Uplift Pro Joins HOCK Partner Program
We are pleased to announce that Uplift Pro, located in India, has become the latest member of the HOCK Partner Program!
Through this partnership, Uplift Pro will incorporate HOCK study materials for the CIA (Certified Internal Auditor), CSCA (Certified in Strategy and Competitive Analysis), and FMAA (Financial and Managerial Accounting Associate) exams into their curriculum.
Our collaboration is designed to leverage HOCK’s extensive resources alongside Uplift Pro’s specialized training, aiming to provide an enhanced learning experience for students preparing for these certifications. For more details on Uplift Pro’s offerings, please visit their website.
Welcoming Tyler Skelton to the HOCK Family
We are excited to announce that Tyler Skelton has joined the HOCK family as the new US Business Development Director! Tyler brings over a decade of expertise in business growth, partnership development, and strategic program management.
Tyler’s expertise and dynamic approach to business development are set to propel our growth and expand our reach within the US market. Tyler’s appointment underscores our commitment to excellence and our dedication to developing and nurturing meaningful relationships and partnerships.
“I am truly excited to join the HOCK family and embark on this journey to foster and expand our partnerships with US universities and organizations. My passion lies in nurturing existing connections and building new ones, with the ultimate goal of helping thousands of students across the US to benefit from HOCK’s exceptional study materials. It is an honor to play an important role in shaping the future of education and to contribute to the professional growth of the next generation of accounting professionals. Together, we will unlock new opportunities and achieve great success.” Tyler Skelton.
Please join us in warmly welcoming Tyler to the HOCK family. We look forward to the innovation and leadership he will bring to our business development efforts in the US!
FMAA Online Course from 360 Business Partners
Exciting news for finance and accounting aficionados and professionals across Egypt! We are thrilled to announce that our partner, 360 Business Partners, is launching an FMAA (Financial and Managerial Accounting Associate) Online Course! This exclusive program is designed to propel your skills to new heights, guided by a team of seasoned professionals, all from the comfort of your home.
Course Overview
Start Date: February 23, 2024
End Date: June 21, 2024
Day: Every Friday
Time: 2:00 PM to 6:00 PM (Egypt Time)
Format: Online Interactive Sessions
Duration: 4.5 months (65 hours – 17 lectures)
Course Highlights
Dive deep into the core of finance and accounting with the comprehensive curriculum, covering:
- General Accounting and Financial Management
- Financial Statement Preparation and Analysis
- Planning and Budgeting
- Cost Management and Performance Metrics
- Professional Ethics
Why Choose This Course?
- Expert-Led Instruction: Learn from a cadre of professionals with extensive experience in finance and accounting.
- Comprehensive Curriculum: A well-rounded program designed to enhance both foundational and advanced skills.
- Interactive Online Format: Engage with instructors and peers in real-time, ensuring a dynamic learning experience.
Register Now!
Don’t miss this opportunity to advance your career with this FMAA Online Course. For registrations and more details, reach out to 360 Business Partners at 01029551668 or 01030102647.
More Live Courses Using HOCK Materials
If you are looking for more courses led by HOCK partners using HOCK materials, click here check out the full list of partners and their contacts.
Welcoming Ronak Baheti to the HOCK Family
We are excited to welcome Ronak Baheti, CMA as the new Business Relationship Director at HOCK international! With Ronak stepping into this role, we set to cultivate and deepen our business relationships, especially in the vibrant market of India.
Ronak joins us with a unique perspective, having been a US CMA student who benefited greatly from HOCK’s educational resources. Ronak is passionate about leveraging his insights and experiences to contribute to our growth in India.
In his own words, Ronak shares, “As a US CMA student, I had the opportunity to use Hock videos, which helped me immensely to clear my exams on the first attempt. I always liked the clarity Brian used to explain, keeping it simple for understanding. I am really honoured to join the HOCK family and help them grow the Indian market. Brian’s student-first approach is something that resonated with me, and I decided to join him on this journey!”
Ronak’s appointment as Business Relationship Director is a testament to our commitment to not just educating but also building strong, supportive relationships with our partners and the professional community in India.
