A-diddy wrote: I am taking a grad course on consolidations right now. We are learning 141 and 141R because the professor seems to think that both will be on the July exam. My approach has been to try not to learn 141 and skip class the days we will go over it. Does anyone know whether or not both are testable? Also, if everything is 141R wouldn't most of them need to be test questions that don't count anyways? My thinking is to pretty much ignore consolidations other than the things that do not change. (Removing interco sales and receivables, ext.) Anyone else have thoughts on this?

SFAS 141R (acquisition method) only applies to consolidation accounting for business combinations where the acquisition date is December 15, 2008 or later. Any combination effected prior to this date would continue to retroactively utilize the purchase method. IMO you're doing yourself a grand disservice by not at least familiarizing yourself with the purchase (SFAS 141) method. I hope for your sake you're not fooling yourself into thinking purchase method questions aren't fair game; they most certainly are.