FAE 2011 Where to begin

DaeryssaOne

PJ 007 wrote: »

Hey Raff, I'm in the same boat myself! I'd love to know what to do!:(:confused


Does anyone has any notes for the tax elective either! :cool:

I haven't got any notes for the tax elective but the book is quite good. The case studies cover off a lot of different areas and I'm just typing up (what I deem to be) the important parts from the book so I can mostly focus on my own notes in the exam.

Vaioer

okdune wrote: »

Ok I am going to have bit of a rant now.

I am bloomin terrified of getting indicators wrong - most are obvious but some I totally diregard and identify others.

For example - INDIGO plc. In the question the Head of Finance says that he would a memo to focus on three key areas:

• Audit (re the Special Audit Review)
• M.I.S (IMP systems)
• New product launches

However the solution has yes the audit and the imp indicators - but completly ignores the new product launches (except for a breif mention in teh audit section re agressive developmen to launch time)

Instead the third indicator looked at the management and organisational structure (I know I dont just include org charts for fun).

Same,

I went off on a tangent talking about
- Accounting for complex financial instruments under IAS39
- Risk profile for the firm with these
- Strategic fit of derivative product for a retail customer
- Additional compliance requirements that may be needed.

I just had a fourth indicator about "Other Points" which covered Org Structure etc. I tend to now just always include "Other Points" as an addiitonal indicator and cover 6-10 bullets points in this.

netpia11

Hi,

an easy question if someone could help please!! in rocket group case study can someone explain why when they work out the nrv of the carpet for resale with Regency hotel why do they multiply the completion costs by 1/3??

Thanks

Clanno

jobr wrote: »

I haven't got any notes for the tax elective but the book is quite good. The case studies cover off a lot of different areas and I'm just typing up (what I deem to be) the important parts from the book so I can mostly focus on my own notes in the exam.

Have no notes either for tax, dunno where to begin?

plus the tax legislation and the codes of practice do we have to use these...

DaeryssaOne

Clanno wrote: »

Have no notes either for tax, dunno where to begin?

plus the tax legislation and the codes of practice do we have to use these...

I don't think I'll really be 'using' the legislation as such but will throw in the name of a section if it's in front of me at the time. It's not something I'd be too worried about, if you know the treatment for acquiring/disposing/incorporation etc you can't go too far wrong I'd say (hopefully anyway!)
Will have to go over VAT and estate stuff though, reckon there'll be loads of VAT this year after the exam report said it was answered poorly last year...

CapallBan

jobr wrote: »

I don't think I'll really be 'using' the legislation as such but will throw in the name of a section if it's in front of me at the time. It's not something I'd be too worried about, if you know the treatment for acquiring/disposing/incorporation etc you can't go too far wrong I'd say (hopefully anyway!)
Will have to go over VAT and estate stuff though, reckon there'll be loads of VAT this year after the exam report said it was answered poorly last year...

From the course outline it says that VAT will account for 10-15% of the tax elective exam

Clanno

CapallBan wrote: »

From the course outline it says that VAT will account for 10-15% of the tax elective exam

there is very little on old vat do ya recken it would apply or shud the new rules suffice?

Dell2009

20 year lease with €100,000 rental p.a. and a 2.5% annual uplift

Does anyone know how they arrived at the €2,554,446 figure for the total lease payments. I know how to calculate same on excel but how would you do so using a calculator?

I originally thought that the following formula would work;

€100,000 * (1.025) *the power of 10

However this just gives the amount paid in year 20 when i am looking for the cumulative amount over the 20 year period.

Can anyone help??

Hackysack

johnny52 wrote: »

Hi, quick question for anyone who can help. Does anyone know if the audit elective book is any use or is it too detailed like some of the other books? I'm not sure whether i should go through it or just do the case studies?

Thanks

It's not the worst in fairness. Chapter 3 is very good for Corporate Governance which is a very important area in it. It's pretty readable and not too technical but it may go into a bit too much detail in some areas.

House54

Dell2009 wrote: »

20 year lease with €100,000 rental p.a. and a 2.5% annual uplift

Does anyone know how they arrived at the €2,554,446 figure for the total lease payments. I know how to calculate same on excel but how would you do so using a calculator?

I originally thought that the following formula would work;

€100,000 * (1.025) *the power of 10

However this just gives the amount paid in year 20 when i am looking for the cumulative amount over the 20 year period.

Can anyone help??

It's seems very complicated for an exam question,,,,,


PV = (A/(i - G))*[1 – ((1+G)/(1 +i))^N)]

A = is the annuity payment in the first period = 100,000
G = rate of growth = 2.5% = 0.025
i = Interest rate = 0
N = periods = 20

Fiona44

Hi, Does anyone know if there are sample papers and where to find them or is it just the sample case studies?

luco123

Hi

Are the documents in the resource pack section 1 important, i havent read any of them except for ISA700, is there any one i should focus on or do i have to read the lot of them!:eek:

Coldplayer

Fiona44 wrote: »

Hi, Does anyone know if there are sample papers and where to find them or is it just the sample case studies?

http://www.charteredaccountants.ie/Students/Student-Services/Courses/New-Syllabus/Sample-Papers--Solutions/FAE-Sample-Papers-and-Solutions/

Colts

randomobserver wrote: »

Colts wrote: »

Hey guys,
It's probably been asked a hundred times, but does anyone have a link to the Audit ISA summaries. My audit notes are terrible, and I've looked on the first 8 pages on my phone but cantsee the link!

Thanks in advance!

Hey, did you have any luck finding these, maybe i'm going blind but i can't!

