FAR Study Group Q1 2017
February 16, 2017 at 3:24 pm #1479474
Ah ok, I missed that. Thanks! Gonna go through that before my exam tomorrow.February 16, 2017 at 3:41 pm #1479478
@mckan514w, I was saving the sims for next weekend after I'm done w/ BEC. Yeah, you have to do the entire study unit, I believe 6 or 7 per SU, so a little over 120. I get more out of the review sessions, half of the time, I will just submit and then review.February 16, 2017 at 4:08 pm #1479508
Good Luck tomorrow @demarcon!!!
Got ya mtaylo – yeah I have found myself just filling in hastily and printing to PDF to review this afternoon… my brain is fried…February 16, 2017 at 5:33 pm #1479547
10 days to get governmental straightened out in my head. At least I know what I'll be doing this weekend. 🙂February 16, 2017 at 6:04 pm #1479564
Got a 78% on the 89 questions for IFRS differences. I feel like I can live with that, especially because some of the questions were things that were never talked about in Roger. Now trying to decide if I wanna go over some lectures again or if I want to just relax for the rest of the night and sort through the note cards I am going to cram before going into Prometric.February 16, 2017 at 11:14 pm #1479790
I CAN'T STUDY ANYMORE!!!!! I went in today…too ashamed to tell you how many questions I've done. I have an 83 page word document full of WRONG answers I now have to review (thank you Ninja MCQ). FUN Times!February 16, 2017 at 11:21 pm #1479796
mtayloooooo,,,ive done roughly 4000 questions between both of my materials lol,,,dont b ashamedFebruary 17, 2017 at 7:47 am #1479937
@Sticky Nicky I've done about 4000 questions as well. Hopefully it all culminates into a pass today.February 17, 2017 at 7:53 am #1479945February 17, 2017 at 8:08 am #1479960
Kick major A$$ today @@demarcon!!!February 17, 2017 at 8:51 am #1479988February 17, 2017 at 9:00 am #1479997February 17, 2017 at 9:14 am #1480041
Thanks everyone!! I will report back after my exam and before I get extremely drunk tonight.February 17, 2017 at 10:18 am #1480128
@demarcon good luck!
Hahah after my exam tomorrow I plan on having a really nice dinner and then drinking the cheapest tequila I can find.
Hopefully tomorrow will be the last time I ever have to go to prometric..February 17, 2017 at 11:32 am #1480186
@demarcon – Hand FAR that L today!
AUD – 89
BEC – 87
REG – 82 –
FAR – 3/10 (28 days to study, :|)February 17, 2017 at 12:44 pm #1480264
good luck demarcon!February 17, 2017 at 12:45 pm #1480272
question: valuation accounts are used for only deferred tax assets?February 17, 2017 at 12:57 pm #1480285
I believe it's also used with allowance for doubtful accounts.
edit// and by that I mean the concept, ADC is the valuation account.February 17, 2017 at 1:38 pm #1480317
yes i know that lol im talking about taxes though DTA vs DTLFebruary 17, 2017 at 2:01 pm #1480339
Took far today. I felt Ninja mcq were pretty damn similar in terms of difficulty compare to the actual exam. Sims were on another ball game. I knew how to solve them..just not enough time even with 1hr and 20 minute left. Must have been poor time management on my part in sims. Research question was like wtf I am suppose find?
People say they can tell a difference between a hard and medium testlet. I honestly couldn't tell a difference even if it hit me in the head.February 17, 2017 at 3:09 pm #1480357
@StickyNicky I'm thinking they are DTAs only ” Valuation allowance reduces a deferred tax asset. It is recognized if it is more likely thank not (probability >50%) that some portion of the deferred tax asset will not be realized.”February 17, 2017 at 3:22 pm #1480410February 17, 2017 at 3:28 pm #1480414
@sticky Nicky yes DTA only. It's a contra asset account just like allowance for uncollectibles.February 17, 2017 at 4:23 pm #1484988
Need help on Becker question CPA-05621 Chapter 3 acquisition.
X acquired 100% of Y for 275,000. Carrying value Y assets and liabilities were 450,000 and 200,000, respectively. The FV of Y A&L were 550,000 and 200,000, respectively. Additionally, Y had identifiable intangible assets at the time of acquisition with a FV of 60,000. What is the gain to be reported on X consolidated income statement?
answer is A which includes the 60,000 and 75,000 (purchase price below FV assets – FV Liability). Why is the FV of the identifiable intangible asset not included in the FV of total assets? I though identifiable intangible assets are listed on balance sheet as an asset, so 60,000 gain on the intangible and 15,000 gain on another asset.February 17, 2017 at 4:34 pm #1487301
unless someone else has a better answer I would say it was worded like that to try and mess you up…. sorry feeling jaded after working poorly worded questions for so long now.February 17, 2017 at 5:41 pm #1489128
My MCQs were insane. They asked such small details about disclosures. I felt so prepared going in, and coming out I was asking myself wtf did I study for so long. The SIMS were ridiculous, and unless most of my Government questions were pretest, it had to at least have been 30% of my exam… I had TWO sims on Government and one on IFRS.February 17, 2017 at 6:11 pm #1489143February 17, 2017 at 7:03 pm #1491778
@demarcon thanks for the input. Hahah I guess I'll be spending the night hanging out with government accountingFebruary 17, 2017 at 7:31 pm #1491784
@norseman88 I think if you use the CARINBIG mnemonic you can figure it out pretty easily.
Remember that CAR = equity =assets-liabilities = 250k
B= 100k (diff btween fv and cv)
Dr. CAR 250
CR INVESTMENT IN SUB 275
DR BS ADJ TO FV 100
DR ID INTANGIBLE ASSETS 60
CR GAIN 135February 17, 2017 at 9:40 pm #1491867
Can anyone help me see how to identify the fund in this question as an agency fund?
The tax collection fund of XXX County accounts for receipts of taxes levied and collected on behalf of cities and districts within its borders.
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