FAE 2009 Freak out Megathread

FAEer

http://www.icai.ie/Global/exampapers/FAE/Statement%20from%20the%20FAE%20Board%20May%202009.pdf

Enjoy!

crazy_lady

Hi Cutie pc,

did you hear anything more about an auditing lecture on sunday? its not on my timetable?? very interested!

Hope everyone had a good day today!!

rmc 2009

Cutie_pc wrote: »

I spoke to Liam about this last week at grind school, I went through all the changes I had noted and he said in every case that the old book was wrong. He also said to defo use the new book and to basucally ignore the old one.
Not sure if this helps at all.

Hi

This is my first time to post also but think that this is brilliant place to help people study. Could i just confirm that the solutions in DC'S Book are all wrong and that I should def follow the updated on line solutions on the icai website????

Help is much appreciated.

Is any one going to the finance lectures being run by the institute next week?? I s the lecturer good??? would i be better off staying at home and studying???

Keep going everyone last month!!!:):):):):):)

Little Miss Cutie

crazy_lady wrote: »

Hi Cutie pc,

did you hear anything more about an auditing lecture on sunday? its not on my timetable?? very interested!

Hope everyone had a good day today!!

The auditing lecture is for those repeating the FAE's so you won't see it on our timetable. However when we had the auditing lecture on the friday night (the optional additional lectures) he mentioned he was doing a class on the sat in NCI, which a few of us went to as he was covering other topics, and at the sat lecture he said we are all welcome at the lecture this sunday. I am just not sure where it is - he said his lectures are "usually" in NCI from 10-4.30. I think I will go to NCI anyway and see if it is on.

rmc 2009 wrote: »

Could i just confirm that the solutions in DC'S Book are all wrong and that I should def follow the updated on line solutions on the icai website????

Yes ignore the one that they gave us and use the online one.

rmc 2009 wrote: »

Is any one going to the finance lectures being run by the institute next week?? I s the lecturer good??? would i be better off staying at home and studying???

The lectures are in FA not finance as far as I know. David is a good lecturer however he tends to spend time doing out full consolidated accounts rather than just the journals. I think unless you are struggling you would be better putting in 2 solid days of study.

viconia

I on the other hand think its great ye're going to lectures but want to say something.

At this stage, even if there are optional lectures, you have to sit down and think - If you go to the lecture - WILL you benefit, and if so then by all means GO!

But if you feel you will get more done at home then stay at home. I can't learn from lectures and putting in one full day, I find I leanr more from a home sitting than listening to a guy ramble on because it's really hands on at this stage.

Each to their own but just remember weigh out the options before going instead of thinking OMG extra lecture must go!

I on the other hand, had an absolute mental breakdown last night staring at my folders going "holy mnother of ****ing god kill me now". Because Im doing questions and still getting htem wrong and it's not exactly reivison now but more questions and questions and the whole ordeal is painful. And then by 7pm it's just.. you're just so ****ing knackered. But for me I feel so guilty taking smoe time off beacuse I just think i should be constantly working.

Blah.

Little Miss Cutie

Great advise as always Viconia.

Extra lectures are great if u are struggling with something. I was intending to go to FA but now that I have mastered goodwill (Yeah got there eventually) I don't see the need.
I plan to go to audit because I work in that area and find the lectures helpful to get me more per the book focused rather than this is how we do in work - hope that makes sense

viconia

I'm not currently in dublin and hence can't go to the extra lectures.

How many papers are people getting through a day? Whats your study approach Cutie_pc?

Little Miss Cutie

viconia wrote: »

I'm not currently in dublin and hence can't go to the extra lectures.

How many papers are people getting through a day? Whats your study approach Cutie_pc?

At the moment I am still "learning" things focusing one subject a day. I should be finished this by tomorrow and then am planning 22days of papers. Thinking of aiming for 5 days for each module (ie looking at FA and Tax as one) and then doing papers for each subject for a whole day.

