FAE 2011 Where to begin

flapps

lisa39 wrote: »

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! :-)

CGS Tax notes are in a book so may be tough to find someone to share them..

They're not much use to be honest, just lectures slides with short questions at the end. The lecture notes are very similar to the ones given by institute..

Waste of 50 quid..

You got lucky they were all out when u asked..

ahtfulal

Clanno wrote: »

so wud ya have any advice then?

Never look a gift horse in the mouth!

RonaldRayGun

Vaioer wrote: »

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.

Haven't done that 'Versatile' case yet but in the 'Petrov' case the first indicator states:

"The candidate is able to identify that a bad debt provision is required against a number of debts where detail is given, and that no provision is required in other debtors, and that a wider issue about the adequacy of the provision is required. "


So the key word here is 'Provision', as in IAS 37, and that is what I wrote about in my answer.

In the solution provided IAS 37 doesn't get a mention, the word Provision is stated about 8 times and in order to be deemed Competent you have to refer to IAS 36 - Impairment of Assets.

Now, I know that Debtors are an asset and as far as I could figure out IAS 36 can be applied to Debtors that are impaired but I haven't seen it applied to Debtors/Bad Debts in any other example in FAE or CAP2.

Does anyone else think that it is odd to reference IAS 36 in this situation and to completely omit any reference to IAS 37?

Vaioer

Naw,

My answer concentrated on the need to impair the debtors as per IAS36 and passing reference to the change in the provision.

I disagreed with some of their impairment decision right enough though.

CapallBan

Clanno wrote: »

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

afraid we could get anything depending on dates, more likely to be transitional or new I think.

tommyjin83

RonaldRayGun wrote: »

Haven't done that 'Versatile' case yet but in the 'Petrov' case the first indicator states:

"The candidate is able to identify that a bad debt provision is required against a number of debts where detail is given, and that no provision is required in other debtors, and that a wider issue about the adequacy of the provision is required. "


So the key word here is 'Provision', as in IAS 37, and that is what I wrote about in my answer.

In the solution provided IAS 37 doesn't get a mention, the word Provision is stated about 8 times and in order to be deemed Competent you have to refer to IAS 36 - Impairment of Assets.

Now, I know that Debtors are an asset and as far as I could figure out IAS 36 can be applied to Debtors that are impaired but I haven't seen it applied to Debtors/Bad Debts in any other example in FAE or CAP2.

Does anyone else think that it is odd to reference IAS 36 in this situation and to completely omit any reference to IAS 37?

Think the reference to IAS 36 is correct here, reasons as follow

IMPAIRMENT LOSS = diminuation of the carrying value of assets
It even applies to depreciatable assets and as such, complements depreciation charges on assets

IAS 36 - Impairment loss
If there is an indication of a loss of value, an impairment test should be carried out. In general this implies ....

Applications:
Tangible and intangible fixed assets (value in use in first phase and if lower than CV, then net selling price)
Financial fixed assets (compare with market value)
Inventory: net selling price
Receivables – Bad debts – insolvant customers + Doubtful debtors
Hope this helps.
I am open to corrections tho.

RonaldRayGun

Thanks for the replies.

Yeah, it does help. Hadn't seen IAS 36 applied directly to Debtors in other exmples so didn't consider it when answering. I always just associate provision adjustments with IAS 37. Won't fall for that one again.

For fans of wild speculation and groundless predictions I just spotted in my hand scribbled notes for Financial Accounting that one of the lecturers (David Ahern, I think) reckoned IAS 36 was a "very likely" FAE indicator this year.

Student456

Hey Guys,

Quick question, what has people been looking at for marketing? There doesn't seem to be anything on marketing in any of the cases apart from the mock! Haven't touched it yet and the only notes I have are the ones in the resource pack Are these any good?

Thanks!

Hackysack

The marketing 'text' is rubbish. Chapter 6 was the only one i found to be of any significant relevance. There are some cases in there as well. I haven't looked at them yet though so I don't know if they're any use.

Why????

Im just fecked!!!!!! never gonna get these!!!!!

