LIFO Reserve part of LOS

Hello, Pardon my ignorance, but I am trying to get a feel for using the LOSs as my study guide. I am testing in June08 and have started with the FSA CFA textbook. The LOSs indicate that you don’t necessarily need to know how to adjust back and forth between FIFO and LIFO - though the text goes into a fair amount of detail explaining the mechanics. As a newbie, am I safe skipping over this material since the LOSs don’t identify it as a “need to know” - or am I setting myself up for failure by glossing over it? Your help and input are appreciated, Thank You

you probably are asking a wrong audience this question – since the LOS is likely to have changed between 2007 and 2008. You might want to compare the LOS to see whether this is true. I know for a fact that a lot of the FSA stuff and its treatment has changed in structure and content between 2007 and 2008. CP

Hey!! I had the same question too! I read the LIFO/FIFO adjustment stuff, and understood it quite well. However, the questions at the end of the chapter are a different thing altogether, as they are not multiple choice, are quite long, and tedious. So I skipped those…I figured the LOS do not emphasize on complex calculations so I should save time… Not sure though. What is everyone else doing? I don’t have the Schweser QBank- does the QBank have complex calculation questions for FSA??