And it doesn’t appear (at least on the surface) that Warren Buffett put them up to it.
[via TaxProf]
And it doesn’t appear (at least on the surface) that Warren Buffett put them up to it.
[via TaxProf]
I’m digging deep in the mailbag for this one, only because you kids have been awfully quiet lately (a sure sign that we’re in a blackout month). If you have a CPA exam question, comment or complaint for us, please let it launch. Come on, you’re going to be sitting around for the next 2 – 3 weeks waiting for your scores, might as well.
Adrienne,
I was wondering if you could go over what the simulations entails in FAR. I understand that the multiple choice contains 30 questions, and that there are 3 testlets. However, does the break down for the 7 simulations include more than one part.
For example, I know you will have a problem say leases, maybe a research question…but is that 1 simulation or is that 2 of 7?
Thanks,
Recent Grad…miserable studying…
Let’s defer to the good ole AICPA on this one, you can never go wrong getting info straight from the source. From How the CPA Exam Is Scored:
In addition to multiple-choice questions, the AUD, FAR, and REG sections also contain task-based simulations. Task-based simulations are case studies that allow candidates to demonstrate their knowledge and skills by generating responses to questions rather than simply selecting the correct answer. Task-based simulations typically require candidates to use spreadsheets and/or research authoritative literature provided in the Exam.
Well that’s not very helpful, is it?
In FAR, you’ll encounter 7 task-based simulations, of which 6 will be graded. You don’t know which TBS is pre-test so you have to go into it as if they are all graded.
Assume that each of your simulations will be on a different topic and will only require you to complete one tab. You may see more than one research question so be sure to get in some practice in that area (and access your free 6-month subscription to the authoritative literature if you haven’t already – note that you must have a valid NTS to sign up for this).
In previous versions of the exam, one simulation consisted of several tabs. You’d have to get through two of them in 45 minutes a piece and hope you filled in enough tabs to pass. In the latest incarnation of the exam, however, you will receive more varied topics. This works in your benefit as you have a better chance of getting TBS problems on areas you feel comfortable in, whereas in the old exam you had to hope and pray you didn’t get a simulation on a topic you didn’t study well or suck hard in, as you were just about guaranteed to bomb it.
Then again, in the old exam you could blow the sims and still have a chance to pass. Nowadays, however, you don’t have that luxury as simulation problems carry a heavier weight point-wise.
That said, you’ll want to do the tutorial on the AICPA’s website. While review course materials can come close to simulating the actual exam environment, the CPA exam remains the intellectual property of the AICPA, therefore no review course can copy simulation problems exactly. But since the AICPA provides that tutorial, it has the exact look and feel of the questions you will see on the exam.
Sino-Forest independent committee appoints PwC [Reuters] Canada’s Sino-Forest Corp said late on Monday that an […]
The cakehole fillers at McGladrey announced a contest last week where the winner will caddy for Davis Love III at the McGladrey Classic Pro-am. All you have to do is submit “a creative photo and short essay explaining why you should be Davis’ caddie.”
Of course you’ll have to know DL3 inside-out and upside down, just like the folks at Mickey G’s [Someone who] understands my needs, my game, and my love and passion for the game of golf.” Right. Needs like making sure that there is a fresh pair of pants available for photos should Dave win the tournament, keeping John Daly’s hillbilly ass out of earshot and verifying that the McGladrey people put “Davis Love III” on the checks.
The grand theft auto allegations stuck though.
Dykstra, 48, was charged with 25 misdemeanor and felony counts of grand theft auto, attempted grand theft auto, identity theft and other crimes, said Jane Robison, a spokeswoman for the Los Angeles County district attorney’s office. He faces up to 12 years in state prison if convicted.
His accountant and a friend were charged in connection with the alleged auto theft but not with drug crimes, Robison said.
Prosecutors contend that the three men tried to lease high-end cars from dealers this year by providing phony information and claiming credit through a phony business called Home Free Systems.
Two dealerships rejected the lease applications but a third allowed the men to drive off with three cars, according to a statement from the district attorney’s office.
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In a report released today, the inspector general said attrition and a heightened workload have combined to leave the IRS understaffed.
The new hires in the agency’s small business and self-employed division resulted in a net gain of just 580 revenue officers by the end of fiscal 2010, according to the report. The IRS watchdog predicted a net gain of 127 revenue officers by the end of fiscal 2012. The study could affect the debate over funding for the agency. It comes two days before IRS Commissioner Douglas Shulman is scheduled to testify before a congressional panel on the agency’s budget. The inspector general warned that, unless the IRS is fully staffed, compliant taxpayers are at a disadvantage. “If the IRS does not have a sufficient number of qualified” revenue officers, the report said, “it could create an unfair burden on the majority of taxpayers who fully pay their taxes on time.” [Bloomberg]
The Nine are not easily starstruck.