Gonna finish core this wknd and start into tax elective for wk & half! Hope this is enuf time!!!

Why????

Im just fecked!!!!!! never gonna get these!!!!!

Gonna finish core this wknd and start into tax elective for wk & half! Hope this is enuf time!!!

Madeline M

RonaldRayGun wrote: »

Here it is.

Thanks for that!!

Student456

Hackysack wrote: »

The marketing 'text' is rubbish. Chapter 6 was the only one i found to be of any significant relevance. There are some cases in there as well. I haven't looked at them yet though so I don't know if they're any use.

Thanks, think i'll just hope for the best and if marketing comes up hopefully i'll manage to get through it!

mrduffy

I just barely scapped through cap 2 today
I want to know will I be okay just doing fae work cause I barely scrapped through cap 2 and have little knowledge for fae from cap 1 and cap2. I want to do better in fae so I am wondering will I be okay starting from scratch ?

Fae1234

Help!

Just wondering if anyone knows what we actually need to know for consolidation, I'm really rusty on this area and I don't know whether at this stage to waste alot of time on it. Paul Monaghan said that he wouldnt expect that we'd get a full consolidation due to time constraints but that its likely we will get certain areas to focus on.

I know how to treat the following in Group Accounts:

Associates and Joint Ventures

Disposal/Acquisition of a Subsidiary

Calculation of Goodwill on acquisition of a sub

Treatment of Inter c/o sales and profits

I've also covered almost all of Derry Cotters Case Study Book. Is there anything else I should try to get my head around before the exams? Just really afraid that something more complex will come up in this area and I won't get Competent in PM. Financial Reporting is probably my weakest area.

Any thoughts are appreciated! Thanks!

Why????

I personally think they'll give us a piecemeal acquistion/disposal and ask us the financial accounting treatment of it i.e. journals and disclosures.

I'm just going to have my book flagged at where these questions were asked and hope it helps. i don't wanna waste too much time practising it when i never properly understood it.

What's to be will be!!!

Change of career i think come november cuz not goin thru this ****e again!!!! Don't even think its worth it in end!

Clanno

ahtfulal wrote: »

Never look a gift horse in the mouth!

lol... I guess that some advice...

ahtfulal

If any form of consolidation appears i'll just get my coat and leave quietly!

Why????

ahtfulal wrote: »

If any form of consolidation appears i'll just get my coat and leave quietly!

Totally agree!!!! no matter what it's gonna be things we've seen for first time. I've been doing accountancy for 6yrs now from uni and I'm coming across things in these case studies for first time ever!! Waste of time revising some areas!

Maps2011

Hi guys,

Letter from the Institute:


" DUBLIN CLASS STRUCTURE
To facilitate reduced class sizes, each Dublin student will have two block releases throughout the year. These block releases have been scheduled so as to minimise impact on firms. Firms may choose to send students on either of the following block releases:
TYPE 1: 27th February – 2nd March & 5th – 9th June
TYPE 2: 16th – 20th April & 11th – 15th June "

How does block release facilitate smaller calss sizes?, and why dont other centres have it?

Also is attendence monitored at lectures?

Coldplayer

Think Consolidation is a cert this year lads, it wasn't on last year and they will want to cover it in some way,

Maybe a reconstruction involving a disposal, or with a Sub going to a Associate or something.

It really is odds on

LightningBolt

Coldplayer wrote: »

Think Consolidation is a cert this year lads, it wasn't on last year and they will want to cover it in some way,

Maybe a reconstruction involving a disposal, or with a Sub going to a Associate or something.

It really is odds on

Feck off with your negative thinking!!! If it comes up I just plan to reference the Derry Cotter case studies, I've tabbed different parts so hope I can get by on that.

Coldplayer

Haha, don't mean to be negative

if consol does come up it will be straightforward me thinks. cant have you spending an hour on a indicator

DaeryssaOne

mrduffy wrote: »

I just barely scapped through cap 2 today
I want to know will I be okay just doing fae work cause I barely scrapped through cap 2 and have little knowledge for fae from cap 1 and cap2. I want to do better in fae so I am wondering will I be okay starting from scratch ?