I dont know if this is the best way but I think it will work for me.

viconia

Yeah, I'm revising a bit now. I still have to organise my company law section of my folder, it's a bit of a mess.

The whole revising thing is kind of weird because.. you're reading everything but you're not really learning. You're just kind of.. reading it but knowing it's open book so not really concentrating all that much? Ahhh I dunno..

Doing 2+ subjects a day. I find if i leave a subject for over 2 days, I get very rusty, so I really want to stay ontop of it. I learnt that when i didn't touch auditing for 3 weeks and had to re-do the entire feckin thing again.

Does anyone have a scan of the 1986 CA handy on them? A short question come up from this section and Sean Murray didn't post up the scan. I don't have the CA and it'd be handy to have it. I'll scan ye int he question later. I think it's in the Q&A pack though. I'm just concerned it might come up again though.

FAEer

Hey guys:)

My study approach is a little different.
I'm doing aprox 8 hours a day - which includes, v.quick review of a topic and question or two on it. Then next topic etc.

In terms of papers that means i'm covering about 2 a day which is a little worrying when I compare it to what you guys seem to be doing!
Mainly covering a subject a day and when I am doing those hours I'm completely focused, once I get 8 solid hours in I'm done. Is this completely out of line with everyone else?!?

I'm going to go to the audit lecture tomorrow mainly because I think shawn is v.good at making things memorable, I remember everything he said at those lectures and he's covering groups (a weakness of mine) and its audit (weakness for me because I don't work in audit).

Anywho, thats just my input for the day. Hope evryones doing good

Little Miss Cutie

You are doing about the same as me at the moment. I am doing as I said a subject a day and questions to go with whatever I'm doing. From next week I hope to do questions all day but I wont be doing out full answers so can cover a paper in about 45min so I hope to cover a good few a day. I am aiming for 8hrs everyday but some times stuff gets in the way

Fubu

Hi Everyone

Hope everyone is managing their stress levels today.
I just did about 6 hours of audit and got 3 papers done.
It takes me on average 1.5-2 hours to do an audit or MABF paper and then spend about an hour doing FACC or tax, then less than an hour to do Multi-D.

It takes me a bit longer to do mabf cos I always do out the calcs in full and then bullet point the result of the calcs. I just read the audit q's slowly and kind of plan my answer as I read. Think thats why its taking me so long ( or else Im probably just a bit slow...).

Has anyone done the Margin and Plastic MABF Qs yet? Its mainly BF but I found them quite tough.

I've increased my study hours a little this week and I will be working tomorrow. On the homestretch now guys!!!!.........:)

Little Miss Cutie

Viconia - did u happen to find those transfer pricing notes?

In all honest I haven't done MABF papers yet but I expect they will more than 45mins. Sounds like we are all making steady progress!

Yeah study sat and sun from now no, only a couple of weeks left so worth the effort

FAEer whats your plan for tomorrow? head to NCI for about 10 and hope that it is on there?

FAEer

Hey Yup Cutie-pc going in for 10am!

Little Miss Cutie

Perfect just wanted to check that at least one other person has the same plan as me

See u there so ......... I will be wearing a hat so you can spot me (meant to be a joke )

M Androgynous

Cutie_pc wrote: »

Viconia - did u happen to find those transfer pricing notes?

Hi Viconia,

Could you post those transfer pricing notes up if you have them?

Beo

Does anybody have the solution to MABF 2000? Would appreciate it if you could post it up. Thanks in advance.

Jadaol

It's part of the combined exam papers and solutions for 2000 on the web. It just looks like it's not there as think the front cover is called financial accounting or some other subject. But the solution itself is for mabf

viconia

Hey sorry, couldn't find the Transfer Pricing notes. Apologies!

edit: no scanner down here and not in dublin so..

