FAR CPA Exam: Demystify Consolidations with Peter Olinto
Ready to demystify one of the toughest FAR CPA Exam topics? Join UWorld’s global lead instructor Peter Olinto, CPA (inactive), CFA, JD for an in-depth consolidations workshop. This session aligns with the CPA Evolution Blueprint and sharpens your skills for multiple-choice questions and task-based simulations. 📜
What You’ll Learn:
-When control triggers consolidation, including tricky Variable Interest Entity (VIE) scenarios
-The equity-method formula and “EAGLE IN” worksheet entry
-Journal entries to eliminate intercompany inventory, property, plant, and equipment (PP&E), and bond transactions
-How to adjust goodwill, non-controlling interest, and equity on subsequent-date consolidations
-Proven exam strategies illustrated through two full task-based simulations
This session was originally recorded in May 2024. Content remains relevant under the 2025 CPA Exam Blueprint. 🗺️
Timestamps:
00:00 Introduction and lecture overview
03:26 Cost versus equity method review
05:00 Control, VIEs, and consolidation triggers
07:04 Equity method formula and exam mnemonics
10:00 EAGLE IN entry and consolidation steps
29:52 Day-one versus subsequent-year entries
1:28:57 Eliminating intercompany receivables and inventory
1:34:42 Intercompany inventory example
1:36:00 Intercompany PP&E: Gain and depreciation
1:44:10 Intercompany bonds and accrued interest
1:46:45 Task-based simulation 1: Worksheet review
2:02:30 Adjusting goodwill, non-controlling interest and equity
2:05:00 Task-based simulation 2: Advanced scenario
2:27:57 Final review and blueprint study tools
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Comment Below:
Which consolidation adjustment or exam strategy still bothers you? Drop your question, and we’ll tackle it in a future video!
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