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Partnership accounting

It was 4:00 when I awoke today. Since it was almost 1:00am when I went to bed, I’d been afraid I’d fail to wake up early in the morning. But, fortunately, I got up at 4:00 as I planned. Though it took some minutes before I crawled out of the bed, I sat at the desk at 4:30am.
I started from where I ended last night, but again I tripped, this time, over the topic of partnership accounting in FAR subject. I recovered my memory of BONUS METHOD & GOODWILL METHOD in accounting for the participation of a new partner. I was almost forgetting these methods!
Since I had a chance to review partnership issue, I went over the topic of DISTRIBUTION (LIQUIDATION) process of partnership in TAX subject.

In Tax accounting subject, the textbook explains that, in the liquidation of P/S, cash distributed to partners are accounted for as Capital Gain / Loss for each partner, and the remaining adjusted basis of P/S interest should be allocated to the distributed asset.

In FAR, however, the textbook says all the property is sold and then converted into money, with which the liability of the P/S is to be repaid, and if cash remain even after the repayment of the loan, then the remainder of the cash is to be allocated to each partner according to the proportion of the Capital accounts (←not Profit & Loss ratio!)

So there’re two possible stories on this theme: One story is that P/S’s properties are totally sold for the repayment of the loan and the remaining money is allocated to partners? The other story is that the both money and properties are distributed to partners and each partner must consider how to report the gain / loss in his / her tax return.

It’s interesting to note that the assumed situation is different between FAR textbook and TAX textbook.

I had to work overtime today, too. Arrived home late at night.
Can I wake up early in the morning as I've been doing in the last two days? I don' t want to stop here.

Bad habit is easy to acqire, and Good one is hard to attain...(sigh)
by nn_77 | 2006-01-31 13:44 | >FARE

Day1 Tax Individuals

Mon. January 30, 2006

I awoke to find that I woke up before the cell phone alarm goes off.
Got out of the bed carefully so as not to awake my wife by any chance.
Came straight to my study room. Now I have about 3 hours before I leave for the office. So I'll solve about 50 MCQs and go over the topics on which I can't answer correctly. And I'll go over the topic of Individual Tax tonight.

I was supposed to cover MCQs from the entire USCPA subject before I leave for the office, but I got tripped over the topic of Stock Rights: when an investor receives stock rights, then the cash proceed (cost) for CS acquisition should be prorated to CS portion and to Stock Rights portion based on the fair market price basis. I overlooked this topic when I learned FAR first, but now I got it.

I was invited to an international business conference today. When I arrived at the venue of the conference, it was one hour earlier, so I waited in a nearby cafeteria. I didn’t want to waste my time so I went over the topic of Segment Reporting, Interim Reporting, and so on while I was waiting in the cafe.
The conference was over at 20:30, and I joined in the reception where I contacted with a lot of non-Japanese speakers. I used English after a long interval but I was happy that I had exchanged our opinions on various issues in English. I tried Chinese a little, and it worked. 我很高兴! (I was happy!)

It was 22:00 when I left the reception which was still going on. And so I arrived home at 23:00. Took a light meal and now I’m typing for my blog. I’ll go straight to my bed shortly after I take a quick shower, so that I can wake up early in the morning tomorrow again!
by nn_77 | 2006-01-30 04:14


Sun. January 29, 2006

Now I feel I recovered from the terrible flu.
I'm going to start the preparation for USCPA study again from tomorrow.
I set my plan again. Now the question is whether I can observe the schedule I set for myself. I'll try to make my life as precise as clockwork. Let's see.
by nn_77 | 2006-01-29 23:59 | USCPA (general)

Sorry kyoro-san

January 29, 2006

I'm sorry, Kyoroichi-san, for inundating your blog with so many posts; it must have cost you a lot, considering that every post on your blog is transmitted to your cell phone, too, to which I didn't give a thought. Packet communication fees aren't cheap at all.