Little Miss Cutie

How is everyone getting on today? Had a bit of a slow start but making steady pace now through my todo list

Anyone else at auditing yesterday? Did you enjoy the Sean Browne school of easy sh*t?? I cant believe we had to put up with Umesh when this guy could have taught us!!

viconia

I remember i went to Umesh's first lecture. I walked out after... 25 minutes, and never looked back. He seemed to want to tell stories than teach and I felt like saying, Okay, dude, if you cut the **** about your stories.. we can be out of here in 2 hours.

In saying that, I didn't go to anyone elses lectures but over the course I did look at auditing and compile my notes.

Little Miss Cutie

viconia wrote: »

I remember i went to Umesh's first lecture. I walked out after... 25 minutes, and never looked back. He seemed to want to tell stories than teach and I felt like saying, Okay, dude, if you cut the **** about your stories.. we can be out of here in 2 hours.

In saying that, I didn't go to anyone elses lectures but over the course I did look at auditing and compile my notes.

I was the exact same went to two of his lectures and then gave up. I switched to Sean from Feb onwards

Had planned to finish the BF manual today but gave up! Got really bored at chapter 9!!

Fubu

Hey Guys!

I was fortunate enough to get to all of Seans lectures, hes a legend!

Didnt have a good day today, was doing of until I tried Black Bay Boats, again, its just awful!:eek:
I really would have failed that paper!

Also for the first time, had a look at the case study pack, the Thor question etc. They seem to be completely different to the structure of the exam papers. I also just checked the website to see if there are updated solutions to them re the revised IFRS 3 and I couldnt see them. Has anyone else got their hands on them?

It kind of seems pointless trying to do them if I have no solution to compare them to. What does everyone else think??

Little Miss Cutie

I think the case study folder is fairly useless tbh. I think there is plenty in the DC book.

Remember for Black Bay Boats that the section on IAS 21, is not examinable

viconia

Cutie_pc wrote: »

I think the case study folder is fairly useless tbh. I think there is plenty in the DC book.

Remember for Black Bay Boats that the section on IAS 21, is not examinable

Yeah, because of that I put a mark through it saying IAS 21, and haven't touched it.

Just leave it. I also was doing the Volter question today or something and they said, prepare a full consolidation and I was like **** that.

FAEer

Hey guys

Cutie-pc - I liked your hat!

I've actually tried out all three, Umesh, Sean Murray & Shaun Browne. Trying to use the best bits from each for the exam (i.e Umesh has none, Sean Murray great on the technical & cutting out some of the student handbook & Sean browne - Fab at hands on practical Q's!)

Today was a good one, I upped my game to 8.5hrs (still a little crap in comparison to you guys )! - I feel the end is in sight just trying to plug away little bit by little bit :pac: - - - - - - -

Oh and totally agree re FA, if I can get through the case studies It'll be me just fine!

Little Miss Cutie

I am averaging 8-10 (on a very good day!). Tomorrow is the start of solid exam papers!
Am taking off next monday, as OH is getting ACCA results! I know how boring two accountants
What areas of audit do you think Sean Browne was too light on?

viconia

Cutie_pc wrote: »

I am averaging 8-10 (on a very good day!). Tomorrow is the start of solid exam papers!
Am taking off next monday, as OH is getting ACCA results! I know how boring two accountants
What areas of audit do you think Sean Browne was too light on?

Yeah, wasn't a great day today. Got 3.5 papers done,. Will do more tomorrow. got very side tracked in the afternoon and couldn't get back into it. Bleh.

I still find those auditing practical questions hard - any tips?

FAEer

Thats funny - Mine is an accountant too (gotta love the sterotype )!! I'm taking next Friday off to go out and celebrate/commiserate (although limit my drinking to a glass or two) with my CAP 2'ers.

I think he's great at breaking it down & I'm definitely going to use his exam technique but I think more is needed on the technical side (just for example M41/M48 etc just in case we're stung with one of those reports in the exam)

ma.long25

Hi

I was spending the last couple of days doing audit , and was having difficulty answering questions on stock, fixed assets and debtors.

