CPA Exam Blog - Latest Comments in FAS 141 Revised Now Fair Game on CPA Exam

Re: FAS 141 Revised Now Fair Game on CPA Exam

Nichole984 — Mon, 17 Aug 2009 21:39:32 -0000

Thanks that will save me some precious study time!

Re: FAS 141 Revised Now Fair Game on CPA Exam

Nichole984 — Mon, 17 Aug 2009 21:39:32 -0000

Thanks that will save me some precious study time!

Re: FAS 141 Revised Now Fair Game on CPA Exam

jeff @ another71.com — Mon, 17 Aug 2009 20:21:32 -0000

I would just be familiar with the old way...focus on 141R and be ready to do
a sim on it.

Re: FAS 141 Revised Now Fair Game on CPA Exam

jeff @ another71.com — Mon, 17 Aug 2009 20:21:32 -0000

I would just be familiar with the old way...focus on 141R and be ready to do
a sim on it.

Re: FAS 141 Revised Now Fair Game on CPA Exam

Nichole984 — Mon, 17 Aug 2009 19:39:32 -0000

Thanks that will save me some precious study time!

Re: FAS 141 Revised Now Fair Game on CPA Exam

Nichole984 — Mon, 17 Aug 2009 19:38:49 -0000

If I'm taking FAR in Oct. do you still think I will need to know the Old 141? Or should I just study 141R?

Re: FAS 141 Revised Now Fair Game on CPA Exam

jeff @ another71.com — Mon, 17 Aug 2009 18:21:32 -0000

I would just be familiar with the old way...focus on 141R and be ready to do
a sim on it.

Re: FAS 141 Revised Now Fair Game on CPA Exam

Nichole984 — Mon, 17 Aug 2009 17:38:49 -0000

If I'm taking FAR in Oct. do you still think I will need to know the Old 141? Or should I just study 141R?

Re: FAS 141 Revised Now Fair Game on CPA Exam

Name — Tue, 28 Jul 2009 11:23:09 -0000

I had no idea they were changing this. I am using 2008 Becker still, and am taking FAR for the 4th time on Friday. I got a 74 in May becuase I had no idea hoe to do the consolidation simulation. Obviously I spent a lot of time learning it now. I guess the best I can do is watch the videos since there isnt enough time to order the Yaeger update! I really wish I had checked this site sooner.

Re: FAS 141 Revised Now Fair Game on CPA Exam

Name — Tue, 28 Jul 2009 09:23:09 -0000

Re: FAS 141 Revised Now Fair Game on CPA Exam

jeff @ another71.com — Wed, 22 Jul 2009 15:05:03 -0000

I appreciate that, Adrienne. Truce accepted for sure.

Take care,

-Jeff

Re: FAS 141 Revised Now Fair Game on CPA Exam

Jr Deputy Accountant — Wed, 22 Jul 2009 14:53:54 -0000

So as I said, we talked to the AICPA and they will not admit one way or another that "human error" is even likely, which is sort of understandable, especially considering the fact that they have not allowed a single rescore in quite some time.

I think the fact remains we still don't know. As Phil can attest to, one AICPA staff member will say one thing while another will say something completely different. The secrecy is frustrating to say the least because we're all just trying to present the correct information, right?

Anyway. Consider this me waving the white flag, Jeff, I respect you for what you do and always have, whether or not that has always come across.

Adrienne

Re: FAS 141 Revised Now Fair Game on CPA Exam

jeff @ another71.com — Wed, 22 Jul 2009 13:05:03 -0000

I appreciate that, Adrienne. Truce accepted for sure.

Take care,

-Jeff

Re: FAS 141 Revised Now Fair Game on CPA Exam

Jr Deputy Accountant — Wed, 22 Jul 2009 12:53:54 -0000

I think the issue is that the AICPA doesn't want to admit "human error" is even a possibility. Sorry, Jeff, didn't mean to make it seem like I was trying to discredit you - I think what you do is awesome and love that you're able to offer a wealth of information to exam candidates. If I appeared to attempt to discredit you in the past I sincerely apologize at that was certainly never my intention. I believe I've complimented you before for the work you do? That's not snark, that's a genuine thank you. You help people at a critical point in their lives with expertise and guidance, and if nothing else, sometimes candidates just need to know that they aren't alone and you offer them that sense - all professional affiliations aside, I think that is pretty awesome of you.

So as I said, we talked to the AICPA and they will not admit one way or another that "human error" is even likely, which is sort of understandable, especially considering the fact that they have not allowed a single rescore in quite some time.

I think the fact remains we still don't know. As Phil can attest to, one AICPA staff member will say one thing while another will say something completely different. The secrecy is frustrating to say the least because we're all just trying to present the correct information, right?

Anyway. Consider this me waving the white flag, Jeff, I respect you for what you do and always have, whether or not that has always come across.

Adrienne

Re: FAS 141 Revised Now Fair Game on CPA Exam

jeff @ another71.com — Fri, 17 Jul 2009 17:22:43 -0000

If you're going to try to discredit one of my articles (again), you have to come with stronger stuff than "I can't imagine..."