I apologize m(_ _)m
by nn_77 | 2006-01-29 00:48 | USCPA (general)


January 28, 2006

Mr.M is the person I respect most especially in his behavior in business activity. I sometimes referred to him on my blog so far.
He visited my house today to meet my wife and me for some reason. She met him for the first time today and she also acknowledged my evaluation about him.
   He is very intelligent and has wisdom with professional knowledge. He never shows off it. Never. And he is very humorous with a lot of wit so we can hardly detect his smartness. But you can feel his intelligence through a normal course of conversation with him.
It's easy to boast one's knowledge just by showing it off with a big mouth. But it's absurd. Those who say they know a lot usually don't know what really matters to us.
   How about me? After talking with him in person today, I realized again that there still remain a lot for me to improve. Actually I had written something I didn't have to on kyoro-san's blog. It wasn't out of my vanity. It was just that I needed to literally "contribute" to his blog because his blog always provieds me with lots of info. But was it purely out of such a mind of dedication? Can I really say there wasn't a bit of amour-propre, stupid pride?
Mr.M is a sort of my goal. I regard him as my mentor. Wanna be like him someday. I've got to train myself. Need more discipline!
by nn_77 | 2006-01-28 00:23 | 仕事


January 27, 2006

It was 22:00 when I flipped down the display of my laptop PC in the office today. Since I've been off due to the bad flu, a lot of tasks are left undone and all due on the end of the month.

The senior staffs in the office were so kind that they always asking the same two questions one after the other: "Are you ok? Don't work too hard." and "Can you finish that assignment by tomorrow?" See? They are very nice. Since I didn't want to give any apologetic reply, I worked damn hard to meet the due.

Working till late night reminded me of the days when I worked in a bank. Is the workplace still that busy and hard? It must be.
I posted a short story regarding my experience in the bank on Kyoro-san's blog, "CPA in brief." Visiting his website and check his quiz provides me with a chance to review USCPA topics. I have to remember the toughness that I used to have when I worked for the bank and do more for USCPA exam.
by nn_77 | 2006-01-27 09:16 | 仕事

Before spring comes...

January 26, 2006

In the morning I awoke to find that I wasn't in a good shape yet. The high fever has subsided, but I couldn't stop coughing. While my wife appears to have completely recovrered, my flu was still lingering.

Nevertheless I had to come to the office, because I had an appointment to visit one of my clients, Matsushita Electric Industrial Co., Ltd. It's HQ is located in Kadoma city, Osaka prefecture, but today I visited their office in Kyobashi, where the functions of their international business is concentrated. If I had had a chance to choose my career again, I would have tried applying for this sort of business.

It was very cold outside on the way. I thought I should be prepared enough to be ready for the USCPA exam before the smell of spring comes.
by nn_77 | 2006-01-26 13:31 | USCPA (general)

ブログ / インターネット





私の英文相互リンクタイトル:K.T Diary of USCPA Study
- his daily basis study record!

私の英文相互リンクタイトル:465 days before CPA exam
- vivi's trail to USCPA exam

3.CPA in brief
私の英文相互リンクタイトル:CPA in brief- daily pop quiz on USCPA by kyoro

私の英文相互リンクタイトル:Anecdotes of Science Technology- by JIRO URUSHIHARA -

5.Online NewsHour

6.Talk Radio KABC
カリフォルニアのローカルのWEBラジオです。いやあ、ITもここまできたか、と、おじさんびっくりしました。僕らが英語を一生懸命勉強した頃なんて、テープやCDが主流で、それも「生」の英語ではなくいわゆる学習用に「つくられた」英語でした。「生」の英語を学びたくて、大学時代(~'98/3)は、視聴覚室で「Back to the Future」を50回以上(100回くらいまでいったかも?)視たものです。スクリプト本片手に。それが今やウェブで、タダで、こんな生の英語が聞けるんですから、今の子供たちって、絶対恵まれてますよね。日本における英語力の市場価値が昔に比べて暴落するのも無理はありません。。。



皆様、今後ともよろしくお願いいたします。m(_ _)m
by nn_77 | 2006-01-25 18:43 | USCPA (general)








明日くらいからは体調が完全に戻るはず。CPAの勉強も復活し、すべてを元に戻す!いや、病気で寝込んだついでに、だらだら生活をリセットだ! 前以上に頑張るぞ!!

誰よりも自分自身に負けず、勇気を持って頑張ってください。真実が何であっても、あなたならやり直せるはずです。応援してきた人、今も応援する人のために、あなたも頑張る義務がある!頑張って真実を伝える義務が。 お互い、大変やけど、負けずに、絶対負けずに、頑張りましょう。
by nn_77 | 2006-01-24 18:21 | 仕事


CPAといえば、寝込んでいるさなかに、Acknowledgement Letterがデラウェアから届き、願書が無事受領されたことが改めて確認できました。


by nn_77 | 2006-01-23 15:13 | 仕事