re: Random Money/Business/Finance Thoughts Thread

Is there mutual, non-politicized agreement yet that something ain't right with the economy's current "recovery trajectory?"

Have we had a Hoover moment yet?

Yeah, you're right. Who was I to think something as cornerstone as the economy wouldn't be politicized! I forget, at times, just how shallow our elected "leaders" can be.

quote:

---

Well the joy ride just ended for me. Fedex just delivered numerous oil and gas accounting books and accompanying case studies that work sent. The note inside simply said to "Please read/complete all enclosed materials prior to your start date."

---

I've had a few "unexpected deliveries" so far this summer as well, though they know I'm tied up with Bar review stuff so they're taking it somewhat easy.

Welcome to the jungle?

quote:

---

Well the joy ride just ended for me. Fedex just delivered numerous oil and gas accounting books and accompanying case studies that work sent. The note inside simply said to "Please read/complete all enclosed materials prior to your start date."

It sure was nice knowing everyone.

---

Thats tough. Good luck.

Almost done with my first book...then I have roughly 3 weeks to finish the second one on NFP/Gov't accounting and some Advanced Accounting.

Finished pension and postretirement benefits today. Luckily, I really conquered the material in IA2 so this is just a quick refresher. Some of the IFRS differences get confusing though. I need to drill down on the recognition of PSC and Gain/Loss under each system.

Up next: Stock options and Income Tax Deferrals (Deferred tax asset and liabilities).

I need to pound through this stuff to give myself plenty of time to review and take a couple practice tests. My confidence is like a rollercoaster. I feel great on some topics and then I am reminded of something new/vague I studied awhile back and I can't remember it well enough...and the confidence is shot. I guess thats what happens with tests this large.

I just read a us today article that cited US Credit Card debt has dropped to 790 million from 970 million since 2008. A decline of 18.4 percent over 3 years. So shouldn't the US gov be able to do the same thing??

14 trillion X .184 = 2.57 TRILLION

quote:

---

I would not waste a bunch of time on that. It used to be two huge chapters, but you'll get like 2 questions on it.

---

CPAnet has had some posters saying there has been a lot of it on the tests recently. I am not too worried about it in general...I took a class on it so I have at least been exposed to the convoluted government accounting systems.

quote:

---

I don't think IFRS has any PSC, I don't think they can defer any costs (to get a PSC). G/L is different in IFRS because Plan Assets/Liab has a hypothetical ceiling/floor with respect to all of the "expected returns" built into the PBO. Pension accounting is so unnecessarily complex.

---

IFRS calls it "Past Service Cost" instead of "Prior Service Cost" like under GAAP. You touched on the major issue--the automatic recognition...but this is what I need to drill down on. In regards to G/L are you talking about the "corridor" of 10% of the greater of PBO or Plan assets is netted against the G/L and then amortized over the average life of the employees?

There are little things like PBO is titled DBO (Defined Benefit Obligation) in IFRS which can be a pain to remember.

quote:

---

Pension accounting is so unnecessarily complex.

---

So true...but I somehow don't mind it much. A person that specializes in understanding pensions can do very well for him or herself...since no one wants to do it!

quote:

---

The worst. I hate DTA/DTL and I still struggle with them on the reg. Hatehatehatehatehate.

---

Ditto. Arguably, the worst topic I have covered in accounting.

quote:

---

Nail on the head brah, that's exactly how I've felt for every piece of the CPA and the CFA.

---

At least I'm not the only one...

quote:

---

IFRS calls it "Past Service Cost" instead of "Prior Service Cost" like under GAAP.

---

Its fun when they change little things like that and make you remember it, isn't it?

quote:

---

You touched on the major issue--the automatic recognition...but this is what I need to drill down on. In regards to G/L are you talking about the "corridor" of 10% of the greater of PBO or Plan assets is netted against the G/L and then amortized over the average life of the employees?

---

No, I'm referring to the "cap" that IFRS puts on Plan Assets when it differs from Actual Plan Assets (due to expected etc), whereas GAAP this difference does not exist.

quote:

---

There are little things like PBO is titled DBO (Defined Benefit Obligation) in IFRS which can be a pain to remember.

---

CFA is all IFRS, trust me, I know this all to well.

Got out of my pandora shorts this afternoon.

#winning

About a month ago I was stuck on whether or not to dump some China stocks that I had after it took a serious 3 month dip and fraud allegations.

Just got the quote and I saved myself a good chunk of change by selling it all. I still lost about 35% of my original investment but its better than losing all of it.

Offshore? Bro we never even left the dock today. I'll be offshore the next three days though looking for big tuna.