And there is no celebrity high court that we are aware of, so this could be the last time we ever have to speak of this again. [TaxProf]
One thing I’ve always loved about the Maryland Association of CPAs is that they aren’t afraid to shake things up, do what everyone else isn’t doing and, uh, break out into a dance routine in the middle of a dinner reception.
Remember the “big surprise” they were planning for the 2011 CPA Summit? Here it is, enjoy:
We’re still waiting to hear what the Next Level is but this should tide you over in the meantime.
I’m a second-year audit senior associate at KPMG in the New York Office. This past Wednesday there was a round-table discussion with about a dozen seniors to discuss compensation. I’ve been looking on Going Concern to see what has turned up, and since I’ve yet to see anything i figured I would send along what was discussed…
The meeting was run be a couple of our heads of compensation, and they were certain to tell us that in no way has this been approved by leadership, but as long as feedback from the round-table sessions is positive, they think it has a good chance of happening. They asked us about how the above and beyond award [Ed. note: aka utilization bonuses] was received, to which everyone responded negatively, and they unveiled their plan for future bonus compensation to reward loyalty for the firm. They said that this plan would be in addition to any raises and variable comp that the firm already has, so this would act as a reward for loyalty to the firm. I will highlight the details below.
-This plan is applicable for senior associates
– In December everyone makes an election that they classified as immediate, one-year, and two-year. The immediate pays $1,000, the 1-year pays $4,000, and the 2-year pays $8,000. This election would be made each December by senior associates. One example they gave of a first-year senior associate entering this bonus program was as follows:December 2011: two-year election – pays $8,000 in May 2014
December 2012: two-year election – pays $8,000 in May 2015
December 2013: one-year election – pays $4,000 in May 2016They were selling us on the fact that you would be paid out $20,000 in the span of twelve months, which of course sounds pretty great. One thing to keep in mind is that the terminology “immediate”, “one-year”, and “two-year” isn’t completely accurate. In reality it is more like one, two, or three busy seasons. Some of the particulars are that once you make an election you’re stuck with it, so if you take the immediate payout and happen to stay another few years, you are less loyal than someone who knew ahead of time. Also, if you leave the firm before you reach your payment date you obviously get nothing.
The plan was generally well received in the meeting, but didn’t get good reviews at all when I told some of my co-workers about it. I am curious to see how others feel about it. We all seemed to agree that it didn’t seem worth it to take the $1,000 payout because after taxes you’d barely notice it, and that it would take real guts to take the $8,000 payout, because as a first-year senior associate the length of your deferral is longer than your employment at the firm to date, so you never really know if you’ll still be there to collect.
Say what you will about the KPMG, they are trying to get creative with the bonus structure. Whether or not it takes with Klynveldians is another matter entirely but you can get started by commenting with your reactions below.
CFOs Wary of Auditor Rotation [CFO Journal]
[T]here is currently very little auditor turnover among large companies. As of last year, companies in the Standard & Poor’s 500 index have on average been with their auditor for 24.5 years, according to data from Audit Analytics. Of that group, only 77 companies have been with their auditor for seven years or less, while seven companies have used the same auditor for over a century.
PCAOB Shifts into High Gear under Jim Doty [Accounting Onion]
[T]he fact remains that PCAOB inspectors have uncovered far too many problems, in far too many audits, to conclude that something short of broad-based change is called for.
Puma take leap towards green accounting [Accountancy Age]
Puma took the brave step of producing the first environmental profit and loss account from a global organisation. It not only put a price on its carbon usage, but also represented the cost of future damage incurred from its emissions and water usage.
BDO in the News! [The Summa]
Professor Albrecht takes a little trip down memory lane in accounting firm failures.
Cat lady’s feline foster care tax deduction slashed from $12,000 to $250 [DMWT]
A house full of feral cats demands some sort of tax planning.
“Sideshow Bob” Marshall Gets His Panties In a Bunch Over Richmond Fed’s Gayness [JDA]
Who knew a rainbow flag could cause so much trouble?
Updating a Résumé for 2011 [WSJ]
In case you’re looking.
Madoff’s underwear fetch $200 at Fla. auction [Reuters]
It was fourteen pairs of boxers.
Learn to Like Your Job [WSJ]
Toxic workplace relationships, failing company fortunes and limited advancement opportunities are just a few compelling reasons to quit a job. But career experts say many workplace problems that employees may think are irreconcilable can be improved or even resolved with some action and a change of attitude.
Reuters reports that David Viniar told an investor conference in California that God’s Shop “take[s] all of the criticisms quite seriously” and “We never at least intentionally take reputational risk.”
Personally, I’m not sure why Vin is trippin’, since it’s pretty clear that most people don’t think Goldman is going the way of the dodo Andersen. [Reuters]