REO (Real Excellence Online) CPA Review Center DOC CODE

STUDY GUIDE REO.CPA.ACADEMICS.F2.05.00

Subject: AFAR
Review Season: May 2025

Suggested strategy for AFAR

Self discipline is the key, you have to be responsible for yourself even without someone supervising you. We exert all efforts to help you, but ultimately its up to you to pass the LECPA.
God bless future CPA!
Suggested steps to master AFAR
1 Read the concept notes in the REO app to gain a bird's eye view of topic coverage and to recall the basics
2 Watch the recorded lectures on discussion of concepts
3 Answer the MCQs/exercises in your handouts (hardcopy)
4 Watch the recorded lectures on discussion of MCQs/exercises simultaneously with the handouts (hardcopy)
Warning: Videos are lengthy because it is comprehensive and zero-based but you must watch it before attending live or F2F classes.
5 Answer on-line quizzers to test your proficiency and to develop your speed, accuracy, and endurance.
6 Answer monthly assessment and attend bi-monthly consultations to validate learnings and to clarify topics you deem difficult.
Note: Bi-monthly consultations are longer version of preweek or final coaching.
7 Take the preboard to simulate the actual LECPA and attend to discussion of preboard to validate learnings.
8 Feel free to message your reviewer for further concerns.
9 Use the Quickvids, Quicknotes, Flashcards to improve retention.
10 Avoid excusitis!!! Kung gusto may paraan, kung ayaw maraming dahilan!

Notes:
ü Before doing the above steps, watch the "Introduction to AFAR" video
ü The above steps can be modified based on your personal learning styles. You know what will work best for you.
ü Always check "Updates and Corrigenda" for any updates.
ü Always check app notification for any updates or announcements
ü If you want additional readings, you can check the summary of IFRS related to AFAR in iasplus.com, ifrs.org or other website.

Since there are a lot of topics in AFAR and you lack precious time, the following is the suggested completion of the topics. You can modify a bit while you progress.
ü You can go faster but not slower.
ü For late enrollees, you have to finish the target topics scheduled for each month. You have to double time and exert all efforts to finish the entire coverage.
 ü Be mindful of the coverage of the pre-boards. As much as possible, you should finish the topics before the scheduled pre-board dates.

TOPIC LECPA TOS Topic Important topics to note

1 Partnership Formation and Operation Valuation of contribution, realignment of capital, distribution of P&L and determination of ending capital.
2 10 Partnership Dissolution Modes of dissolution, computation of capital balance after dissolution
3 Partnership Liquidation Cash available for distribution, distribution of cash to partners and creditors
4 4 Corporate Liquidation
Classification of assets and liabilities, estd. % of recovery and amount of distribution, determination of income (loss)
5 Revenue Recognition - Part 1 5-step model framework, over time vs point-in time, FS presentation
6 10 Revenue Recognition - Part 2 License: Right to use vs right to access; LTCC: over time vs point-in-time
7 Revenue Recognition - Part 3 SME, Old US GAAP (installment sales and franchise) - not in the syllabus and TOS but still asked in the LECPA
8 4 Home Office, Branch & Agency Journal entries, computation of realized allowance, reconcilation of reciprocal account
9 10 Business Combination & Separate FS Computation of goodwill (gain from bargain purchase), different methods in the SFS (cost, equity or fair value)
10 5 Consolidated FS Consolidated FS (date of acquisition and subsequent to date of acquisition); Working paper eliminating entries
11 4 Joint Arrangement Joint control, classification and accounting of joint arrangements
12 3 Forex and Hyperinflation Currencies, rates, monetary vs nonmonetary, forex transaction, FS translation, FS restatement
13 4 Derivatives and Hedge Accounting Uses of derivatives, cash flow hedge, fair value hedge and hedge of net investment in a foreign operation
14 4 NPO and Government Accounting Classification of donation, budgetary process, journal entries, financial statements
15 Job Order & Process Costing Statement of CGS and CGM, computation of EUP, disposition of variances, accounting for losses
16 10 Process Costing, JIT and Backflush Costing Different trigger points, journal entries
17 ABC, Joint Costing, Service Cost Allocation Methods in accounting for by-products and joint products; direct, step-down and reciprocal
18 2 Insurance Contract and SCA Different models (GMM or BBA) in accounting for insurance; Financial Asset or Intangible asset model
TOTAL 70
 These study guides allow you to maximize the use of all REO Academic resources.
Choose the study guide that best suits your proficiency in accounting and the time devoted for review.
Follow the recommended study materials based on classification of students.

