CPA EXAM CLUB

The CPA Exam community & online study group to help you pass!

Hello everyone! 

Today I decided to squeeze in some study time during my lunch hour.  I began by watching a video on FASB Standards (http://www.youtube.com/watch?v=lLNPUDUWkSg&list=PLAF87E4335AFBFB90).  Within a few moments I had to pause it, “what?!.......new codification…. hu?  Oh my gosh, have I really gotten so caught up in the grind of every day work life that I totally missed this?”  So I yell over to my boss “Hey boss, did you know that FASB has released a new codification framework?”  She responds, “What? No!  What did they release?”  I was relieved, it wasn’t just me!

After watching a few minutes more, I established a free subscription account at FASB (https://asc.fasb.org) so that I could follow along.  The video completed I went online and googled the topic “new FASB codification” and was pleasantly surprised to learn that a CPA candidate can get a free 6 month subscription to the professional view (vs the free basic view).  Signed right up (although access isn’t granted until they confirm my candidacy).   Following the instructions given in the video I researched Pension Accounting and soon realize that basic access is a bit frustrating and am sure I will get more use of it with a professional subscription.   

All in all it was a lunch hour well spent; learning more and more each day and possibly losing a couple pounds at the same time!  By the end of the week I’ll be done with the relatively easy financial reporting environment and move on to the more complicated subjects.  I anticipate difficulty with Pensions so I think I’ll tackle that first.  Good luck to all!

Charlene's Posts:

  1. I Can Do This: From the Bottom to the Top
  2. Adjusting: All the Best Made Plans
  3. FASB for Lunch: Time Well Spent
  4. Signs: No More Self-Doubt
  5. Government Accounting: 5 Hour Energy and Lambers
  6. Week #2 - The Missing Socks
  7. Keep Calm & Study On
  8. Facing the "FAR" Today
  9. The day after my battle with FAR
  10. Passing FAR
  11. Slow Start with Audit
  12. The CPA M&M Teddy Bear
  13. Going for Gold :-)
  14. A CPA's Oscar Moment

CPA Exam Club Discounts

Views: 147

Tags: Bloggers, CPA Exam Journey, Charlene, FAR

Comment

You need to be a member of CPA EXAM CLUB to add comments!

Join CPA EXAM CLUB

Comment by Rob @ Pederson CPA Review on March 21, 2013 at 9:51am

Nothing wrong with being detailed...in fact, it sounds like you have already seen how your attention to detail leads to success in accounting.  The trick with this exam, though, is knowing which topics to get detailed on and which items to study at a higher level.  There are 2 options for this - figure it out on your own by reading the CSO, practicing a lot of multiple choice questions and noting which items show up in the MCQ's and which don't or get a review course where they tell you which items to emphasize and which items to spend less time on.

Comment by Charlene L. Main on March 21, 2013 at 9:35am

Funny how you picked up on that (about me) from one blog post.  Just recently my bosses, boss contacted her regarding a variance analysis that was sent to the auditors.  Her response was  "I gave them Charlene detail and if Charlene detail isn't good enough I don't know what to tell them."

 

I overstudied for BEC as well but think it paid off.  When my company's major shareholder and board had a disagreement (public information available to anyone) regarding the value of the stock, the under utilization of financial leverage (compared to what a company of this size would normally have), and the transactions that came about afterward.....I understood it all.  In fact I became the office goto person to explain it to anyone who was interested. 

I'm a detailed person who likes to really understand whatever it is I'm studying (as you mention in your response, getting deeper than I need to).  I know that strategy isn't going to work with these exams at least with an 18 month time frame!    I just don't know how to study at a high level..  Any suggestions would be greatly appreciated.

 

And finally, no I do not yet have a formal review course. 

Comment by Rob @ Pederson CPA Review on March 21, 2013 at 8:13am
Charlene,
Are you using a review course? Seems like you may be getting deeper than you need to into the standard setting process. Also, if you are interested, pension is the section of my course I give away as a demo for people to try before they buy. Let me know and I'll send it to you.

Latest Activity

Noah Kiplimo Kipchaui updated their profile
Mar 1
Darcel Smith updated their profile
Jun 21, 2018
Rob @ Pederson CPA Review's blog post was featured
Jan 25, 2018

Members

Videos

© 2019   Created by CPA Exam Club.   Powered by

Badges  |  Report an Issue  |  Terms of Service