker for FAR it worked for me last time and hopefully it works again.

    #399349

    How bout now
    Member

    anyone know where in Wiley EPS is covered? what module?

    #399350

    michaelabs22
    Member

    allsgood – I’m taking FAR 1/11, did you find that pounding MCQs and SIMs for a last 2 week review helped a lot when it came to exam time? Or would re-reading notes and watching lectures mixed in help also? I was thinking I would take notes/get through all the material relatively quickly, then just do tons of MCQs and SIMs until exam day.. what do you think ?

    #399351

    allsgood
    Member

    @michaelabs22 – I would re-read your notes & work tons of MC’s/SIMS. Focus on your weakest areas. Skip the lectures, in my opinion MC’s helped the best. Since there is a lot of information you want to keep it fresh in your head.

    How are you keeping track of the IFRS vs GAAP differences? I can’t seem to get these straight.

    #399352

    tncincy
    Participant

    @justshootme,

    Yes you can listen on your android. I downloaded them through my email on my phone and I listen to the ninja audio from my phone and from my car. I have an auxilary/fm changer so I can use my car speakers instead of my phone. It really works great. I also listen while I read the ninja notes. Just a few tips……good luck studying.

    #399353

    splinter1643
    Member

    @How bout now: I remember there were EPS questions in the Stockholder’s Equity module (forget what #)

    #399354

    wantCPA
    Member

    Man I just finished F4 in Becker and now I think back to F1 and don’t remember anything – Oh god.

    Should I just keep on going with F5 or review what I did from F1 to F4?

    What do you guys usually do? Review in between few chapters?

    6 more Chapters!

    #399355

    @krystal83: I would suggest giving yourself a “cumulative quiz” after each chapter if you have a large enough test bank. So after you do chapter 1, do 10 MCQs from chapter 1. Then after you’re done with chapter 2, do 10 MCQs from ch1 and 10 from ch2, and so on.

    Aside from that, I’ve found that when I go back and review the material, it comes back pretty quickly.

    #399356

    michaelabs22
    Member

    I agree with just_shoot_me, usually after every 2 chapters I do a 30 question cumulative quiz. With FAR it might make sense to do it after every chapter, like just_shoot_me said, but I might do more than 10 mcq’s to give you a better chance of getting a question on each of the topics from the chapters.

    @krystal83 I’m running into the same problem you are! I think the cumulative quizzes are going to pay off also, and reviewing flash cards from previous chapters throughout the whole process.

    Good luck everyone

    #399357

    Katydid
    Member

    T-30 days left. I noticed a lot of you are taking the exam January 11th, second Friday in January. What are your plans of attack right now? And how much time are you spending a day studying?

    I apparently must be really slow because I’m spending a lot of time studying 4-6 hours weeknight, upwards of 15+ hours on weekends and I still don’t feel like I’m grasping the info. Review will start this Saturday, I’m finishing up F9 Not For Profit MCQs now and will finish up F10 Thursday and Friday. Thereafter, 1 study day per section. And 2 week final review.

    #399358

    michaelabs22
    Member

    I wish I was in your position Katydid! I am going to be alittle tight on time, especially because I want to give myself the 2 week review to just pound MCQ’s and SIMs for 2 straight weeks and do flashcards. This means that my actual lecture watching/note taking is going to be a little ridiculous the next week and a half.

    #399359

    paperwings25
    Member

    I just finished up my Advanced Accounting II course to receive 150 credit hours. I will then await the Board’s approval of my courses and register for a date to sit for the exam. A few questions I have:

    Which section should I study for first? I planned to sit for FAR first to try and knock it out, but then again, maybe taking the other 3 and saving FAR for last could be considered?

    Which study materials are the most cost effective? Wiley? Becker? Gleim? Others?

    If I were to study 2-3 hours per week night and double that portion on the weekend to 4-6 hours, would that be enough if I planned to take the exam in March/April?

    How many months apart do you schedule your next section of the exam? 1 month? 2? 3?

    Any other advice you can give me that I can’t think of a question for would be greatly appreciated. Thanks!

    #399360

    michaelabs22
    Member

    @paperwings25 – I believe that FAR would be a great section to start with, even though I didn’t. I have been told, and am now realizing as I study for it, that some of the information translates to AUD and BEC nicely. It obviously won’t mean you don’t have to study separately for the other two, but it should help some! If I were to start over again (please god no) I would go FAR-AUD-BEC-REG. As some I/C information in AUD/BEC overlaps also.

    I am using Becker as my firm paid for it, and I love it. I’ve heard great things about other materials as well though, including the Ninja Notes and Wiley test bank here.

    If you plan on studying 2-3 hours per week night and 4-6 hours (per weekend day) that would average 18-25 hours a week. If you started in the beginning of Feb I would give yourself until the end of March/beginning of April to study. It all depends on the person though.

    My best advice would be from hindsight: It really, really, really sucks to not put in your complete effort and fail a section. All you will do is be pissed and think back at the times that if you hadn’t gone out and just studied you’d be part way done. Do your best to only have to study the material once, and when you’re done box it up and hide it so you don’t have to look at that section again!

    And finally – remember that everyone here is going through, has gone through, or is about to go through the same thing so it’s a great place to get advice/vent or whatever since people who don’t take this exam really don’t know how tough it makes things.

    #399361

    jrc1988
    Member

    For the people who mentioned they’re struggling with F2…I’m in the same boat. I just took the exam on 11/26 and got a 74, so I’m in the process of re-reviewing each chapter. I can honestly say that I believe F2 in the most difficult chapter in Becker. The MCQ’s you get just seem to come out of no where and require a lot of thinking. It’s not “straight-forward” calculations that you get with the later chapters (i.e Pensions, inventory, ect.)