DOUBLE REVIEW PROGRAM: Early access with good foundation DOUBL

Pre-recorded Review: Live Lecture:
Topic # Title September to January November to April
1 Partnership Formation and Operation Student Classification: A1, B1, C1
rd Coverage
 1st Pre-board Coverage
2 Partnership Dissolution
3 Partnership Liquidation Month Week # Topic Month
4 Corporate Liquidation September 1 Partnership Formation and Operation September
5 Revenue Recognition - Part 1 2 Partnership Dissolution
6 Revenue Recognition - Part 2 3 Partnership Liquidation
7 Revenue Recognition - Part 3 4 Corporate Liquidation
8 Home Office, Branch & Agency
9 Business Combination & Separate FS October 1 Revenue Recognition - Part 1 October

10 Consolidated FS 2 Revenue Recognition - Part 2

11 Joint Arrangement 3 Revenue Recognition - Part 3
12 Forex and Hyperinflation 4 Home Office, Branch & Agency
13 Derivatives and Hedge Accounting 5 Business Combination & Separate FS
14 NPO and Government Accounting
15 Job Order & Process Costing November 1 Consolidated FS Topic November
16 Process Costing, JIT and Backflush Costing 2 Joint Arrangement Topic 1: 11/15 - 21/2024
17 ABC, Joint Costing, Service Cost Allocation 3 Forex and Hyperinflation Topic 2: 11/22 - 28/2024
18 Insurance Contract and SCA 4 Derivatives and Hedge Accounting Topic 3: 11/29 - 12/5/2024

December 1 NPO and Government Accounting Topic 4: 12/6 - 12/2024 December

2 Job Order & Process Costing Topic 5: 12/13 - 19/2024
Final Pre-board: 3 Process Costing, JIT and Backflush Costing Holiday Break
n.b. Final Pre-board will include all topics 4 Focus efforts on mastering weak areas Holiday Break
and will follow the LECPA TOS

January 1 Focus efforts on mastering weak areas Holiday Break January

2 ABC, Joint Costing, Service Cost Allocation Topic 6: 1/10 - 16/2025
3 Insurance Contract and SCA Topic 7: 1/17 - 23/2025
4 Topic 8: 1/24 - 30/2025
5 Topic 9: 1/31 - 2/6/2025

February 1 1st Pre-board and Acad Break 1st PB & Break: 2/7 - 13/2025 February
2 Topic 10: 2/14 - 20/2025
 3 Topic 11: 2/21 - 27/2025
4 Topic 12: 2/28 - 3/6/2025

March 1 Topic 13: 3/7 - 13/2025 March

2 Topic 14: 3/14 - 20/2025
3 Topic 15: 3/21 - 27/2025
4 Topic 16: 3/28 - 4/3/2025

April 1 Topic 17: 4/4 - 10/2025 April

2 Holy Week Break Holy Week Break 4/11-17/2025
3 Topic 18: 4/18-24/2025
4 Final Pre-board Final PB: 4/25 - 5/1/2025

May 1 Pre-week Pre-week: 5/2 - 8/2025 May

2 Pre-week Pre-week: 5/9 - 15/2025
3 LECPA LECPA
 These are applicable only for students with good foundation or prior still fresh review background.
Maximize the use of quickvids and watch the zero-based videos only those you are weak. You can also use quizzer-based app
You may use the livestream or F2F discussion as a compass for your progress, except for late enrollees you have to target com

DOUBLE REVIEW PROGRAM: Early access with weak foundation DOUBLE REVIEW PROGRAM: FAST PACED Pre-recorded simultaneous with Live-lectures
Pre-recorded Review: Live Lecture: Pre-recorded Review: Live Lecture:
September 1, 2024 to February 15, 2025 November to April November to April November to April
Student Classification: B1, C1 Student Classification: A1, A2, B2, C2
Week # Topic Month Week #
1 Partnership Formation and Operation September 1
2 Partnership Dissolution 2
3 Partnership Liquidation 3
4 Catch-up back-log on the topics covered 4