I have a number of checklist printed out auditing procedure and turn to them for answers, however when i compare my answers i ahve taken from the checklist with those on the solution i am always way off. this is undemining my confidence lots as i can never seem to come up with some of the answers on the solution, it really annoys me that the answer was so basic yet i couldnt do it.

Anyway have any general good techniques on answering these practical audting prcodures, somebody told me to anaylse each problem by going throught the audit assertions? Anyone any tips, from reading your posts that auditing lectures shawn seems to be pretty much on the ball,

did anyone go to his lecture, did he mention any tips or techniques that one could use to answer these tricky questions!

FAEer

Hey viconia/ma.long

I'm definitely not the person to give audit advice - i work in tax!

But Sean's approach is to split your page in two and write the test on once side (all the normal stuff inspect/observe) and the reason (i.e. the assertion on the other)

Its just a technique, It's helping me keep my answers relevant - trying my best not to use generic stuff!

Also he says don't use the word 'Check' - its not a procedure and it sounds retarded.

Hope that's of a little use, its like anything - whatever works!

viconia

FAEer, thats great advice, thanks for that! I don't use generic stuff but you know when you cannot think of a test? I tend to look at the generic tests and come up with something.

No stereotyped BF over here thankfuly! I think an accountant boyfriend would drive me up the walls, hahaha. In saying that, boyfirends who aren't in the profession don't understand the overtime or the random long hours around January/September etc.

crapmanjoe

Hi all,

Does anybody have (or know where i can find) past mock MABF papers. (or similar exam style questions)

I've gone through all the exam papers at this stage and find if i attempt a past paper again that I'm doing it out of memory (so basically no real use to me)

Still freaking about MABF so wana do as many questions as possible

Thanks

Little Miss Cutie

viconia wrote: »

No stereotyped BF over here thankfuly! I think an accountant boyfriend would drive me up the walls, hahaha. In saying that, boyfirends who aren't in the profession don't understand the overtime or the random long hours around January/September etc.

I know it is great, especially as where I work I do crazy hours from Jan til Dec!! Literally hectic all year round and many very late nights, plans cancelled at last min etc. Have lost count of the number of times I have been late to meet him!!

Little Miss Cutie

Hi all,

Does anyone have a copy of the 2008 paper and solution updated for our exam? This seems to be the only year since 00 missing from our manual! I am not sure if the one on the website is updated but I assume not as the rest of the tax papers on there aren't.

Thanks in advance.

Cutie

Little Miss Cutie

crapmanjoe wrote: »

Hi all,

Does anybody have (or know where i can find) past mock MABF papers. (or similar exam style questions)

I've gone through all the exam papers at this stage and find if i attempt a past paper again that I'm doing it out of memory (so basically no real use to me)

Still freaking about MABF so wana do as many questions as possible

Thanks

I have no clue where you would get these. I know last year griffith gave 3 mock exams so maybe if you know anyone who did the course this year or last year that would be 3 extra papers?

Mighty_Mouse

Anybody got a list of consolidation journals they could share?

Especially update to 2009?

Full sure they'll come up this year!!

BJK

Hi I'm new to this, does anyone know if the repeats are on the beginning or the end of May 2010? Im going back to college the week after the finals and I'm hoping my exams won't clash with the FAE repeats (worst case scenario) next May! Also if anyone knows of a cheap room to rent in Galway from Sept pls let me kno! I'm a tidy and sporty fella that'll probably only be there 3 or 4 days a week!

irishcoffee

grind school notes will be posted on icaiforums(dot)com in due course

Little Miss Cutie

irishcoffee wrote: »

grind school notes will be posted on icaiforums(dot)com in due course

Irishcoffee will these be up before the exams and do you know if they will be chartered grind school notes or griffith notes?

Thanks in advance

Jadaol

Mighty_Mouse wrote: »

Anybody got a list of consolidation journals they could share?

Especially update to 2009?

Full sure they'll come up this year!!

Would really appreciate these also, if anyone can take the time.....Need to be fully sure i know what's what, thanks

BJK

Hi, does anyone have the 4 page handout that they gave out at the chartered grind school a few weeks ago?