Phil talked to the AICPA...and that is what they told him.

-Jeff

Re: FAS 141 Revised Now Fair Game on CPA Exam

cpaexpert — Fri, 17 Jul 2009 17:10:22 -0000

Clarification on the official AICPA site regarding new pronouncements, just in case hearsay isn't your thing:

Accounting and auditing pronouncements are eligible to be tested on the Uniform CPA Examination in the window beginning six months after a pronouncement’s effective date, unless early application is permitted.
When early application is permitted, the new pronouncement is eligible to be tested in the window beginning six months after the issuance date. In this case, both the old and new pronouncements may be tested until the old pronouncement is superseded.
For the federal taxation area, the Internal Revenue Code and federal tax regulations in effect six months before the beginning of the current window may be tested on the Uniform CPA Examination.
For all other materials covered in the Regulation and Business Environment and Concepts sections, material eligible to be tested includes federal laws in the window beginning six months after their effective date and uniform acts in the window beginning one year after their adoption by a simple majority of the jurisdictions.

I can't imagine the AICPA would allow any of the old questions to be relevant/tested as they have been preparing for this change for months.

Just my $0.02

Thank you for sharing, Jeff

Re: FAS 141 Revised Now Fair Game on CPA Exam

jeff @ another71.com — Fri, 17 Jul 2009 15:22:43 -0000

If you're going to try to discredit one of my articles (again), you have to come with stronger stuff than "I can't imagine..."

Phil talked to the AICPA...and that is what they told him.

-Jeff

Re: FAS 141 Revised Now Fair Game on CPA Exam

cpaexpert — Fri, 17 Jul 2009 15:10:22 -0000

Clarification on the official AICPA site regarding new pronouncements, just in case hearsay isn't your thing:

Accounting and auditing pronouncements are eligible to be tested on the Uniform CPA Examination in the window beginning six months after a pronouncements effective date, unless early application is permitted.
When early application is permitted, the new pronouncement is eligible to be tested in the window beginning six months after the issuance date. In this case, both the old and new pronouncements may be tested until the old pronouncement is superseded.
For the federal taxation area, the Internal Revenue Code and federal tax regulations in effect six months before the beginning of the current window may be tested on the Uniform CPA Examination.
For all other materials covered in the Regulation and Business Environment and Concepts sections, material eligible to be tested includes federal laws in the window beginning six months after their effective date and uniform acts in the window beginning one year after their adoption by a simple majority of the jurisdictions.

I can't imagine the AICPA would allow any of the old questions to be relevant/tested as they have been preparing for this change for months.

Just my $0.02

Thank you for sharing, Jeff

Re: FAS 141 Revised Now Fair Game on CPA Exam

Paul — Fri, 10 Jul 2009 16:09:56 -0000

SO when you say they are trying to get rid of the 141 questions for july, do you mean they will get rid of fas 141 questions and not include 141r questions? Or do you mean get rid of sfas 141 questions all together? If I have to know both and i am taking the exam on monday the 13th? is there anyway I can get the 50 course and take it online? or is the flash drive the only acceptable way of obtaining the material?

Re: FAS 141 Revised Now Fair Game on CPA Exam

Paul — Fri, 10 Jul 2009 14:09:56 -0000

Re: FAS 141 Revised Now Fair Game on CPA Exam

Ha? — Thu, 09 Jul 2009 10:00:59 -0000

for $50?
One topic

Re: FAS 141 Revised Now Fair Game on CPA Exam

Phil Yaeger — Thu, 02 Jul 2009 00:06:45 -0000

Kim:

They will tell you if it is fasb141 or fasb 141R. Also I suggest you watch the webcast on variable interest entity that Jeff mentions on the front page of this blog.

Good luck

Phil Yaeger

Re: FAS 141 Revised Now Fair Game on CPA Exam

Phil Yaeger — Wed, 01 Jul 2009 17:15:21 -0000

To all students concerned about fasb 141 and 141r. When I was in New York in April 2009, I asked one of the individuals who is in the examination division. Will you have all the old questions out of the test bank by July 1st 2009 for fasb 141? He said that they will try their best. I asked him what should our students then do. He told me to tell them to study fasb 141 and fasb 141r. for at least July and August 2009.

I am attending a meeting on August 4th 2009, and I will ask, can I tell our students that there are not more questions on fasb 141? I will keep another 71.com informed.

Please watch the webast concerning the variable interest entity. That has been in effect since 2003, and most candidates may not be aware of it. It is testable now. Information about it is on the front page of another 71.com

Sincerely,

Phil Yaeger
PS
Good luck to everyone taking the exam in July and August 2009.

Re: FAS 141 Revised Now Fair Game on CPA Exam

Kim in OH — Wed, 01 Jul 2009 16:36:21 -0000

Thanks, Jeff. I hope he responds soon. I am scrambling to get the rest of my studying in!

Re: FAS 141 Revised Now Fair Game on CPA Exam

jeff @ another71.com — Tue, 30 Jun 2009 16:23:46 -0000

I'll defer to Phil on this...I'll fwd it to him...