No I went through alot of the thread and couldn't see them. I was sure I seen them somewhere on here a couple of months back!

lisa39

Does anyone have the CGS tax core notes they would like to share? I tried getting them from CGS but they were all out, thanks! :-)

johnny52

Hackysack wrote: »

It's not the worst in fairness. Chapter 3 is very good for Corporate Governance which is a very important area in it. It's pretty readable and not too technical but it may go into a bit too much detail in some areas.

Cool, thanks. Im gonna go through it so and do the cases when ive that done. Dont know if i can do a whole pile else for audit then.

Fiona44

Coldplayer wrote: »

http://www.charteredaccountants.ie/Students/Student-Services/Courses/New-Syllabus/Sample-Papers--Solutions/FAE-Sample-Papers-and-Solutions/

Great thanks a mill!:)

Sorry, I have another question someone might be able to shed some light on - In the first case in the auditing elective they change the method of valuing inventory from FIFO to the retail method. And in the solution it says that this is not a change in accounting policy. But in other examples I have it says that changes in inventory valuation (specifically from LIFO to FIFO or from FIFO to weighted average) DO constitute a change in accounting policy. Im assuming the sample solution is right so how come it isnt a change in policy does anyone know?!

lucky01

anyone else finding the solutions to these cases very brief?

I have just done mid west oil, spend ages trying to take in all the info in the case, contribution of each division, ROCE, the high level swot anaysis! picked out the indicators ok but why do they give you such detailed info for basic indicators like, role of a chief information officer and general concerns over a revenue audit!! what is the point of all the info given in the question???

Hanley

Firesec case study - am I missing something REALLY obvious here?!

It says the two lads took control of the company (50% each) from their dad in 1996. They want to demerge their business now, but all the information and talk about retirement relief in the solution seems to focus on Brian, their dad, who sold his shares like 14 years ago!?!

So, am I missing something painfully obvious!?

ohcrap

Hanley wrote: »

Firesec case study - am I missing something REALLY obvious here?!

It says the two lads took control of the company (50% each) from their dad in 1996. They want to demerge their business now, but all the information and talk about retirement relief in the solution seems to focus on Brian, their dad, who sold his shares like 14 years ago!?!

So, am I missing something painfully obvious!?

He handed over management to the 2 sons but he kept all the shares himself. It's only now he's thinking of selling it to them.
It says they talked bout breaking up the business but decided then to stay together... it's just there for no reason to confuse like the Institute are always at!!

had been doing resource pack, started past papers today....seem way harder and way longer... anyone else finding this?

Hanley

ohcrap wrote: »

He handed over management to the 2 sons but he kept all the shares himself. It's only now he's thinking of selling it to them.
It says they talked bout breaking up the business but decided then to stay together... it's just there for no reason to confuse like the Institute are always at!!

had been doing resource pack, started past papers today....seem way harder and way longer... anyone else finding this?

"It is owned and managed by John and Peter Flint, 50% shareholding each" is what it says in the opening lines of the case tho...?? Am I just interpreting it ars3 backwards?!

ohcrap

must be 2 versions of the case floating around... the opening line in mine is it is owned by brian flint and effectively managment by his 2 sons... nothing bout 50% each.. don't have a softcopy tho

Hanley

ohcrap wrote: »

must be 2 versions of the case floating around... the opening line in mine is it is owned by brian flint and effectively managment by his 2 sons... nothing bout 50% each.. don't have a softcopy tho

Right... that explains it. I'm obviously looking at last years case, and this years solution. Thanks for that

the_big_dawg

Hanley wrote: »

"It is owned and managed by John and Peter Flint, 50% shareholding each" is what it says in the opening lines of the case tho...?? Am I just interpreting it ars3 backwards?!

Hanley, I think you've been sitting at a desk for too long! Go out and have a walk or something! Haha classic institute issuing 2 different version! They really are a useless bunch! Mine is the same as ohdears

ahtfulal

I think we can look at them sample cases till the the cows come home but the fact is the actual cases we get will be a pile of dirt and we'll be expected to disect them with all our might to find these shy indicators!

lucky01

Hanley wrote: »

Firesec case study - am I missing something REALLY obvious here?!

It says the two lads took control of the company (50% each) from their dad in 1996. They want to demerge their business now, but all the information and talk about retirement relief in the solution seems to focus on Brian, their dad, who sold his shares like 14 years ago!?!

So, am I missing something painfully obvious!?

you must have 2010 case and 2011 solution! my case says about the 50% for each son but no talk of retirement relief for the father in my solution!

Madeline M

Have just done the Mid West Oil Case but now can't seem to find the solution anywhere. Would anyone have a copy that they could upload?? Thanks

RonaldRayGun

Madeline M wrote: »

Have just done the Mid West Oil Case but now can't seem to find the solution anywhere. Would anyone have a copy that they could upload?? Thanks

Here it is.

Vaioer

Mock Paper 2010, Simulations, Versatile Imagining

Indicator 1:

If the company has agreed to the device, binding contract, but all that has been paid is a €10k deposit then surely this counts as an advance payment under IAS18 and should be shown as a liability on the SOFP?

The second indicator in this is about the pricing of replacement screens.

Surely the issue here should be the fact that the screens should be provided for under IAS 37, as the machine is under warranty for a year? There is no information as to whether the screens are for a machine under warranty or not under warranty?

The solutions makes multiple references to the price setting for the sale of the screens, but you may just have to provide the screens under the warranty. It classes it as a Business Leadership indicator, with cost plus pricing/value based pricing etc.

Another indicator I totally misread

Clanno

ahtfulal wrote: »

I think we can look at them sample cases till the the cows come home but the fact is the actual cases we get will be a pile of dirt and we'll be expected to disect them with all our might to find these shy indicators!

so wud ya have any advice then?