Old FAE in May 2010..am i alone

buzzing

would have being a bit surprised at the SOCI and SOCE bit, like do we ever use that in practice....

buzzing

what happened the 10 mins wrap time....

applehunter

They brought in a new rule yesterday in order to stop people taking their scripts out of the exam hall....

kjb83

Did anybody mention amortising development cost for the bit about future impact on IS and if so what did you base it on, sales activity ie 4/20 of the 500k for yr 1, 6/20 for yr 2 etc....

buzzing

yeah, mentioned it about the development costs that was capitalised..... is it the sales ur talking about?

buzzing

Odats wrote: »

What did everybody think of todays exams.

Financial Accounting
Was surprised no consolidation came up but was confident that I passed
Got impairment to the VIU on the first bit, no reclassification under IFRS5 as HFS as wasn't available for sale at reporting date. Disclose separately under IFRS 1 and done the disclosure note.
Construction Contract was handy profitable contract stage of completion 60%. Intangibles Research didn't capitalise development met the criteria so capitalised costs. Provision for the lease as an onerous contract under IAS37. Operating lease and disclose related parties for the new HQ. Correction of an error under IAS 8 retrospective adjustment 175k adjustment to retained earnings,
Hopefully went well.

Tax
Got termination payment for extraction of funds as most tax efficient extraction.
Wouldn't qualify for full retirement relief but marginal relief.
Clawback on CAT on dwelling house avoid by purchasing new house (work abroad still deemed occupancy).
Dispose of house before shares to reduce CGT (assumed CGT loss on house was offsettable against gain)
VAT chargeable on disposal of house to Simon from sister @ 13.5%.
VAT should be charged on rents.
Get Simon to register for VAT to get input credit.
Potential CAT on difference between price paid and MV as a connected person.
CGT loss for sister of 800k

Could have been alot worse especially tax.
FINISHED NOW. Hopefully passed :eek::eek:

Best of luck to anyone doing the ones tomorrow and Friday.

Oats its sounds like you got most of the points,was there vat on disposal to simon, coz even though the property was new- were they connected parties?....

kjb83

ya you kno the units that were on the paper, i assumed they had to be there for a reason other that to prove feasibility so when he asked in the question to outline how any item that may have a impact on the IS. I said that the capitalised dev costs would be amortised over the four yrs based on the budgeted sales activity, saw something in para 92 so chanced my arm but was just wonderin if anyone else went with it too?

applehunter

I wrote at the end of the letter that it was a bit of hypocritical of him to be off spending €1m on office blocks with all the charity work in the 3rd world that he is "supposedly" doing.

I think there was more to Simon than meets the eye.

A darker side maybe.

kjb83

I wrote that I ve been doin charity work in a practice for last four years and you better pass me cause I m sick of doing exams and getting such miserable wages. I ve a feelin he might write back to me suggesting that I join the dole! Regarding the last bit on tax how would the marks have been broken down, misread question and only spoke about vat, didnt mention sd cgt cat

buzzing

how did every1 get on with MABF 2 day?

bossmanpaulo

Didnt do a good paper in MABF, anyone know if we get FAE exemptions in ACCA??!

applehunter

Caught for time so a few of my answers were on the skimpy side.

The 20 marker part c (ii) threw me with the wording. Studpidly I tried to look through notes looking for the answer when I should have just have kept it simple.

Might need a good result now tomorrow to get me over the line now.:(

drok

I totally messed up that (c)(ii)...once I saw the word 'performance' i talked about ROI ROCE RI and EVA!completely wrong to talk about divisional performance measures when the question asked about the new product. I'd say MRP/ life cycle costing/ TQM we what they were looking for.

Ran short on time also. Was in a real rush to get parts (c) and (d) done. Praying i got 50 but didnt help that I threw away easy marks in the (c)(ii) part!

Best of luck to everyone who sat the exam!

kjb83

Yea I thought some of the questions were very vague:

ai. I just wrote about Cashflow val model, earnings based model and assets, calculate values for the last two got between 3 and 4mil depending on revaluation
ai. just talked about some of issues in case study, ie revaluation, synergies, loss of customers, size of market, etc...
bi. got a bit stumped for a while, thought there might be calculation, eventually just spoke about reliability of key variables such as sales forecast etc.. actual availability of finance, discount rate used..
bii way over time just spoke about diffs in ratio's and potential overinflated estimations
biii. said as npv is positive it would poor answer
c. The bit on sources of finance, for some reason I spent ages thinking there has to be a calc in this, but in the end I just added the capital requirement and working cap again talked rubbish about using debt as the project looks as if it'll be profitable after year
cii I talked about kpi's and compare real time ratio's with the already prepared ones. Basically talked rubbish..
d. Jit got it finished just in time bit ironic really but overall not happy with the paper would have preferred more calculations

ilovelove

Hi all hows everyone doing?

It's good to have a family on boards to chat to!!

I was very disappointed with my paper today, to say i rambled says the least. I dont know what happend me.

That cash flow was the same as 2009 also, bar the sales and direct materials part. I have now idea how i got on in it to be honest.

I paniced and drowned amongst my notes, i just wrote until the time was called and went home and got into bed.

anyone in tomorrow the very best of luck i hope it goes well.

applehunter

Surprised I got caught a bit for time in the MD Case Study today.

Very straight forward stuff I suppose.

Think I did ok in it.

I'll take the 200 marks now if they were offered. I went into the week feeling pretty confident but MABF knocked me off course so don't really know where I stand.

Enjoy the weekend.

drok

Hi guys,

I've attached fae 2010 acassi report submitted to examiner for whoever wants to see it.

Hope your all enjoying the Summer!

Scraping_By

Okay and we're here again, three days and four nights to the results and the panic and nausea have already hit... Know there's no point in stressing out now but I always do - never before the exams when it might do me some good on the motivational side Ah well, best of luck to all! Cya on Friday, bright and early :eek:

ilovelove

Stop I know how you are feeling, but there really is no point stressing and making yourself sick at this point.

Ride the storm, whats done is done eh.

Im scared too

Best of luck to all!

applehunter

Made a balls of Mgt.

hoping I get over the 200 mark. Please Please.

Struggling to sleep this week.

Odats

Need 50 from FA&Tax and not get caught on the 20/20 rule or 17/17 rule again:mad:
Think I done enough but we'll wait and see

Scraping_By

That was one of the reasons I did the whole part again this time rather than takin my credits - I was too scared of f@:%in up FA and MABF to rely on them for a pass. Please, please I won't regret it!

I know it wouldn't be the end of the world to repeat again - I've done it this time after all - but at the risk of sounding like an overtired five year old, I don't wanna! *stamps feet*

Odats

Best of luck tomorrow lads hopefully we will all get by over the line.

Scraping_By

Ditto, best of luck to everyone! See you in the AM - good luck getting any sleep tonight too tho!

Odats

Passed Whoooooooooooooooooooooohhhhhhhhhhhhh

applehunter

Not on the list so I can't get in.



Still waiting for official confirmation in post.

Don't know what my next step is.

Scraping_By

Didn't make the pass list - waitin for the post too to get the full sceil... Sat the whole part so still hoping and wishing for a relatively good outcome - please only one to resit... *groan*

applehunter

Rang up to get results.

Didn't pass even one.(+50):(

I'm totally shocked. The one I walked out of thinking I failed I managed to score best in.

Can't make sense of it at all.

Scraping_By

Got credits in three of the four exams I sat - 217 overall - but only 38 in FA/Tax!! I got 40 in FA/Tax in September (darn it) - FA is not now nor never has been my friend. Question now is should I re-sit the whole part or gamble that I can get 50 in FA/Tax in December??? Big risk because I really, really don't want to end up sitting exams in the new FAE regime...

Advice? Opinions?

Scraping_By

Sorry to hear it Applehunter!! That bites the big one - not surprising about getting the highest result in the one you thought you failed... that's one of those Murphy's Law things... My plan is to have a depressed weekend and then get on with things. Not willing to give up on this craic. Did you do the revision courses in Dublin? They were very good - I know my failing to pass is not the best recommendation for them but FA is my nemisis - there's only so much CAI can do...

applehunter wrote: »

Rang up to get results.

Didn't pass even one.(+50):(

I'm totally shocked. The one I walked out of thinking I failed I managed to score best in.

Can't make sense of it at all.

applehunter

Id definately be looking to get the fa and tax rechecked. Not sure if ill get another chance by the institute to sit them again. If i am allowed i will have to look at my papers again as i must be doing something fundementally wrong.

ahtfulal

Feel sorry for those who didn't get by. Believe me I know how it feels to be repeating these institute exams. Couldn't get all my Prof 3's in 4 sittings and had to do the new Cap 2 course last year for management accounting. Now doing the new Fae's in September, just had the mocks this week and its completely different than old fae's but I'll soldier on.

At least those who failed today have one last crack at it - too late to give in at this stage

Sparkybo

hi there new to boards but regularly follow the threads. got exam results today was doin all but MD got all but tax flew the others but failed miserably in auditing i just don't know what the hell i'm doin wrong (got worse mark than sept)... any advice from people and also any advice on electing to do md in december with it???? thanks

drok

Like myself, looks like a lot of people just barely missed out on passing. I'm feeling the pain! I'm in the exact same position as you Applehunter. (Scraping By....I cant believe you only missed out by 2%. Really sorry to hear that. Definitely appeal!!). I had two to repeat on my third attempt, and unfortunately didnt manage to pass either one. Not too impressed considering the effort I put into passing them this year. Seriously worried about not being allowed a fourth attempt!Applehunter did you speak to the Institute about how likely this would be?

I've got 2 questions...if anyone could answer them it would be great...

1) Does anyone know what the chances of being granted a fourth attempt are? Has anyone's friends been granted one previously??

2) If my application for a fourth attempt is refused, does anyone know how many exemptions I would get from the acca's? Like, how many exams would I have to pass to be acca qualified? I tried finding out on their website but it doesnt seem to give info for pple who failed fae's and want to transfer over.

To all those who passed. Congrats! Its a serious achievement and enjoy your success!!

applehunter

Just from checking the results I spotted a guy from college that passed and it was his 4th go so they must be allowing it.

Don't see why they would block anybody from a final attempt at this stage.

drok

Thanks Applehunter. I remember reading ages ago in the rules that if, after your 3rd attempt, you only have one exam left to pass (i.e receiving credits in all the others) then you are allowed apply for a concessionary attempt, and will more than likely be given it. This maybe what your friend from college got. I'm just praying that the same applies for pple like us who have more than the one exam to repeat after our 3rd attempt.

Hope above makes sense. Prayin we're allowed a 4th attempt. I'll be gutted if I'm kicked out of the icai at this stage!

applehunter

drok wrote: »

Hope above makes sense. Prayin we're allowed a 4th attempt. I'll be gutted if I'm kicked out of the icai at this stage!

After more than 4 years of slogging it would leave a bitter taste alright.

Sparkybo

yea you can appeal to the institute for another chance but they can make you resit ALL exams again to prove yourself basically.... i think for people doin old fae it's our last chance in december

silverwatch

Me too! I went from 48 in Sept to 34 in auditing this time...........really worried about December

Sparkybo wrote: »

hi there new to boards but regularly follow the threads. got exam results today was doin all but MD got all but tax flew the others but failed miserably in auditing i just don't know what the hell i'm doin wrong (got worse mark than sept)... any advice from people and also any advice on electing to do md in december with it???? thanks

Sparkybo

yea i did worse so bad under the 40 mark would of compd if i had gotten 40.... wat you gonna do sit it alone or do md aswell? anyone know of grinds people?

applehunter

IS there a date given in the literature for viewing scripts?

drok

Sparkybo wrote: »

yea you can appeal to the institute for another chance but they can make you resit ALL exams again to prove yourself basically.... i think for people doin old fae it's our last chance in december

Id take doing them all again over getting booted out and not getting the chance to repeat. If I'm doing them next December it's gona be a year of Berocca and lucozade tablets ahead!!

Sparkybo

oh yea no good news they have actaully done away with viewing the scripts instead you get the breakdown of makrs and they have a set of reviewers who will review ur script and give you a report on what you wrote so for the likes of auditing it wil give ya idea on how ya did and what you did wrong... i think it's much better than viewing paper

Sparkybo

drok wrote: »

Id take doing them all again over getting booted out and not getting the chance to repeat. If I'm doing them next December it's gona be a year of Berocca and lucozade tablets ahead!!

Hey I've taken this directly from the ICAI WEBSITE so basically you get 3 attempts but if you have one exam left you get a last fourth chance after that you can try and get another attempt but can be made do all subjects again....
Students are allowed to make a maximum of 3 attempts at FAE. A student’s 3rd attempt is therefore the last attempt unless, at the conclusion of the 3rd attempt, the student has obtained credits in three of the four FAE papers, in which case a 4th attempt is automatically awarded and the 4th attempt then becomes the last attempt.
FAEB is anxious that students who, if they were to be unsuccessful at FAE 2009, and who would thereby exhaust their last attempt, should be fully apprised of its policy regarding concessionary attempts.
Accordingly, FAEB would like to bring the following to the attention of all FAE students:
(1) It is open to students who have exhausted their permitted number of attempts to apply for concessionary attempts. Generally, FAEB will be disposed to award concessionary attempts.
(2) However, FAEB will only award a concessionary attempt on the basis of the student reverting to re-sitting the whole part. Students will [FONT=Times New Roman,Times New Roman][FONT=Times New Roman,Times New Roman]not [/FONT][/FONT]be allowed to carry forward credits into a concessionary attempt.
FAEB wishes

drok

Had a read there Sparkybo. Thanks for that. Looks like your right. It does appear that I'd get a 4th attempt at it even though it means doing all the exams again. Might be better if I did them all anyway to be honest. Would mean I might get compensation from subjects like Multi-D.

Coolest

Do we have the Compensation Option in our FAE's (Old FAE's) ?

Scraping_By

Yep - we're still on the old rules so you need 200 marks overall, i.e. an average of 50 marks per exam, but you only need a mark of 40 to pass each individual exam... But if like, say for example, me, you get 217 overall but only 38 in one of your exams, then you're screwed!

Bitter? Me?? Nah, what gave you that idea

(I think it's gonna take me a while to let this one go!!!)

Scraping_By

Yep, if anyone can recommend a good FA grind I'd really appreciate it!

Sparkybo - I did the CAI revision course in Audit with that English guy, Shaun Browne I think his name is but I could be way wrong on that, and it was very good. I went from a 46 to a 54 in Audit and I'd say that was mostly him and is acronyms and rules. Just an idea but you might have already had him and his style isn't for everyone, i'd say. He's a bit of a prat at times... sitcom stuff... :rolleyes:

Sparkybo wrote: »

yea i did worse so bad under the 40 mark would of compd if i had gotten 40.... wat you gonna do sit it alone or do md aswell? anyone know of grinds people?

Sparkybo

Scraping_By wrote: »

Yep, if anyone can recommend a good FA grind I'd really appreciate it!

Sparkybo - I did the CAI revision course in Audit with that English guy, Shaun Browne I think his name is but I could be way wrong on that, and it was very good. I went from a 46 to a 54 in Audit and I'd say that was mostly him and is acronyms and rules. Just an idea but you might have already had him and his style isn't for everyone, i'd say. He's a bit of a prat at times... sitcom stuff... :rolleyes:

Yea i did do that but i managed to go down and I did think he was brill and really put alot of effort into the coursei just don't know what i'm doin wrong seriously like i got 54 and 59 and then feckin real low in audit it doens't make sense? any body who knows of one on one person please let me know

Sparkybo

Hey guys just saying that if anybody is repeating financial i just did it in may and i purchased the new derry cotter books with all the updates in them they are really easy to use and thebooks are small real good i'm totally willing to give them to somebody free if anybody would like them!!!