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@Mary Ellen Smith I agree. There's so much waiting at the end.

@Mary Ellen @Olivia - Yes, FAR has a ton of material.  Just make sure you have a systematic plan and chip away each day.  Concentrate on what you need to get done for that day and not the entirety of the information covered by FAR.  

It may also help to look back from time-to-time on what you do already know so that you can see how far you have come.  

For instance, 2 weeks in, you may be able to look back and feel pretty good about inventory, fixed assets, accounting changes, and financial statements.  

After a few more weeks, you list will be pretty long and it will help give you the confidence that you can do this.

@Rob That's true. I'm currently focusing on going through the text and doing a few MCQs at the end of the chapter and over the weekends. Afterwards, I plan to do a cumulative review (first, section-by-section and then, mixed) three to four weeks before my FAR exam.

Checking in for tonight. I've been stuck on Deferred Taxes for a few days. Wrapping it up today and will move on to Interim Financial Reporting.

Thank you, Rob! I think I'm starting to get DTL/A a little more than I did.

Rob @ Pederson CPA Review said:

Checking in for Long-Term Construction Contracts. I have 9 more days before I start my Final Review, which means, gotta get crackin' on the readin'.

HI all,

I am starting my cpa exams , just applied for that. Can anyone help me which is the best book i should refer for FAR?
Rob @ Pederson CPA Review said:

@Mary Ellen - That is a huge challenge.  Have you tried going someplace else to study?

@Wali - I just helped one of my members with dollar value LIFO.  Below is part of that discussion.  I hope it helps!

Inventory accounting can be a tricky area.  LIFO can be especially
tricky if you are trying to learn it from someone who has never
dealt with a LIFO calculation in real-life before.

Try having someone explain LIFO when he or she has never sorted
through an inventory spreadsheet that has LIFO layers dating back
to just doesn't work.

Here's the gist -

LIFO is last-in, first-out.  That means the newest stuff you bought
is assumed to be the first stuff you sell.  So, if you never sell
out of inventory, you will always have old stuff sitting in your
inventory system.

Now, it is important to remember this is not physically is
just old from an accounting perspective.

For instance, if you bought 100 units in 2011, 300 units in 2012
and 250 units in 2013 and you sold 400 units during 2014, your LIFO
inventory system would show that you sold 250 units from 2013 and
150 units from 2012.

This leaves you with 100 units from 2011 and 150 units from 2012.
Does this mean that you physically have units that are 2-3 years
old sitting on your shelf?  No, but your accounting system shows it
that way.

Imagine you own a company that has been in business for 50 years
and you are on LIFO.  You may very well have inventory from just
about all 50 years sitting in your accounting system!

Now, let's think about how those units have to show up.  We
have to record inventory at the lower of cost or market.  We'll
leave market out of the discussion for now because cost is the
default valuation for inventory.

How do we track inventory cost by year going back 50 years?  For
every item that we sell, do we have to have each item listed 50
times (once for each year) to get the right cost?

If we did, that would be a tracking nightmare.  LIFO is a
nightmare, but a slightly less scary one because we can use
dollar-value LIFO.  Dollar-value LIFO eliminates the need for us to
track inventory on a unit-by-unit basis for all years in inventory
and just allows us to track inventory in big pools by year and
apply a cost index to those pools.

This is one of the rare areas where the accounting rules give us
some relief from complex requirements.

I'm in Dallas! Planning to take FAR , Aug 30th!!

Ankita Jain said:

anyone from austin?

Hello Everybody!

I will be taking FAR next February, I am going to start studying October who is using Yeager CPA review?


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