Trying to start a string for people to post handy - dandy mnemonics for FAR that might not be in your study materials. I'm following from the Becker's material, however please chime in with useful ones from any study source since we're all in it together! The mnemonics can be politically incorrect or impolite as long as it is accurate and helps you memorize the concept, but please apologize if it's too rude :)

I am just capitalizing the letters that are part of the mnemonic as seen below

From the becker website replacement of SFAC No1 and No2 with No 8:

- Financials are not Faithfully Represented until Complete. (Faithful Representation = Completeness, Neutrality, and Freedom from Error)
- i will be Relevant when i Pass My Cpa. (Relevance = Predictive Value, Materiality, Confirming Value)
- it is Enhancing to CU on TV (Enhancing Characs are Comparability, Understandability, Timeliness, Verifiability)

Here are a couple of my own on Purchasing Power and Inflation:
- i Currently Appreciate your building (Current method is for Appreciation of non-monetary assets such as a building)
- i Constantly Inflate Money (Constant Method is for reflecting Inflation of Monetary assets)

hope this helps, now bring on any other good ones you can think of!

Gov't

GRSSP SE PAPI (FUNDS)

Governmental Funds

G eneral Fund

R Special Revenue Fund

S Debt Service Fund

P Permanent Fund

P Capital Project Fund

Proprietary Funds

S Internal Service Fund

E Enterprise Fund

Fiduciary Funds

P Pension Trust

A Agency Trust

P Private Purpose

I Investment Trust