Brian Hock: “Ronak brings to our team a unique blend of experience as both a student and a professional. His understanding of the challenges and opportunities in the Indian market, coupled with his passion for education and growth, makes him an ideal fit for leading our business relationships. I am confident that with Ronak’s leadership, we will continue to strengthen and expand our presence in India, providing unparalleled support to our students and partners.”
Please join us in warmly welcoming Ronak Baheti to the HOCK family. Here’s to the exciting journey ahead and the achievements we will accomplish together!
Learn more about the HOCK Partner Program and HOCK India.
CMA Online Course from Bradford Learning Global
Great news for all finance and accounting professionals in UAE! We are excited to share that our partner, Bradford Learning Global, is conducting an Online CMA Course using HOCK CMA study materials – exclusive for Arabic speakers.
Course Schedule
- Start Date: February 23rd, 2024
- Duration: 60 hours of virtual live training per Part (3 months)
- Days: Tuesdays, Wednesdays, and Sundays
- Time: 7:30 – 9:30 pm (UAE)
Expert Instructor
- Ahmed Mahmoud, CPA, CMA, CIA, ACMA, EGCA
Enroll Now
For registrations and further details, visit Bradford Learning Global.
Another Type of Accounting Estimate
Similar Concepts – Different Areas of Accounting
As I have been making videos for the FMAA (Financial and Managerial Accounting Associate) Exam, I have had the pleasure of recording videos about topics like accounting for inventory, accounting for fixed assets, and accounting for receivables. I have always liked the way that certain concepts and ideas appear throughout different areas of accounting. For example, for all assets, we want to make certain that we do not overstate the value of the asset. We do this through the lower cost of market for inventory, impairment for fixed assets, and the allowance for bad debts for receivables.
Valuation Methodologies for Inventory and Fixed Assets
I have also liked the similarity of how we determine the value we record for inventory and the value we record for fixed assets. For inventory, it is “all of the costs necessary to get the item ready and available for sale to the customer.” For fixed assets, it is “all of the costs necessary to get the item ready and available for use.” It is very similar; it just changed the nature of the asset.
The Importance of Estimates in Accounting
Another common thing that we do in accounting is we make estimates. We make estimates about bad debts, the useful life of a fixed asset, the salvage value of a fixed asset, and the future cash flows related to an intangible asset.
Accounting Challenges with Gift Cards
Some businesses have another estimate that they need to make that can be a large amount. This is the estimate related to how many gift cards will not be redeemed in the future. I know that giving gift cards as presents is growing around the world. As companies sell more and more gift cards, the accounting issues connected to gift cards become more material. In brief, when a company sells a gift card, it will debit cash and set up a liability of unearned revenue for the amount of the gift card. And then when the gift card is used, they will close the unearned revenue for that gift card and recognize the revenue because the revenue is now earned. That process is clear and simple.
The Concept of Breakage and its Financial Impact
But, as most of us know from our own experience, not every gift card is redeemed. If a company does make an adjustment for that, the amount of unearned revenue (a liability) that a company has on its balance sheet will grow over time.
Therefore, companies make estimates of how much of that unearned revenue from gift cards will never be provided as a good or service. This is called breakage, and this is another estimate that some companies need to make. For companies that sell a lot of gift cards, this is a significant estimate. Starbucks reported $212 million in revenue from breakage in 2022.
State Regulations and Unclaimed Gift Cards
To me, this estimate for breakage is just the opposite of the bad debt estimate. Instead of estimating how much our customers will not pay us in the future, the breakage estimate is estimating how much our customers donated to us. This is another example of the application of an accounting process (estimates) being applied to an area that we don’t often think about.
In a note for completeness, some states in the United States require that the company attempt to return the money for unused gift cards to the consumers. If the company is unable to return the money to the customer, the money is used by the state for public initiatives.
Brian Hock, CMA, CSCA, CIA, CRMA
Start Your Certification Journey
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Bhupesh Anand Classes Joins HOCK Partner Program
We are thrilled to announce an addition to the HOCK family: Bhupesh Anand Classes, based in New Delhi, India, has joined the HOCK Partner Program!