    I believe I didn’t pass the exam because I didn’t pay enough attention to the F1 & F2 lectures. There is a TON of info in them and I underestimated them.

    #399362

    paperwings25
    Member

    @michael

    Thank you for your kind advice. I think I am going to start with FAR and hopefully knock it out of the park!

    What do these SIMS consist of and the research portion I’ve been reading many of you discuss?

    #399363

    michaelabs22
    Member

    @paperwings25 – I swear to god I don’t stalk this site, just happens I looked at it now and saw you responded!

    As far as the SIMS go – they can be anything having to do with the material regarding a long problem that requires choosing answers from drop down menu’s, journal entries to fill in, etc. To be prepared I would just know in/out as much of the information as possible because I believe, while they are usually on the more important sections of the material, they can be on anything from it.

    The research portion is great in my opinion. They ask you a question, and ask for you to show the path from the authoritative liturature. So if you leave yourself enough time, and know how to use the AL (know how to use the AL!) you can get free points almost.

    @jrc – F2 is the hardest one so far for me as well.

    #399364

    Melans
    Member

    I have severely underestimated the time it’s taking me to get through the lessons and chapters in Becker.. Crap.

    #399365

    Maverick
    Member

    FAR has an overwhelming amount of material. The MCQs in Becker are longer but in the actual exam the MCQs aren’t as confusing. I didn’t have time to do two simulations but passed; thanks to the Lord.

    #399366

    Tina82
    Member

    Same here Melans – it’s taking forever and I don’t feel like I know any of the chapters inside out. Test scheduled for 1/30 (moved from the 14th) and might push it another week or two.

    #399367

    Tina82
    Member

    Maverick – hope you’re right. Many of the Becker mcqs take a long time to complete.

    #399368

    yemdross
    Member

    Hi Everyone, I just got my FAR result. Got 67. I have also attempted AUD twice with 64 & 71 scores. I know I can pass this exam but I just need to map out a good strategy. I have decided to focus on FAR now until I pass it. My main problem is chap 5 -Bonds. I need advice on how those that have passed FAR attacked it. I am using Becker self study and think it’s sufficient for me. Also how do you summarize to remember everything in FAR. It is so voluminous. I remember when I did the exam, there was one question in SIM that the financial statement should not have been consolidated but I was so confused that I consolidated the financial statement when the shares owned was less than 50%.

    I will appreciate any tips.

    #399369

    michaelabs22
    Member

    Anyone have a good plan for remembering the important IFRS differences? I was thinking of making a cheat-sheet of IFRS pass key’s to study throughout the final 2 week review. Other than that it’s hard for me to remember the bulk of the material, let alone little differences between US GAAP and IFRS throughout.

    #399370

    soxfan866
    Member

    Just started studying for FAR with the new Becker materials, aiming for a test date around January 10th. Got through F1 and was working on F2 today. I’m definitely noticing the same thing as everyone. I started the F2 questions for the Timing Issues section and was not doing well at all. Extremely difficult to keep the IFRS items straight as well since there’s so much switching between GAAP and IFRS. Oh well, it’s not supposed to be easy I guess.

    #399371

    tncincy
    Participant

    There are some used becker materials online. Is it safe to purchase them? I am concerned about my review materials. I have noticed that quite a few members are using becker. Without a doubt, I cannot afford to shell out $3,000. I have Cpaexcel but I am not quite pleased with it but don’t have the money to purchase anything else. I do have wiley books, testbank, ninja notes, and ninja audio. Help? tips?

    #399372

    Melans
    Member

    @maverick, that really impressive. You must a totally nailed the rest of the exam!

    @tncincy, that is a tough one. I have the self study Becker too. In order to use the CDs you have to have a product key and I don’t know if that works multiple times. Make sure you hear from someone who has done that before preceding.

    #399373

    Melans
    Member

    @maverick, that really impressive. You must a totally nailed the rest of the exam!

    @tncincy, that is a tough one. I have the self study Becker too. In order to use the CDs you have to have a product key and I don’t know if that works multiple times. Make sure you hear from someone who has done that before preceding.

    #399374

    tncincy
    Participant

    @melans,

    Thanks. I am glad you said that because the product key doesnot come with it. Some is selling the key for about 299.00 but I certainly don’t want to waste money. Thanks.

    Does Becker give you time to pay if you don’t pass?

    #399375

    wantCPA
    Member

    @soxfan866

    Omg – F2 really killed me too..

    It seems like I got one concept down, then there are exceptions to memorize and then IFRS concepts.

    F3 and F4 seems to flow much better than F2.

    @tncincy

    For used becker material, I believe for this section 2012 materials didn’t change and can be used towards 2013 exam. I would be cautious about the dvd since you can only install it to two computers. How would you make sure the person who is selling it to you already have installed it twice? I would just be careful.

    Hope that helps! 🙂

    #399376

    ihatestudying
    Participant

    Hey everyone. Trying to decide between Rogers and Becker for FAR. With discounts Becker only about 75 dollars more. Anyone use either? Also trying to find out how many hours of lectures each is.

    Thanks

    #399377

    Melans
    Member

    @tncincy, not sure just call and ask.

    I am currently using 2011 books for Becker to study with. I figured since the test hasn’t changed since then it wouldn’t be a big deal; however, several have mentioned that their Becker book has 10 chapters vs mine that only has 9. Should I have upgraded to a newer one?

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