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Comment by Sumi Shah 11 hours ago

Prashant congrats on having taken the exam! Im sure you passed considering your preparation.  Madhavi, my perception was that the research questions are not worth a lot of points so they say save them for last during the exam, and don't spend too much time on them.

Comment by Prashant yesterday

I am done already. Either taking it again or done with it - will find out soon enough! you will pass - I have no doubt!

Comment by Madhavilatha yesterday

thank you Prashant. Not worried to score but to pass. Anyways will try my level best to do the entire thing correct. Good Luck to you too.

Comment by Prashant yesterday

Madhavi - Worried so much about scoring...joking..pulling ur leg...I think the majority of the scoring is based on getting the first three parts right...I am sure based on your preparation, you wont need the last part... :) Good luck...you will do great!

Comment by Madhavilatha yesterday

Can any one tell me how the research question is graded in FAR? We all know that there are 4 parts in the question. I am able to reach until 3, lets say. ASC 715-30-35-16. But my last part is wrong in most of the situations. So I want to know is there a partial grading for research question too?

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Comment by Madhavilatha on April 24, 2013 at 8:13am

Thanks for your explanation Rob. I understood it now.

Comment by Rob @ Pederson CPA Review on April 24, 2013 at 8:00am

@Madhavi - Stock dividends or splits are neither a change in accounting principle or reporting entity.  They are adjustments to the prior year for the sake of comparability.  For instance, if we had EPS of $5.00 in year 1 and we did a 2 for 1 stock split in year 2, even if we earned the same net income as year 1, we would show EPS of $2.50 because there are now twice as many shares outstanding.  If we kept the $5.00 of EPS for year 1 and showed $2.50 of EPS in year 2 in the comparative income statement, it would like like results were worse, even though we earned the same net income.  So, to make it comparable, we effectively restate the number of shares outstanding for year 1 to make it comparable, but it is not a change in accounting principle or change in reporting entity.  It is just part of the EPS rules.  My answer below was just in relation to what else impacts prior years aside from stock splits and dividends.  I should have been more clear about that in the original explanation.

Is your second question related to deferred taxes?  If we are just calculating depreciation expense, we do not factor in taxes.  If the question is asking us what the impact of depreciation differences between book and tax are on income tax in the income statement, then we would have to factor in the tax rate.  It would be helpful to see the entire question so I can be sure I am giving you the correct information.

Comment by Madhavilatha on April 24, 2013 at 7:23am

I have one more question Rob regarding the depreciation; if the question mentions the tax rate and asks us to calculate the depreciation expenses that is reported as component of income statement, then do we have to consider the tax rate while answering this question or just ignore the tax savings and give the entire gross amount of depreciation?

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