1 Focus efforts on mastering weak areas October 1

2 Corporate Liquidation 2
3 Revenue Recognition - Part 1 3
4 Revenue Recognition - Part 2 4
5 Catch-up back-log on the topics covered 5

1 Focus efforts on mastering weak areas Topic November 1 Topic Topic

2 Revenue Recognition - Part 3 Topic 1: 11/15 - 21/2024 2 Partnership Formation and Operation Topic 1: 11/15 - 21/2024
3 Home Office, Branch & Agency Topic 2: 11/22 - 28/2024 3 Partnership Dissolution Topic 2: 11/22 - 28/2024
4 Business Combination & Separate FS Topic 3: 11/29 - 12/5/2024 4 Partnership Liquidation Topic 3: 11/29 - 12/5/2024

1 Catch-up back-log on the topics covered Topic 4: 12/6 - 12/2024 December 1 Corporate Liquidation Topic 4: 12/6 - 12/2024
2 Focus efforts on mastering weak areas Topic 5: 12/13 - 19/2024 2 Revenue Recognition - Part 1 Topic 5: 12/13 - 19/2024
3 Consolidated FS Holiday Break 3 Revenue Recognition - Part 2 Holiday Break
4 Joint Arrangement Holiday Break 4 Holiday Break

1 BREAK Holiday Break January 1 Revenue Recognition - Part 3 Holiday Break

2 Forex and Hyperinflation Topic 6: 1/10 - 16/2025 2 Home Office, Branch & Agency Topic 6: 1/10 - 16/2025
3 Derivatives and Hedge Accounting Topic 7: 1/17 - 23/2025 3 Business Combination & Separate FS Topic 7: 1/17 - 23/2025
4 Catch-up back-log on the topics covered Topic 8: 1/24 - 30/2025 4 Consolidated FS Topic 8: 1/24 - 30/2025
5 Focus efforts on mastering weak areas Topic 9: 1/31 - 2/6/2025 5 Joint Arrangement Topic 9: 1/31 - 2/6/2025

1 1st PB & Break: 2/7 - 13/2025 1st PB & Break: 2/7 - 13/2025 February 1 1st Pre-board and Acad Break 1st PB & Break: 2/7 - 13/2025
2 NPO and Government Accounting Topic 10: 2/14 - 20/2025 2 Forex and Hyperinflation Topic 10: 2/14 - 20/2025
3 Job Order & Process Costing Topic 11: 2/21 - 27/2025 3 Derivatives and Hedge Accounting Topic 11: 2/21 - 27/2025
4 Process Costing, JIT and Backflush Costing Topic 12: 2/28 - 3/6/2025 4 NPO and Government Accounting Topic 12: 2/28 - 3/6/2025

1 Catch-up back-log on the topics covered Topic 13: 3/7 - 13/2025 March 1 Job Order & Process Costing Topic 13: 3/7 - 13/2025
2 Focus efforts on mastering weak areas Topic 14: 3/14 - 20/2025 2 Process Costing, JIT and Backflush Costing Topic 14: 3/14 - 20/2025
3 ABC, Joint Costing, Service Cost Allocation Topic 15: 3/21 - 27/2025 3 ABC, Joint Costing, Service Cost Allocation Topic 15: 3/21 - 27/2025
4 Insurance Contract and SCA Topic 16: 3/28 - 4/3/2025 4 Insurance Contract and SCA Topic 16: 3/28 - 4/3/2025

1 Topic 17: 4/4 - 10/2025 April 1 Topic 17: 4/4 - 10/2025

2 Holy Week Break Holy Week Break 4/11-17/2025 2 Holy Week Break 4/11-17/2025 Holy Week Break 4/11-17/2025
3 Topic 18: 4/18-24/2025 3 Topic 18: 4/18-24/2025
4 Final Pre-board Final PB: 4/25 - 5/1/2025 4 Final Pre-board Final PB: 4/25 - 5/1/2025

