Any tips on how to stay awake for this chapter? It needs to be rebranded as a cure for insomnia.
haha - Just wait until you get to taxes!!
Study Session 9 = HELL!!
Agreed on Taxes. Nothing else in FSA was too horrible for me, but at the end of the tax chapter I looked up from my book and realized I hadn’t retained a single thing because the reading was so boring that I was thinking about other things as I read. It’s not just that it’s boring material, but that chapter in particular seems like it could be written much better. The topics don’t flow together frome one section to the next, the examples are poorly explained. If I did it again I’d skip it entirely and use notes to study taxes.
SS7 is boring but dont you skip that last reading in SS7. It’s very imp. You can defo expect 2-3 sure shot straight out of the book Q’s.
lols…I had to study it 3 times and modified my concept many times before precisely understanding this beast…
Definitely the hardest study sesion at Level I.
Tax is actually the hardest of them all. But you can get to understand it really well if you move through it in the CFAI text. The only thing you need to know is that when you are computing your income according to the tax law of your country, the taxable income is different as compared to the income you compute according to the accounting standards. This difference causes the deferred tax asset/liability.