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Disclaimer: I still have two exams to go and only scored an 83 on the FAR exam. So by no means am I an expert on FAR. However, I can tell you this much - I would rather be studying FAR than Audit or Reg...

FAR is all about understanding the material. And one knows whether one understands the material or not. The trick is to understand what is it that the question is referring to. I think Charlene talked about connecting the dots from IS to BS for DTL/DTA....Think through that process for as many topics as you can. Just looking at the Becker material the first couple of chapters walk through the Financial Statements, revenue and expense recognition. Write JE's for everything until the point that you start thinking about solving problems using JE's. FAR is about developing a mindset and a thinking process that will help you tackle problems (in exam and real life). Everyone has their own way of learning. T-accounts, JE's are something that are invaluable tools to get comfortable with...

Governmental accounting is about understanding the fund types and the Govt wide financial statements. I disliked NFP first but then thought it was really cool once I understood how the flow works. The re-classification of expenses and the revenue recognition. I did read an intermediate accounting book first - which really helped. If you are finding it difficult to understand a topic, read a textbook on it. Find a lecture (ppt or doc) notes on the web for classes on that topic and understand the basics. Then go back to the material - you will have a stronger foundation.

In short - build your own method - yes - build your own way of tackling problems and work the flow of an entry through all the statements. Find a study partner. Marisol and Vishal were great for me. Made me think (thank you!). If you get comfortable with the material, then you probably haven't asked enough questions. And once you do, you will have more questions and you will start developing a method and a deeper understanding of the topic and frankly an appreciation of the intricacies. Know when to stop asking questions as well. You don't need to do a Masters in Accounting either. But a clear understanding is necessary (in my opinion). And lastly, enjoy it - it should be FUN! Otherwise it is just more difficult to concentrate.

Wish you all the very best!

Cheers, Prashant

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Comment by Fraidy Hopfer on February 11, 2014 at 2:12am

Well I'm studying now for FAR and keep on thinking that maybe I should have started with another subject because there is so so much to know here! I guess I should just study without regrets if you guys think the other subjects are harder

Comment by Deepali Kothari on December 3, 2013 at 3:15pm

Totally agree with you. I love JEs so much and miss it in BEC. 

Comment by Shikha on September 10, 2013 at 5:03pm

Thank you Prashant!

Comment by Charlene L. Main on September 10, 2013 at 12:19pm

Great advice!!  And I agree about prefering to study FAR over Audit and Reg, which happen to be the last 2 exams I have.

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