The CPA FAR Volume 1 Textbook has been updated with some additional changes, mostly related to the latest guidance for ASC 606 (Revenue Recognition). The significant changes are listed below and the new files are available for current students to download in My Studies.
Candidates should review the changed material in the updated book. If you have any questions about these changes, please contact us and we will be glad to assist you.
You can also learn more about the HOCK CPA and other exam prep materials if you are not already a HOCK student.
All Changes Are In Area II
Group B: Trade Receivables
- Header, “Sales Returns,” changed to “Sales Returns and Allowances” and expanded to conform to guidance in the new revenue recognition standard, ASC 606.
Group C: Inventory
- Header, “Recognizing Permanent Declines through the Lower of Cost or Market” changed to “Recognizing Permanent Declines in Inventory Values” and updated for the change in accounting standards requiring valuation of inventory at the lower of cost or NRV for inventory methods other than LIFO or the Retail Method.
Group E: Investments
- The topic has been reorganized for improved clarity.
- A new topic, “Accounting for the Transfer of Debt Securities Between Classifications,” has been added.
- A new topic, “The Fair Value Option for Investments in Debt Securities,” has been added.
- The information in the topic “Changing from the Fair Value or Cost Method to the Equity Method” has been updated for the change in accounting standards in ASU 2016-07.
- A new topic, “The Fair Value Option to Account for Equity Investments Where the Investor Has Significant Influence,” has been added.
Group G: Payables and Accrued Liabilities
- The topic “Unearned Revenue” has been changed to “Contract Liabilities” and the information in the topic has been revised to conform to the new revenue recognition standard in ASC 606.
- The topic “Income Taxes Payable” has been updated to reflect the revised accounting standard that all deferred tax assets and liabilities are non-current assets and liabilities.
- The topic “Warranties” has been updated to conform to the revised guidance in the new revenue recognition standard, ASC 606.
- The topic “Premiums and Coupons” (now retitled “Coupons and Premiums” to agree with the order in which those two topics are now discussed) has also been revised to conform to the revised guidance in the new revenue recognition standard, ASC 606.
Group H: Long-Term Debt
- The topics “Changes in Fair Value Due to Changes in Market Interest Rates Reported in Net Income” and “Changes in Fair Value Due to Changes in the Creditworthiness of the Issuer Reported in OCI” have been added to incorporate changes in accounting standards.
- The topic, “The Fair Value Option for Bonds Payable” was added.
Group I: Equity
- The information in the topic “Authorized Shares” on how the number of authorized shares can be changed has been revised significantly and a misstatement corrected.
Group J: Revenue Recognition
- The whole topic of Revenue Recognition has been revised to conform to the changes in ASC 606.
Earnings Per Share
- Information about additional required disclosures has been added to “EPS Disclosures.”
The Statement of Cash Flows
- New accounting standards have made some additions to the specific items included in cash flows from operating activities, investing activities, and financing activities, and those additions have been made to this discussion.
- New accounting standards have included restricted cash and restricted cash equivalents (along with cash and cash equivalents) as part of the definition of “cash” for purposes of reporting activities on the statement of cash flows, and that information has been added.
CMA and CIA ExamSuccess for Windows and Mac have been updated with newer question databases. The new versions can be downloaded in My Studies. We recommend that all candidates studying for either exam update their software; all existing sessions and history will be preserved.
The updated questions are already live in ExamSuccess Online and no update is required.
The Study Plans for CMA Parts 1 and 2 have been updated with check boxes next to each topic to read, video to watch, and questions to practice. The boxes can also be checked off electronically if you’re following the study plan in the PDF.
You can also learn more about the HOCK CMA Textbooks and other exam prep materials if you are not already a HOCK student. Start studying today!
The CMA Part 1 Study Materials have been updated, and all of the updated materials are available for current students to download in My Studies.
Changes in this December 2017 update include:
- Textbook: Information covering old accounting standards that are no longer tested was removed, topics were re-ordered to follow the LOS order, and some long examples were removed or shortened to focus on the core principles and concepts tested on the exam.
- Videos: Several videos were re-recorded to reflect changes in accounting standards.
- ExamSuccess, Essays, and Mock Exams: Questions that included previous accounting standards have been updated, and some questions were re-categorized to match the new textbook.
- Study Plan: Where necessary, the study plan was updated to reflect the latest updates to the textbooks, questions, and videos.
None of the changes are major, and if you are currently studying Part 1, you do not need to re-study anything. If possible, you can switch to the new textbook when you reach a major new topic, but the previous book can still be used for the exams in 2018 if that is most convenient for you. If you have any questions about these changes and how they relate to your studies, please contact us and we will be glad to assist you.
You can also learn more about the HOCK CMA Textbooks and other exam prep materials if you are not already a HOCK student.
The 2018 CPA exams do not have many changes from 2017, but there are a few important changes in FAR. The HOCK Textbooks and Videos have all been updated, and our partner FastForward has updated the questions in the question bank. Updates were made to reflect syllabus and accounting changes in the following FAR topics:
- Investment Accounting
- Revenue Recognition
- Deferred Taxes
- Statement of Cash Flows
- Business Combinations
- Not-for-Profit Company Disclosures
All HOCK CPA materials are ready for 2018 and are posted in My Studies for all HOCK CPA students.
HOCK is pleased to announce that we have added a second mock exam for CIA Part 3 with all new questions not found elsewhere in the material. The mock exams are included with the HOCK CIA Review and current students can access both mock exams in My Studies under the CIA Part 3 Questions.
With this update, all three Parts of the HOCK CIA Review now include two mock exams.
You can learn more about the HOCK CIA Review and other exam prep materials if you are not already a HOCK student. Start studying today!
HOCK is pleased to announce that each Section and Topic in CMA and CIA ExamSuccess Online now shows the percentage of questions answered correctly across all of your study sessions. Tracking the percentage of questions answered correctly helps you see not only your progression through the topics, but also which areas require additional study time.
This new feature is live and includes all previously-taken sessions. Access ExamSuccess Online through My Studies and see your progress in a whole new light!
HOCK is pleased to announce the beta release of a new Online Study Planner for CIA Part 1 that takes the study plan online and guides you through the textbooks, questions, and videos and allows you to mark off each topic as you complete it so that you can more easily track your studies.
The new Study Planner for CIA Part 1 is also available to access on a trial basis, with access to the full materials for Section I. Sections II and III are available to view on a trial basis, but without the links to use the materials.
Because this is a new feature, we would like to hear your feedback about what you like, don’t like, would like to see added, or anything unnecessary that gets in your way. Please let us know what you think so that we can continue to improve the HOCK materials and study process – drop us a line however it’s convenient for you. Thank you in advance!
HOCK is pleased to announce that we have added a second mock exam for CIA Part 2 with all new questions not found elsewhere in the material. The mock exams are included with the HOCK CIA Review and current students can access both mock exams in My Studies under the CIA Part 2 Questions.
In addition to this mock exam and the second mock exam recently released for Part 1, a second mock exam for Part 3 is being developed and will be released in the coming weeks.
You can also learn more about the HOCK CIA Review and other exam prep materials if you are not already a HOCK student. Start studying today!
The CMA Flash Cards for Parts 1 and 2 have been updated, and are now in PowerPoint format. Using PowerPoint will make it easier to use and edit the flash cards without the additional software previously required. Students who still want an interactive flash card scheduling program can use OpenCards, but this is completely optional.
The updated PowerPoint flash cards are free for current CMA Review students and can be downloaded in My Studies.
You can also learn more about the HOCK CMA Review and other exam prep materials if you are not already a HOCK student. Start studying today!