Legend100

Im wondering if someone can explain something to me because i think im just confusing myself.

In 2008 MABF question a(1) the solution in appendix 1 has ROE, ROCE and ROCE revised.

My question is that in the solution even when they revise the calc for revaluation and R&D adjustments, the tax effect is not hit on the balance sheet. The capital employed and shareholders funds should both fall as retained earnings would be debited and current liabs would be credited thereby reducing the balance sheet value when ct is provided for.

Given that the adjustments are made for revaluation and R&D i cant understand why they weren't made for corporation tax.

Is there a reason that this is not taken into account or am I totally confusing myself

crapmanjoe

Hey all

have spent the day doing all the internal control questions for auditing
have just gone through the past exam papers and have the following thoughs /Questiona

it is consistanly the worst answered question on the paper, despite it being virtually gaurnteed to come up every year and that it comes in the same format every year ie

notes on the process
identify weaknesses in process
draft mlp points on weaknesses
identify controls and how to test them

anyone have any ideas why people scores so poorly on it
aside from generic answers and did sean Murray give any tips/ideas on how to approach the questions and score highly on it

K Settes

Hows everyone doing?

Long time reader first time poster etc. etc.

Thanks for all the tips, notes and guidance over the past few weeks and for getting me appropriately freaked out about things!

Don't know if you saw this on the icai website, derry has put updated notes for group accounts up!

Little Miss Cutie

ahhhhhhhhhhhhhhhhhhh why is he putting up notes this late? I hate the institute, why cant we get all our notes during the year? Why do they have to put up notes this late and hand out books at the mocks etc..........

Sorry having a sh*t day of study and just generally hate study leave today!

How is everyone else getting on?

Anyone wish they could start study leave all over again and study in a different way?

PS I know Derry's notes are only 4 pages but I am in a very bad mood today!

EDIT: I don't have these note - obviously not made available to all groups. Do you have any other group notes from Derry?

K Settes

Cutie_pc wrote: »

EDIT: I don't have these note - obviously not made available to all groups. Do you have any other group notes from Derry?

We didn't get much more than that, Derry just spent half a morning going over the basics of group accounting and the other handout was pretty much the same but without numbers.


Of course they put things up with only 2 1/2 weeks to go. Do you really expect anything less? Does anybody have any guesses on what the mess up in this year's exam will be?

viconia

Cutie_pc wrote: »

ahhhhhhhhhhhhhhhhhhh why is he putting up notes this late? I hate the institute, why cant we get all our notes during the year? Why do they have to put up notes this late and hand out books at the mocks etc..........

Sorry having a sh*t day of study and just generally hate study leave today!

Feeling your pain in many ways today. I didn't get enough done today and keep ****ing up Corporation Tax in tax. I just keep forgetting stupid **** so I think it needs more revision.

I haven't done any of the 2008 papers because I want to do them a week before the exam as a test for myself, so I can't help out on the 2008 solution for MABF.

The Group notes look alright. I've just been reading through the Derry Cotter PDF and compiling my own handwritten notes of DR and CR..

Random question, I keep asking myself this and it forces me to study and try not to hate study leave: If you had to sit the exam tomorrow, would you pass? Which ones? and what do you think you need to do to bring yoursel fto a pass (for those who dont think they'll pass)

Legend100

well i think id pass tax but prob fail the financial part so a fail overall in that

Multi D, ive only done one day for this so far but it seems to be the same thing every single year so id say id pass it alright

I have quite a bit of auditing done but i still get all the answers wrong even though i'm thinking to myself that it it isnt too bad as i do the questions so that would be a 50-50 on the passing. Think i will pass it tho (being as optimistic as i can!)

MABF...one word. FAIL, Fail now, Fail in three weeks time!! Havnt a notion of that stupid subject

Little Miss Cutie

Ok let me - pass FA (just), dont know about tax. Audit probably pass. MultiD not a hope yet. MABF no way