We are excited to provide our comprehensive CMA exam study materials for both live and online classes offered by Bhupesh Anand Classes. This collaboration aims to enrich the learning experience for students, combining our globally recognized resources with their expert instruction.
Keep an eye on the upcoming classes and use this opportunity to advance your career. For more information about Bhupesh Anand Classes, visit their website.
Exclusive EA Strategy Talk with Brian Hock and Timalyn Bowens
Brian Hock, CMA, CSCA, CIA, CRMA, has joined Timalyn Bowens, EA, for an insightful live session about the Enrolled Agent (EA) license – a prestigious designation awarded by the IRS to top-tier tax professionals.
Whether you are aspiring to become an Enrolled Agent or are already one and looking to sharpen your skills and knowledge in accounting practices, this session is for you.
HOCK Study Path Series
HOCK international is excited to launch a unique opportunity for accounting and finance professionals preparing for certification exams in 2024. We seek dedicated individuals committed to their professional development journey and willing to share their experiences as part of a dynamic case study program: HOCK Study Path Series.
HOCK will provide selected participants free access to our complete study materials. This access is conditional on participants adhering to the program's rules, such as submitting weekly updates and engaging in monthly Zoom meetings. Non-compliance with these guidelines may result in the cancellation of access to these resources. Our goal is to foster a productive partnership where committed students receive essential support for their exam success.
Interested candidates who meet the following criteria should apply by January 31st, 2024.
The 2024 CMA Syllabus Change
The CMA Learning Outcome Statements (the LOS, or exam syllabus) are changing for the September/October 2024 Exam Window. There are a lot of questions that candidates have about this change. We have answered the most common questions here.
For more detailed information about the changes, click here.
How big is the change?
The changes to the CMA to the LOS are very small. No significant topics are being added or deleted. The largest topic being added is connected to consolidated financial statements in Part 1 Section A. But, there is no requirement added to perform a consolidation. Candidates need to understand what consolidation is when it is required and what is done during a consolidation (the elimination of intracompany balances).
When does it take effect?
The new syllabus will be tested in the September/October Exam window. The January/February and the May/June Exam windows will test the syllabus that was established in 2020.
Will I have to retake an Exam that I have already passed?
No. If you pass Part 1 or Part 2 under the current syllabus, you will keep that credit for whatever time period you are able to keep the credit. The requirement that you must pass both Exams within 3 years of registering as a CMA candidate is still in place.
For example, if you registered as a candidate in November 2021 and passed Part 1 in January 2024, you need to pass Part 2 in the September/October window because you must pass both Exams within 3 years of registering as a CMA candidate. If you do not pass Part 2 in the September/October Exam window, you will need to re-register as a CMA candidate and pass Part 1 again.
What happens if I fail an Exam in the May/June Exam window?
If you take an Exam in the May/June window and fail, you will need to retake the exam under the 2024 syllabus in September/October (or later). The good news is that the changes are very small, and you will not need to study very much new content for your retake.
What should I do if I have not started studying yet?
If you are just starting to study as a CMA candidate, we recommend that you start studying with the 2020 syllabus. It is very possible that you will be able to prepare and take your Exam in the May/June Exam window. If, in a couple of months you realize that you will not be ready by the May/June window, you will just shift your studies to the 2024 syllabus for the September/October Exam window. Again, the changes to the syllabus are small, so this will not be an issue.
What should I do if I have already started studying for CMA?
If you are already studying, continue to study and work towards passing in the May/June Exam window. If you determine that will not be possible, you will simply shift to the September/October window.
What should I do if I pass Part 1 (or Part 2) in the January/February window?
If you pass Part 1 or Part 2 in the January/February Exam window, you will probably not be ready to take the Exam in May/June. If you want to try, there is no problem at all to start under the 2020 syllabus and then switch to the 2024 syllabus if you need to.
When will HOCK have new Materials?
Our CMA exam materials, accessible through 1, 6, and 24-month subscriptions, are updated for the new exam syllabus. Find out more details about the HOCK CMA Exam Review Subscription.
