Top 5 items for FAR you wished you studied more…

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  • #2818245
    salexandra6
    Participant

    What would you recommend topics to hit home before taking FAR?!

    I take it in about a week and a half and am on a losing streak with Reg so my confidence in passing a test is super low right now, but my promotion to manager is riding on getting the CPA by July. Any tips you have would be amazing! I know people always talk about Government, NFP and leases, but didn't know if there was anything else.

    AUD - 78 (Surgent)
    REG - 64 (Surgent), 73 (Surgent and NINJA), 69 (Surgent and NINJA)
    FAR - TBD 12/9 (Surgent and NINJA)
    BEC - TBD
    #2818248
    AndreAAndreA
    Participant

    Governmental must, leases, consolidation, cash flow statement, none-monetary exchange. MCQs are fine, but SIMs are difficult.

    FAR 73,78

    AUD

    REG

    BEC

    "Of course it’s hard. It’s supposed to be hard. If it was easy, everyone would do it. Hard is what makes it great."

     

    #2818251
    AndreAAndreA
    Participant

    I have the same question for you about AUD :), my exam in 3 days.

    FAR 73,78

    AUD

    REG

    BEC

    "Of course it’s hard. It’s supposed to be hard. If it was easy, everyone would do it. Hard is what makes it great."

     

    #2818254
    salexandra6
    Participant

    100% know your reports and the wording and the difference between the reports for a public company vs. private. Know your risks as well! It's been a while since I took it (February 2019), but I remember those things being tested and I definitely got a SIM that was about wording on a report. I've also been working in public audit for 5 years so I was in for a big shock when it came to REG and now FAR for as much time as I need to put into studying! Good luck!!

    AUD - 78 (Surgent)
    REG - 64 (Surgent), 73 (Surgent and NINJA), 69 (Surgent and NINJA)
    FAR - TBD 12/9 (Surgent and NINJA)
    BEC - TBD
    #2818263
    AndreAAndreA
    Participant

    Thank you very much! FAR isn't as bad as it seems, you will pass, just don't forget to review your notes it's very easy too forget the material.

    FAR 73,78

    AUD

    REG

    BEC

    "Of course it’s hard. It’s supposed to be hard. If it was easy, everyone would do it. Hard is what makes it great."

     

    #2818266
    AndreAAndreA
    Participant

    6 topic for FAR: Revenue Recognition, they like to test it.. almost forgot.

    FAR 73,78

    AUD

    REG

    BEC

    "Of course it’s hard. It’s supposed to be hard. If it was easy, everyone would do it. Hard is what makes it great."

     

    #2818416
    DJD17
    Participant

    Everyone I have talked to has had a sim revolving around adjusting entries. You are given about 8 different tabs of information to translate to a balance sheet.

    Gov NFP, Balance Sheet topics (Cash, Receivables, PPE, etc), Consolidation are important to know.

    I was able to pass (barely) without putting time into the following topics:

    Derivatives
    Foreign Currency
    Income Taxes
    IFRS vs. GAAP

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - 77
    REG - NINJA in Training
    ...
    #2818512
    animalwithin
    Participant

    After taking FAR 5 times, here are my top 3 in no particular order:

    -Gov/Non-profit
    -Journal entries (broad & general across all chapters)
    -Financial statements (no the specific sections of each one, how to create one from info provided, etc.)

    You're well on your way to passing if you get those down, the rest is just icing on the cake.

    #2818560
    bigstakk
    Participant

    Gov/NP is a huge part of the exam. Know it well. Also try your best to remember the IFRS vs GAAP differences. You will have multiple related questions and probably a SIM. You will need to know all of the new rev rec and lease accounting rules which will be a major part of the exam. Anything else will be a random question or two. Biggest advice is pay very close attention to the instructions and qualifying words particularly on SIMs. GL!

    AUD - 81
    BEC - 87
    FAR - 80
    REG - 82
    ______________
    #2818563
    jeff
    Keymaster

    Reminder – Exam Disclosure. As a general rule, anything that you can answer only because you took an exam is probably exam disclosure and not allowed by the AICPA.

    Closing thread…

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