First off congrats on passing the CAP 2s, no small feat! The FAE's are pretty much a recap of CAP 1 and CAP 2 material with Business Leadership and your elective being the new areas. Don't worry about it too much at the moment but just make sure you attend the recap lectures between october and december which cover off most of the CAP1 & 2 material. They should set you up with good background material & you'll still be using CAP 2 books/notes etc so it's not all brand new. You should be absolutely fine if you just keep on top of your notes etc & will have plenty of time to study for them this time next year.
Hope this helps!

Vaioer

Coldplayer wrote: »

Think Consolidation is a cert this year lads, it wasn't on last year and they will want to cover it in some way,

Maybe a reconstruction involving a disposal, or with a Sub going to a Associate or something.

It really is odds on

No way a full consol is going to come up. There isn't the time for it.

There might be journal entries for a piecemeal acquisition/disposal(this is on the syllabus and wasn't on it last year).

Or the accounting for items in a consol(URP etc).

If a full one comes up it is bye bye green and welcome to the red zone for me.

steve_r

Guys, some people were saying that different groups have different notes uploaded.

A guy I work with told me if you change the group number in the site URL, you should be able to access the other groups notes.

You needed to be logged in to the site already to do this.

Hope it helps/works, I'm only passing it on.

http://students.charteredaccountants.ie/Course-Material/FAENEW/FAE-Dublin-Group-4/FAECORE2/Notes/

Madeline M

The way I see it is you could study from now until eternity but it all boils down to what comes up on the day and how you deal with each case! Its impossible to predict what will come up and chances are we wont have come across, in the sample case studies, most of what comes up in the actual real exams. The main thing is to spot and deal with every indicator. Even if you don't know what they're looking for with a particular indicator or how to deal with it etc write something cause its better to get NC than NA. I failed the core last year cause I missed the two business leadership indicators in Neptune - basically I read the case panicked and gave up cause I hadn't a clue what was going on! Very scared the same thing will happen again this year V stressed!!

Best of look everyone!!!

Moorstown

So so true Madeline M!!!!!

mrduffy

jobr wrote: »

First off congrats on passing the CAP 2s, no small feat! The FAE's are pretty much a recap of CAP 1 and CAP 2 material with Business Leadership and your elective being the new areas. Don't worry about it too much at the moment but just make sure you attend the recap lectures between october and december which cover off most of the CAP1 & 2 material. They should set you up with good background material & you'll still be using CAP 2 books/notes etc so it's not all brand new. You should be absolutely fine if you just keep on top of your notes etc & will have plenty of time to study for them this time next year.
Hope this helps!

I understand what you are saying, unfortunately I get lost in the amount of material you have to work with so what I understand is this that I can leave all notes for cap 2 currently in their folders but start FAE with new cap 2 notes from fae course and never have to look back at cap 2 notes for example if I get 1000 pages in FAE and i had 1000 pages in cap 2 from last year I just Have to look at FAE 1000 pages
Is this correct ?

I think ACCA is dead handy when it comes to material you have to study

daddydick

mrduffy wrote: »

I understand what you are saying, unfortunately I get lost in the amount of material you have to work with so what I understand is this that I can leave all notes for cap 2 currently in their folders but start FAE with new cap 2 notes from fae course and never have to look back at cap 2 notes for example if I get 1000 pages in FAE and i had 1000 pages in cap 2 from last year I just Have to look at FAE 1000 pages
Is this correct ?

I think ACCA is dead handy when it comes to material you have to study

Jesus why would you use new CAP2 "FAE" notes when you already have your own CAP2 notes? They're more refreshers for people who did masters or whatever, your own CAP 2 notes are fine,. Just use those, throw out whatever is not relevant and add whatever new notes you need - its not something i'd be overly worried about.

And maybe come back here in 9 months, you only got your CAP 2 results today, the last thing I would be doing is posting here worrying about exams that are 54.5 weeks away!!!