Please excuse the audio error at 4:23 (slide 7), attached the wrong audio for the slide (Noob mistake 😅). For those who's interested in what the actual audio of slide 7 should be... it's "Now lets talk about the repayment of government grants for expenses. You normally have to repay a government grant when you break the conditions that came with it. This would be considered a change in estimate, which means you do your accounting prospectivly because at first you thought you would not have to pay back the grant, but then now you do need to repay. So how do we do this? The repayment of a government grant related to income shall be first applied to the unamortized deferred credit. Then to the extent that the repayment exceeds any deferred credit, the repayment is recognized immediately into profit and loss. So for example, if you had a deferred government grant balance of $900 and you needed to pay back $1,000 in grant money, you will first debit the deferred government grant by $900, credit the cash for $1,000 (do the easy debit and credits first), and then debit a loss for $100 (plug) to make everything balance."
I just failed the CPA exam.😭😭😓 I cannot begin to articulate the level of embarrassment and heartache I'm feeling. 😥 I'm confident that I will be a good realtor. I just need to get past this, move on and persevere
Thanks for the compliment! I will try my best, it's hard to find the time 😭! If you want to help out after you're done all your exams, please reach out!! Thank you so much for the support, that's what keeps me going! :)
I'll try my best, I got a few out now. My goal would be to go through all of them! 🙂 Here's a playlist of all the ones so far ua-cam.com/play/PL0wpDThDYeJMzEXPuehHCfXXTk2BB-rse.html
Hi, is there a reason why we can't use the 20k government Grant for the rent? Why are we only using 10k? Technically we could use the 20k however we want in 2022 so I don't see why a company would only take 10k
I assumed that you paid 40k out of pocket and then used 10k out of the 20k to pay rent for the first year... then saved the remaining 10k for the next year. However, you can also go with the assumption that you paid 30k out of pocket and used the 20k from the grant..... which might be more logical in real life 🤣. I guess that's why writing down assumptions on your exam is important!!
Thank you so much for the video. Can you Please let me know how to record for the repayable government loan with zero interest, this was in CFE May 2022 and I made it as following( DR Cash 6 million CR gvmt grant 1.5m CR gvmt loan 4.5m) the 4.5 is the PV of the 100k payment for 60 months using 12% interest rate. My question is when the company start to pay the 100k every month is the journal entry will be like this (DR gvmt loan 75k (4.5m/60) DR gvmt grant 25k CR cash 100k) , I am not sure if this correct, please let me know
If you look at the last point on slide 9, that would be how you record it. The benefit will be = to the loan amount received less the pv of that loan using the market interest rate to pv it.
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Please excuse the audio error at 4:23 (slide 7), attached the wrong audio for the slide (Noob mistake 😅).
For those who's interested in what the actual audio of slide 7 should be... it's "Now lets talk about the repayment of government grants for expenses. You normally have to repay a government grant when you break the conditions that came with it.
This would be considered a change in estimate, which means you do your accounting prospectivly because at first you thought you would not have to pay back the grant, but then now you do need to repay.
So how do we do this?
The repayment of a government grant related to income shall be first applied to the unamortized deferred credit. Then to the extent that the repayment exceeds any deferred credit, the repayment is recognized immediately into profit and loss.
So for example, if you had a deferred government grant balance of $900 and you needed to pay back $1,000 in grant money, you will first debit the deferred government grant by $900, credit the cash for $1,000 (do the easy debit and credits first), and then debit a loss for $100 (plug) to make everything balance."
I just failed the CPA exam.😭😭😓 I cannot begin to articulate the level of embarrassment and heartache I'm feeling. 😥 I'm confident that I will be a good realtor. I just need to get past this, move on and persevere
Well I've taken the exams for the second time now and still didn't succeed, i wonder how those who succeeded did it🥺😭
@@lorientheresa4844 Sorry for your predicament, license is for everyone just have to work hard and believe you’ll make it.
The CPA exam is really frustrating, I can't believe I failed again after studying so much🥺🥺😓😭😭
It's my first time I'm scared, I don't wanna fail😓
When someone is straight forward and good at what he or she does people will always speak for them for me I will say give Catherina a try.
Thanks for the good work. Ppl leave comments in appreciation !
Thanks!!! Yes please!! LIKE, COMMENT, SUBSCRIBE!!! Make that UA-cam algorithm kick in to reach more people!!
@@ShumzCPA just one point, you would probably got even better support if you removed that clown from the beginning of the video.
Excellent format; super clear and understandable.
Thank you for the feedback!! Will try to do my best to keep it up! Let me know what other topic you want to learn about.
Thank you for making this video. Very helpful!
Thanks for the support! :)
Saving my life one video at a time!
Please release more videos :) so helpful. Hopefully new videos twice a week 😭
Thanks for the compliment! I will try my best, it's hard to find the time 😭! If you want to help out after you're done all your exams, please reach out!! Thank you so much for the support, that's what keeps me going! :)
Thank you! Can u do the topic about financial instrument? Its a complicated topic to me.
This is very good and detailed overview. If only you do it for all FR issues. :-)
I'll try my best, I got a few out now. My goal would be to go through all of them! 🙂 Here's a playlist of all the ones so far ua-cam.com/play/PL0wpDThDYeJMzEXPuehHCfXXTk2BB-rse.html
Hi, is there a reason why we can't use the 20k government Grant for the rent? Why are we only using 10k? Technically we could use the 20k however we want in 2022 so I don't see why a company would only take 10k
I assumed that you paid 40k out of pocket and then used 10k out of the 20k to pay rent for the first year... then saved the remaining 10k for the next year. However, you can also go with the assumption that you paid 30k out of pocket and used the 20k from the grant..... which might be more logical in real life 🤣. I guess that's why writing down assumptions on your exam is important!!
@@ShumzCPA Thank you for the answer :)!
very useful , can you please share the slides you used .
Normally I don't share the slides, but feel free to do pause the video and do screen captures of them, if it helps with your studies.
No Government Assistance on Sept 2022 CFE :(
Awww, I guess they are cycling it to another exam, at least you were prepared :)
1st!
Awesome! :) Keeping the streak going!
This time there was a lot of competition for 1st! lol Keep an eye out for the next video!
Thank you so much for the video. Can you Please let me know how to record for the repayable government loan with zero interest, this was in CFE May 2022 and I made it as following( DR Cash 6 million CR gvmt grant 1.5m CR gvmt loan 4.5m) the 4.5 is the PV of the 100k payment for 60 months using 12% interest rate.
My question is when the company start to pay the 100k every month is the journal entry will be like this (DR gvmt loan 75k (4.5m/60) DR gvmt grant 25k CR cash 100k) , I am not sure if this correct, please let me know
If you look at the last point on slide 9, that would be how you record it. The benefit will be = to the loan amount received less the pv of that loan using the market interest rate to pv it.
can u do for 2023 Sep plzzzz ?
Can someone share which sections the recognition criteria are at under ASPE 3800?
Perhaps 3800.07?