Brent is a NINJA CPA Blogger.
I'm working hard and staying on top of things as I attempt to slay the beast known as FAR on my third attempt. In preparation, I have been working the final exams provided in my review materials with the majority of my concentration on the simulations.
I have also been paying special attention to the journal entries which are an important part of completing the simulations. My goal for this retake is to go into the simulation section with a minimum of an hour and a half left on the clock.
This means I will really have to stay focused and read each multiple choice question to avoid getting myself tripped up and having to read it again. Time seems to be my biggest struggle with this exam, so I will need to move quickly in order to have the time I need to work the simulations.
The differences between GAAP and IFRS has also been an important area of focus during my review for this retake. This includes the different methods of calculating goodwill, noncontrolling interest, deferred taxes, and the presentation of items on the income statements.
Concepts between these two can start to get confusing, therefore I want to make sure I am able to differentiate between them if the question ends with “this company uses IFRS”.
Luckily I have some down time at work so I have been able to really buckle down and go over all the information that FAR covers with much greater emphasis than before. I feel that I know more now than my last attempt and almost double than what I knew on my first attempt. Third time is going to be the one for me, I can taste it!