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brucechangcpa

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As a licensed CPA did you have to memorize every SFAS from the FASB?


I'm just curious to know if I should start memorizing every single statement number and be able to pair it with what it says...

or do I just need to know the general premise of the statement but not the specific number?

I'm a long way from the exam... but with 161 statements and numerous other details, I'm just trying to prepare before hand as much as possible.

Thanks in advance.

538 day(s) ago

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vinwubulldogs 		Wow! That would be impressive if you could memorize all of them. You certainly don't need to do all of that. You don't even need to know the numbers of ANY of them to pass the CPA exam. What you will need to be familiar with is the material they contain. You can obtain that knowledge fairly easily through a review course. Please don't waste all that time memorizing all that!! Good luck on the exam!

Posted 538 days ago

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alohachris 		Nobody would memorise them totally, but you need to know that there is a standard for which subject and preferably know the no. of the SFAS. In addition, you shd know the requirements of each of the commoner SFAS, like how to treat Property, Plant & Equipment initially, and subsequent to initial recognition. You shd bookmark the SFAS site as well as have a hard copy of the handbook by your side.

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