1 Pre-week Pre-week: 5/2 - 8/2025 May 1 Pre-week Pre-week: 5/2 - 8/2025

2 Pre-week Pre-week: 5/9 - 15/2025 2 Pre-week Pre-week: 5/9 - 15/2025
3 LECPA: LECPA 3 LECPA: LECPA
 These study guides allow you to custom
zzer-based approach. Choose the materials based on proficien
ve to target completion of suggested topics per month Follow the recommended study material

DOUBLE REVIEW PROGRAM: FAST PACED December enrollees LATE ENROLLEES DOUBLE REVIEW PROGRAM: Octobe
Pre-recorded Review: Live Lecture: January 2025 Enrollees
December to April November to April February to April
Student Classification: A1, A2, B1 Student Classification: A1, A2
Month Week # Topic Month Month Week #
September 1 September 1
2 2
3 3
4 4

October 1 October 1

2 2
3 3
4 4
5 5

November 1 Topic November 1

2 Topic 1: 11/15 - 21/2024 2
3 Topic 2: 11/22 - 28/2024 3
4 Topic 3: 11/29 - 12/5/2024 4

December 1 Partnership Formation and Operation Topic 4: 12/6 - 12/2024 December 1

2 Partnership Dissolution Topic 5: 12/13 - 19/2024 Topic # Topic 2
3 Partnership Liquidation Holiday Break February 1 Partnership Formation and Operation 3
4 Corporate Liquidation Holiday Break 2 Partnership Dissolution 4
3 Partnership Liquidation
4 Corporate Liquidation
January 1 Topic 5 and 6 Holiday Break 5 Revenue Recognition - Part 1 January 1
2 Revenue Recognition - Part 3 Topic 6: 1/10 - 16/2025 6 Revenue Recognition - Part 2 2
3 Home Office, Branch & Agency Topic 7: 1/17 - 23/2025 7 Revenue Recognition - Part 3 3
4 Business Combination & Separate FS Topic 8: 1/24 - 30/2025 4
5 Consolidated FS Topic 9: 1/31 - 2/6/2025 March 8 Home Office, Branch & Agency 5
9 Business Combination & Separate FS
February 1 1st PB & Break: 2/7 - 13/2025 1st PB & Break: 2/7 - 13/2025 10 Consolidated FS February 1
2 Joint Arrangement Topic 10: 2/14 - 20/2025 11 Joint Arrangement 2
 3 Forex and Hyperinflation Topic 11: 2/21 - 27/2025 12 Forex and Hyperinflation 3
4 Derivatives and Hedge Accounting Topic 12: 2/28 - 3/6/2025 13 Derivatives and Hedge Accounting 4
14 NPO and Government Accounting
March 1 NPO and Government Accounting Topic 13: 3/7 - 13/2025 March 1
2 Job Order & Process Costing Topic 14: 3/14 - 20/2025 April 15 Job Order & Process Costing 2
3 Process Costing, JIT and Backflush Costing Topic 15: 3/21 - 27/2025 16 Process Costing, JIT and Backflush Costing 3
4 ABC, Joint Costing, Service Cost Allocation Topic 16: 3/28 - 4/3/2025 17 ABC, Joint Costing, Service Cost Allocation 4
18 Insurance Contract and SCA
April 1 Insurance Contract and SCA Topic 17: 4/4 - 10/2025 April 1
2 Holy Week Break 4/11-17/2025 2
3 Topic 18: 4/18-24/2025 3
4 Final Pre-board Final PB: 4/25 - 5/1/2025 Final Pre-board 4

May 1 Pre-week Pre-week: 5/2 - 8/2025 Pre-week May 1

2 Pre-week Pre-week: 5/9 - 15/2025 Pre-week 2
3 LECPA: LECPA LECPA: LECPA: October 25 to 27 3
des allow you to customize the use of all REO Academic resources.
erials based on proficiency in accounting and the time devoted for review.
mmended study materials based on classification of students.

