[jeff]

Welcome to the FAR CPA Exam study group for July & August 2018 exams. 🙂

Please introduce yourself & when you’re taking your exam (approximate timeframe).

FAR Study Group Links and Resources:

1. NINJA Monthly – Full FAR Course for $67/mo
2. How to Study for FAR with NINJA Only
3. How to Pass FAR in 20 Days
4. How to Retake FAR After Failing
5. Video: Study Advice for FAR
6. CPA Reviewed Podcast
7. CPA Exam Score Release Dates
8. NINJA MCQ Trending vs Actual FAR Scores
9. I Passed the CPA Exam!
10. I Passed FAR!
11. NINJA FAR SIMS List by Topic
12. Free Downloads: NINJA FAR

AUD - 79
BEC - 80
FAR - 76
REG - 92

Jeff Elliott, CPA (KS)
NINJA CPA | NINJA CMA | NINJA CPE | Another71

[The Accountant]

So i have a question about the FAR ELL study plan for whoever is using that. Its confusing that they want you to finish the notes and the audio many times for the whole content while not yet learning the actual information/concept from the study book yet. Im confused because the FAR notes and the FAR textbook dont lineup so while your reading both its like your reading two different sets of information. Plus your supposed to read it 5 times so wouldnt you get confused?

[The Accountant]

Does anybody know the total amount of pages the FAR book has. Like if im doing the ELL plan, reading 25% a week, finishing in 1 month at what point should I read up to by the end of each week.

[Determined One]

Starting FAR from the beginning. Using Roger and will be adding Ninja. Goal is to be ready to test in August. Anyone else starting with Roger?

Ready for this to be over!

[Anonymous]

Just finished F1 of Becker and it makes me want to go back to studying REG and AUD but nonetheless I will persevere. I am supplementing Becker with NINJA (first time using it) and hopefully will be ready come July. Definitely regretting saving FAR for last!

[Anonymous]

Currently at F7 of Becker. I am confident that I will be able to complete all chapters in Becker by end of next week, leaving myself two weeks of final review. I just graduated college and am studying full-time.
For those who have passed FAR-
1. What did you do during your final review?
2. How did you prepare for SIMs?
3. Is solely using Becker enough to prepare myself? I have the Becker supplemental test bank, and am planning to do progress test after progress test for my final review.

All inputs will be greatly appreciated!

[jeff]

Failing the CPA Exam has nothing to do with intelligence.

It's all about perseverance.

There are people who passed all four sections the first time that you wouldn't want running a company.

Similarly – there are struggling CPA candidates, still scrapping, still in the fight, who barely make it out of the CPA Exam alive – who are future CEOs.

It has nothing to do with how “smart” you are.

Video – Failed CPA Exam Multiple Times

AUD - 79
BEC - 80
FAR - 76
REG - 92

Jeff Elliott, CPA (KS)
NINJA CPA | NINJA CMA | NINJA CPE | Another71

[Anonymous]

I have created a document from the blueprints and am adding my own notes.

Post edited – please read the forum rules:

Forum Disclosure Rules & FAQs

We aren’t trying to be sticklers – just consistent.

– Mod NINJAs

[Anonymous]

[zccpa]

Ninja in Training!

AUD – TBD
BEC – TBD
FAR – TBD
REG – TBD

Nothing in this world can take the place of persistence. Don't give up!
- Calvin Coolidge

[ndrmn9]

hi my names nadia and i will hopefully be taking far in mid-august.

Post edited – please read the forum rules:

Forum Disclosure Rules & FAQs

We aren’t trying to be sticklers – just consistent.

– Mod NINJAs

[Graham]

Hi everyone! I will be taking FAR in early July. I am nervous about multiple topics but one that keeps me up at night is deferred taxes. I am using Becker to study. I am also considering supplementing Becker with Ninja. A study tip that has been helping me so far is to make note cards with key formulas for each topic and study them repeatedly. Good luck to everyone on their tests!

AUD - 76
BEC - 92
FAR - 82
REG - NINJA in Training

Hard work forever pays

[strugglebus91]

Can someone explain this one to me? I am usually pretty decent with combination/consolidation problems, but this one is confusing the hell out of me. Could be the way its worded? I am just lost on it for some reason. Why are the recognizing a gain at all? So lost.

“On January 2, 2009, the beginning of its fiscal year, Zable, Inc. acquired all of the stock of Sideco, Inc. from its owners using the following forms and amounts of consideration to pay Sideco owners:

– Cash $50,000
– An investment in Loco, Inc. bonds which Zable had designated as held-for-trading, and which had a cost of $100,000 and a carrying amount of $102,000.
– Land, with a cost of $50,000 and a fair value of $60,000.
Which one of the following is the amount of gain or loss, if any, that Zable should recognize in connection with the transfer of these assets to Sideco owners?

Which one of the following is the amount of gain or loss, if any, that Zable should recognize in connection with the transfer of these assets to Sideco owners?”

The answer is $10,000 gain from the land because:

“The amount of gain recognized in connection with the business combination would be $10,000. Generally, assets (and liabilities and equity) transferred as consideration in a business combination should be measured at fair value. When assets being transferred have a carrying value different than fair value, they should be adjusted to fair value before the transfer and a gain or loss recognized. In this case, since the assets are transferred to Sideco's former owners and not Sideco, the following would apply:

1. Cash would be transferred at face amount, $50,000, with no gain or loss.
2. The investment in Loco would be transferred at carrying value ($102,000), which is also fair value because the bonds are held-for-trading and would have been adjusted to fair value at December 31, 2008, with any gain or loss recognized at that time. So, no gain or loss would be recognized on January 2, 2009, in connection with the business combination.
3. The land would be transferred at fair value, $60,000, and a $10,000 gain would be recognized in connection with the business combination.”

Aud - 61
Bus - (5/2)
Reg
Far

[Anonymous]

Hi @Strugglebus91, this is from Becker F4, M4: When accounting for acquisition price, “the investment is valued at the fair value of the consideration given or the fair value of the consideration received.”

Since the FV of the subs assets is not given, you assume that it is approximately equal to the value given. That being the case, total consideration given up is $212,000 (50,000+102,000+60,000). The carrying value immediately before the acquisition is $202,000 (50,000+102,000+50,000). Therefore, you must write up the assets to FV before the acquisition. This results in a $10,000 gain. As another note, I generally think that you will see the FV of the subsidiary given, so that you don't have to go about it in a backwards sort of manner.

[jeff]

I'm giving away 20 NINJA MCQ Memberships (1 month) … 5 per exam (5 BEC, 5 REG, etc).

To Enter – Post in one study group (for the exam you're taking next) the following:

When are you taking your exam?
What exam topic keeps you awake at night?
One study or career tip others might find helpful.

That's it 🙂

20 Winners … 1 (one) month of NINJA Monthly … you may enter once (but keep posting in the Study Groups … that's kind of the point of the giveaway – to fire them up during a Blackout Month lull 🙂

You'll get all of the NINJA Monthly benefits … Book, MCQ, Notes, Audio, SIMS, videos, private study group, etc. If you're already a NINJA Monthly member – good news – you'll get a free month when your subscription renews – we'll just credit you.

HIYA.

AUD - 79
BEC - 80
FAR - 76
REG - 92

Jeff Elliott, CPA (KS)
NINJA CPA | NINJA CMA | NINJA CPE | Another71

[Anonymous]

Fingers crossed for passing!

I'm taking the exam on August 31st. Haven't started studying so everything is a bit scary right now and one career tip for others would be to constantly network! Best of luck to everyone!

[Author]

Replies