- #Financial tip of the day how to#
- #Financial tip of the day professional#
- #Financial tip of the day series#
The key to showing competency here is obviously your technical knowledge. Does the adjustment help profitability, meet company goals, improve covenant compliance? Say it! Impact – The program does not include this one in its approach but you will get marks for discussing the impact of any recommendation made. Was the accounting procedure performed correctly? If not, what adjustments need to be made? Write the journal entry if necessary. Recommendation – Recommend a course of action. GAAP – Discuss the ASPE/IFRS standards that need to be considered based on the issue at hand.Īnalysis – Determine whether each of the standards are being met and use case facts to explain why or why not. Issue – Discuss the FR issue and integrate case facts into the issue. Remember the acronym IGARI and you know your template: The program will prepare you well for this, though I added one small section. I spent way longer than the recommended 60 minutes.Īnyway, you approach all FR questions the same. This was a good strategy, as the FR questions were a total gong show. Luckily, I managed to finish with my elective issues quicker than expected, giving me more time for the FR questions at the end of the exam. You cannot make up for a weak performance on your elective competency.ĭue to this, I actually answered my elective issues before the FR issues to make sure I had enough time and gave them the proper attention.
You can make up for a weak FR performance in Day 3. Our Capstone 2 instructor constantly told us not to spend too long on the FR issues, as the focus of Day 2 is about your elective knowledge depth.
Get straight into the issues! Financial Reporting Issues (60 Minutes) There are no marks for this and it’s just a waste of time. You do not prepare a situational assessment on Day 2. Don’t get bogged down by irrelevant information! Situational Assessment (None) It’s really important to decipher what is and is not relevant to you in your plan to allow you to quickly flip back and forth to what is relevant. There is a lot of information on Day 2 and a lot of it doesn’t pertain to you, as the information could be for the other electives (you all get the same case!). I suggest one hour, 15 minutes for Day 2, but many people advocate for one hour, 30 minutes.
#Financial tip of the day how to#
Reading and Planning (One Hour, 15 Minutes)Īs with Day 1, I’m not going to discuss how to read and plan as everybody has their own style and the CPA teach you how to do it relentlessly. With that in mind, let’s look at the strategy:Īndrew Knapman, CPA, passed the Common Final Examination in 2018. However, for all of the practice cases I wrote and the CFE itself, this is how the exam is presented and this is what I prepared for. I am not saying with 100 per cent certainty that this is the exam template. The final part of the exam will again be more operational issues, again potentially touching any competency but most likely your elective. The second part of the exam will be strategic issues relating to your elective competency (but potentially touching other competencies also).ģ. The first part of the exam will usually be financial reporting questions, typically with around four to six assessment opportunities.Ģ. Once again, there is usually a clear template that CPA PEP follows for Day 2 of the CFE, which is as follows:ġ.
#Financial tip of the day series#
I hope you’ve been following this five-part series but you should definitely read my Day 1 strategy blog post. I remember feeling that, despite it being a very difficult exam, I wasn’t too constrained for time.
#Financial tip of the day professional#
My memories of the CPA professional education program and the CFE are still fresh in my mind. I passed the CFE successfully last year and I am now a chartered professional accountant.
You are provided an additional hour for this exam though. VANCOUVER – Day 2 of the CPA Common Final Examination (CFE) is one of the more daunting days of the CFE due to the sheer scale of the exam, with one huge case study including lots and lots of information. As Andrew notes, it was mostly FR previously, but there is more coverage of MA currently. Editor's Note, 2021: Since the writing of this column in 2019, the common part of Day 2 is FR/MA.
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