W PROGRAM: October access with good and weak foundation. Moderate pacing LIVE LECTURE CLASSES
Pre-recorded Review: Live Lecture:
October to April November to April November to April
Student Classification: B1, B2, C1, C2
 Topic Month Week #
September 1
2
3
4

Partnership Formation and Operation October 1

Partnership Dissolution 2
Partnership Liquidation 3
Catch-up back-log on the topics covered 4
Corporate Liquidation 5

Revenue Recognition - Part 1 Topic November 1 Schedule Topic

Revenue Recognition - Part 2 Topic 1: 11/15 - 21/2024 2 Topic 1: 11/15 - 21/2024 Partnership Formation and Operation
Catch-up back-log on the topics covered Topic 2: 11/22 - 28/2024 3 Topic 2: 11/22 - 28/2024 Partnership Dissolution
Focus efforts on mastering weak areas Topic 3: 11/29 - 12/5/2024 4 Topic 3: 11/29 - 12/5/2024 Partnership Liquidation

Revenue Recognition - Part 3 Topic 4: 12/6 - 12/2024 December 1 Topic 4: 12/6 - 12/2024 Corporate Liquidation
Home Office, Branch & Agency Topic 5: 12/13 - 19/2024 2 Topic 5: 12/13 - 19/2024 Revenue Recognition - Part 1
Business Combination & Separate FS Holiday Break 3 Holiday Break Holiday Break
Holiday Break Holiday Break 4 Holiday Break Holiday Break

Holiday Break Holiday Break January 1 Holiday Break Holiday Break

Catch-up back-log on the topics covered Topic 6: 1/10 - 16/2025 2 Topic 6: 1/10 - 16/2025 Revenue Recognition - Part 2
Consolidated FS Topic 7: 1/17 - 23/2025 3 Topic 7: 1/17 - 23/2025 Revenue Recognition - Part 3
Joint Arrangement Topic 8: 1/24 - 30/2025 4 Topic 8: 1/24 - 30/2025 Home Office, Branch & Agency
Forex and Hyperinflation Topic 9: 1/31 - 2/6/2025 5 Topic 9: 1/31 - 2/6/2025 Business Combination & Separate FS

Catch-up back-log on the topics covered 1st PB & Break: 2/7 - 13/2025 February 1 1st PB & Break: 2/7 - 13/2025 1st PB & Break: 2/7 - 13/2025
Derivatives and Hedge Accounting Topic 10: 2/14 - 20/2025 2 Topic 10: 2/14 - 20/2025 Consolidated FS
NPO and Government Accounting Topic 11: 2/21 - 27/2025 3 Topic 11: 2/21 - 27/2025 Joint Arrangement
Job Order & Process Costing Topic 12: 2/28 - 3/6/2025 4 Topic 12: 2/28 - 3/6/2025 Forex and Hyperinflation

Process Costing, JIT and Backflush Costing Topic 13: 3/7 - 13/2025 March 1 Topic 13: 3/7 - 13/2025 Derivatives and Hedge Accounting
ABC, Joint Costing, Service Cost Allocation Topic 14: 3/14 - 20/2025 2 Topic 14: 3/14 - 20/2025 NPO and Government Accounting
Catch-up back-log on the topics covered Topic 15: 3/21 - 27/2025 3 Topic 15: 3/21 - 27/2025 Job Order & Process Costing
Insurance Contract and SCA Topic 16: 3/28 - 4/3/2025 4 Topic 16: 3/28 - 4/3/2025 Process Costing, JIT and Backflush Costing

Topic 17: 4/4 - 10/2025 April 1 Topic 17: 4/4 - 10/2025 ABC, Joint Costing, Service Cost Allocation
Holy Week Break 4/11-17/2025 2 Holy Week Break 4/11-17/2025 Holy Week Break 4/11-17/2025
Holy Week Break Topic 18: 4/18-24/2025 3 Topic 18: 4/18-24/2025 Insurance Contract and SCA
Final Pre-board Final PB: 4/25 - 5/1/2025 4 Final Pre-board Final PB: 4/25 - 5/1/2025

Pre-week Pre-week: 5/2 - 8/2025 May 1 Pre-week

Pre-week Pre-week: 5/9 - 15/2025 2 Pre-week
LECPA: LECPA 3 LECPA: