FAE 2011 Where to begin

luco123

Hi

Does anybody have the case study solutions for Greene Plc and KW Surf Case Study or know where i can get them?

Is it worth my time doing them?

Thanks

LightningBolt

ManwitaPlan wrote: »

Im at the stage now where for a lot of indicators I am actively trying to guess what I need for compenent and trying to cover as many angles as possible.

Its frustrating that for almost every indicator you can do what is needed to get competent but its just guessing what they want.

I find what is required to get competent is often pretty generic and it seems would be pretty hard to guess what their looking for.

Agree with that.

Perkina3 wrote: »

Oh yeah dunno if anyone noticed it either but I would get used to the idea of possibly having an indicator in the elective where you need to review a piece of work and make recommendations and state what additional work is needed...I have found that this has a nasty habit of appearing an awful lot in most of the recently produced elective questions. Just said I would say this and let ppl know if they hadn't copped it already.

Figure we'll be required to review working papers alright.

Peanut_M

Agree with what everyone is saying, it's so hard to know what is required for indicators / what is an indicator. Does anyone else think the core mocks were a bit too straightforward in some regards ??

Anyone have any idea when the mock results are out??

flapps

Haven't tried them but here u go..

fancyanosh

Anyone got Flexum solution or is it out yet?

the_big_dawg

fancyanosh wrote: »

Anyone got Flexum solution or is it out yet?

I emailed the institute yesterday and its apparently on the notice board but I can't find it. Emailed again today to ask where abouts it is.

Peanut_M

the_big_dawg wrote: »

I emailed the institute yesterday and its apparently on the notice board but I can't find it. Emailed again today to ask where abouts it is.

What email address are you using? I've emailed them a couple of times and gotten no reply :mad:

the_big_dawg

Used 'fae@charteredaccountants.ie.' They're pretty slow to reply though!

SL10

Does anyone else find that they are coming out with loads more indicators than are in the solutions? It keeps happening to me (particularly with the additional cases). I keep seeing non-directive indicators everywhere!

ahtfulal

SL10 wrote: »

Does anyone else find that they are coming out with loads more indicators than are in the solutions? It keeps happening to me (particularly with the additional cases). I keep seeing non-directive indicators everywhere!

Yeh and its head wrecking and very off putting. Additional cases seem a higher standard than what we will actually get. Looking back at last years exam if something like that came up again i'd be happy (although I make a hash of it at the time)

luco123

flapps wrote: »

Haven't tried them but here u go..

Thanks flapps

Vaioer

SL10 wrote: »

Does anyone else find that they are coming out with loads more indicators than are in the solutions? It keeps happening to me (particularly with the additional cases). I keep seeing non-directive indicators everywhere!

I hear ya,Midwest Oils as an example.

Specifically says that they are open to your suggestions on reorganising the companies into separate divisions and what are the tax implications.

Not even mentioned in the solution.

SL10

Vaioer wrote: »

I hear ya,Midwest Oils as an example.

Specifically says that they are open to your suggestions on reorganising the companies into separate divisions and what are the tax implications.

Not even mentioned in the solution.

Haha yeah thats the one I was doing yesterday!

pepp

Anyone had their mocks back yet?

the_big_dawg

fancyanosh wrote: »

Anyone got Flexum solution or is it out yet?

Flexum solution now on the website but I have attached.

Dell2009

okdune wrote: »

Hey everyone - hope everyone is getting on ok. Just wondering has anyone heard of a case study called David Doogood? And if so, would you please be able to put? Thanks!

Anyone else feel like they're living in the twilight zone!!??

Anyone have the David Dogood case?

MunchieMonster

Dell2009 wrote: »

Anyone have the David Dogood case?

Case and Solution

tinac_b

Perkina3 wrote: »

Also I dunno if ppl are noticing this but some of the groups have had way more questions uploaded than others. I have found that friends of mine in different groups have a rake of questions which I don't have and which were not uploaded... Think it's a bit of a cop out if I am honest....

Yeah this is really starting to annoy me. I emailed the Institute asking for a case I saw on one of the online sessions and was told twice that it didnt exist. Just got it off someone on here instead!!

Flexum solution still isnt on the website when I log on but got it on here.

SL10

Does anyone have the following notes from Sean Murrays lectures:

Carry over from Sunday 17 April 2011:
Law & Regulations- ISA 250A & 250B
Related Parties- ISA 550
Service Organisations- ISA 402

These notes arent up on my student centre for some reason so if anyone has them I would really appreciate it. Thanks

Perkina3

No word on the mocks yet. I emailed somebody in the institute bout the fact that not everyone is getting the same questions and got nothing back. And they want you fill in this stupid questionaire now rather than waiting till we are actually back in work and will actually think to do it... If I started to write what I wanted to say about the institute...I would still be here this time next year.... :rolleyes::rolleyes:

Anyway back to being serious...Anyone tried the sample paper 1 core comprehensive case. I wasn't doing toooooo badly like.... kinda only half picked up the ethics indicator but what has really gotten me is the swap calc....I know I neeed to do something on it but Fuk me I can't make head nor tail of the solution...especially the forecast income statements....Where they getting the (60625x *1.02*)....Not good at finance so want to understand as much as I can bout these questioons... the sources of finance (debt or equity) was straight forward but to get competent you needed to try the swap calc.... I hadn't a NOTION!

Clanno

Vaioer wrote: »

I did that one myself today,attempted to do it in 90 minutes this morning.

My indicators
-Accounting for the transaction, I didn't agree with their approach(though I can see it). I also mentioned corp governance issues about limits for the sale of assets(no mention in theirs). I had this as a separate document, as it was going to a separate person, no mention of that in theirs

- The Strategic(agreed, though I would say theirs is more a vision than objectives)

- Performance Metrics(agreed)

- Accounting Policies. WTF? Writing draft accounting policies?
I would never have had IAS 11 or IFRS 3 in there. I went with IAS 1, IAS7, IAS 16, IAS 18 as critical and then IAS 19/32/39 with the pension implications, then said that these were only a selection of the standards that need to be considered.

They have no-body, bar you, who has ever prepared accounts under IFRS in the company, and yet there is absolutely no mention of a skills gap anywhere? Surely this is a massive issue, who/how are the accounts going to be physically prepapred

- HR: Didn't mention the staffing levels, did say it was inappropriate for SPSC.

Headwrecking to bust your balls for 90 minutes to do a case, then read the solution to find you are nowhere near the level/never anticipated an indicator like what came out.

jaysus i have absolutely no idea how they came to their solution.

I did the question as a matter of practice but the solution just knocked me for 6 - if this is the level that required i am genuinely so screwed....

Perkina3

Agreed. You just don't know like. The more I look at this the more I am like how the hell did 70% of ppl pass this last year cuz from my attempts at some of these cases I am coming up with a big FAIL here

Dell2009

In DCP question does anyone have any ideas where they get €90,863 for the "tax on latent gains". The solution refers you to Appendix 1 for the calculations but i can't for the life of me see where they arrive at this figure.

Maybe i am just blind from looking at exam papers all day.

Any help would be greatly appreciated.

The solutions appear far too complex and just make you feel like you are getting nowhere.

Lowrey

Dell2009 wrote: »

In DCP question does anyone have any ideas where they get €90,863 for the "tax on latent gains". The solution refers you to Appendix 1 for the calculations but i can't for the life of me see where they arrive at this figure.

Maybe i am just blind from looking at exam papers all day.

Any help would be greatly appreciated.

The solutions appear far too complex and just make you feel like you are getting nowhere.

Hi,
The appendix doesn't have the calc for latent gains...

The way I work it out is the latent tax on premises (MV less cost & enhancement at index to get the gain and mutiply by 25% for CGT)
There will also be an accruing BC on the Motors and equipment as Proceeds if sold now at MV would exceed the tax written down value. (gain in this case at 12.5% CT rate).

Here's a little excel file of workings if you like! I didn't have time to do this in the exam, (I didn't bring indexation tables so I think I used 3 and 1.5 for premises and skipped the MV and Equipment saying it would likely be small - but I'm sure this shouldn't make a big difference)

I may be completely wrong on my workings!

LightningBolt

Of no real importance but mock results online tomorrow Fri 5th and results being posted out today and tomorrow.

flapps

Perkina3 wrote: »

No word on the mocks yet. I emailed somebody in the institute bout the fact that not everyone is getting the same questions and got nothing back. And they want you fill in this stupid questionaire now rather than waiting till we are actually back in work and will actually think to do it... If I started to write what I wanted to say about the institute...I would still be here this time next year.... :rolleyes::rolleyes:

Anyway back to being serious...Anyone tried the sample paper 1 core comprehensive case. I wasn't doing toooooo badly like.... kinda only half picked up the ethics indicator but what has really gotten me is the swap calc....I know I neeed to do something on it but Fuk me I can't make head nor tail of the solution...especially the forecast income statements....Where they getting the (60625x *1.02*)....Not good at finance so want to understand as much as I can bout these questioons... the sources of finance (debt or equity) was straight forward but to get competent you needed to try the swap calc.... I hadn't a NOTION!

I presume u mean the 50,625 x 1.02 ? That's the projected increase in sales (2%) for 2009 given in Appendix 2..

Can anyone help on the swap deal? not sure why the interest from the swap bank is 6.05% and the interest to the swap bank is 5.75%..

Cheers

epm84

Hi,

I'm repeating FAE this year and enrolled on the FAE revision course. At the Auditing session a number of weeks ago we were referred to 'Induction' notes for Auditing which summarised each of the examinable standards. Apparently they are approx 75 pages long in total - is anyone aware of these or where they can be found? I have found a set of notes (as posted on here) summarising each standard, but they include way too much detail for revision/exam use purposes!

Thanks in advance!

Perkina3

Yeah I saw the 2% afterwards.... Doh...Ah well

lucky01

I have just done the southern fisheries case and one of the indicators was about the evaluation of a proposal from the bank for funding.
The solution says that a bank lending proposal can be evaluated using 5 criteria being cost, risk, adequacy, alternatives and availability! does anyone know if we have anything relating to evaluating funding proposals anywhere in notes? i cannot find anything on it and would not have answered under these headings in the real exam!

lucky01

epm84 wrote: »

Hi,

I'm repeating FAE this year and enrolled on the FAE revision course. At the Auditing session a number of weeks ago we were referred to 'Induction' notes for Auditing which summarised each of the examinable standards. Apparently they are approx 75 pages long in total - is anyone aware of these or where they can be found? I have found a set of notes (as posted on here) summarising each standard, but they include way too much detail for revision/exam use purposes!

Thanks in advance!

I have the summary notes printed and divided into each standard in my file! they are good reference if you know the standard but dont mean much if you havent read the standard or understand main point from it! im repeating from last year too and had to reprint all the standards for audit as most of them were revised and some new ones added! The summary notes are referenced to the new standards and therefore will differ from the blue standards book we got last year! only keeping the blue book for the ethical standards! i didnt enrol on the revision course so I didnt get a new standards book!


There is a link on here a few pages back to all the revision notes at the start of the year. you will get them through there!