FAE 2011 Where to begin

Saint Sonner

Absolutely stressed here!

Been doin revision for a long time now - have most of the theory covered for core haven't got started on elective yet but my biggest problem is identifying the indicators! Its a b*st*rd to do!!!

I'm going to have get extremely lucky.

Advice i'm looking is - If you were to pick out the main quantative (calculation) areas of the course to know what would be your top 5/6 to know inside out?

Saint Sonner

Fiona44 wrote: »

How useful does everyone think the MABF case study book is? Is it more useful to just review the CAP 2 toolkit for management accounting?

Can anyone post this toolkit up? or is it too big? I never did cap 2.

RonaldRayGun

I'm doing the Audit Elective and I'm not 100% sure about Audit Reports (ISAs 700, 705 & 706). As far as I understand form reading the Competency Statement the ISAs in th APB book are for NI stundents only.

It is my understanding the for ROI students:

ISA 700 - we should use the one from the Resource Pack (effective date 2004) and not the 2010 version in the APB book.

ISA 705 & 706 - we should use the Technical Handbook (APB 2006/1) for layouts and not those in the APB book.

Is anyone else doing the same, i.e. ignoring the stuff in the APB book for Audit Reporting?


There are a few other things in the competency statements that appear to relate to NI students only and which I plan to ignore, such as:

M40 (Anti Money Laundering UK)
2009/02 (Audit Reports UK)
2009/04 (Corporate Governance UK)

And a few things on the competency statement that I can find no notes on (can anyone point me in the right direction?), such as:

8th Directive Requirements
Audit Regulations & Guidance 2007 (ROI)

Anyone in the same boat?

okdune

Does anyone have a copy of the Southern Fisheries case study question - I have the solution.

Thanka a million.

Coldplayer

anyone got Naturflame Boilers?

Perkina3

Hi guys a question for you. In Global tech

Does anyone know why there is no issue raised with the accounting treatment of the R+D expenditure for patents? I mean it says that this includes ALL Research AND Development expenditure incurred in the development of the IP.

I would have thought a key issue there given that they are looking at purchasing the company with the IP as one of their key motives. Like I did the question and noted two issues with it..... the other being that because any patent only has a certain lifespan that the intangible should be amortised over the life... I know it doesn't say the actual life of the patent but you could refer to it...

Didn't see the reference to IFRS 1 at all....RC for me :P.... Anyone any thoughts?????

Coldplayer

As far as i remember, the co they were taking over prepared accounts under German GAAP, under IFRS3 when making an acquistion, if material, both parties must have uniform accoutning policies, therefore the target will have to produce a set of IFRS accs, and the relevant standard is IFRS 1 in order to do this

RonaldRayGun

okdune wrote: »

Does anyone have a copy of the Southern Fisheries case study question - I have the solution.

Thanka a million.

Southern Fisheries was in the resource pack, i'm not sure there is a soft copy online.

tinac_b

Coldplayer wrote: »

Can anyone please tell me why in the MechElec case study when working out the cashflows for the Discounted Cashflow valuation, the solution starts with EBITDA and yet it still adds back Interest expense?

Doesn't make sense!

The interest that they added in was the interest received not the interest charged.

I did mine with revenues instead of EBITDA because i was looking at Ann-Marie's textbook so I was way off.

Hackysack

RonaldRayGun wrote: »

I'm doing the Audit Elective and I'm not 100% sure about Audit Reports (ISAs 700, 705 & 706). As far as I understand form reading the Competency Statement the ISAs in th APB book are for NI stundents only.

It is my understanding the for ROI students:

ISA 700 - we should use the one from the Resource Pack (effective date 2004) and not the 2010 version in the APB book.

ISA 705 & 706 - we should use the Technical Handbook (APB 2006/1) for layouts and not those in the APB book.

Is anyone else doing the same, i.e. ignoring the stuff in the APB book for Audit Reporting?


There are a few other things in the competency statements that appear to relate to NI students only and which I plan to ignore, such as:

M40 (Anti Money Laundering UK)
2009/02 (Audit Reports UK)
2009/04 (Corporate Governance UK)

And a few things on the competency statement that I can find no notes on (can anyone point me in the right direction?), such as:

8th Directive Requirements
Audit Regulations & Guidance 2007 (ROI)

Anyone in the same boat?

My understanding is that you only need to do the stuff that is specifically ROI. As you said, M40 is purely for NI yet M46 (if i recall) is for ROI. There are ROI equivalents to the NI stuff so once you know the ROI equivalent you should be fine.

No idea where the other stuff is, but from what i've seen so far, all of the technical documents are covered in some shape or form in the Blue Elective book at some point or another. I know I won't be necessarily researching the official documents myself. It's a chance i'll take at this stage. Sorry I couldn't be more helpful.

SL10

Perkina3 wrote: »

Hi guys a question for you. In Global tech

Does anyone know why there is no issue raised with the accounting treatment of the R+D expenditure for patents? I mean it says that this includes ALL Research AND Development expenditure incurred in the development of the IP.

I would have thought a key issue there given that they are looking at purchasing the company with the IP as one of their key motives. Like I did the question and noted two issues with it..... the other being that because any patent only has a certain lifespan that the intangible should be amortised over the life... I know it doesn't say the actual life of the patent but you could refer to it...

Didn't see the reference to IFRS 1 at all....RC for me :P.... Anyone any thoughts?????

Hey Perkina,

I did this question yesterday and thought it was strange too that the Research expense being capitalised wasn't included in the Accounting Issues. I had it in there with the Inventories and that it would have to be changed if they acquired the company. I figured it was just a mistake on the institutes part tho that they left it out. I also missed the IFRS1 ! If I get competent in PM i will be shocked at this stage!

RidiculousHair

After doing so many cases, forgetting stuff and redoing again, startin to feel like giving up!!

Just wondering, what are your thoughts on timing, planning etc for the cases. Take for example an average 90 min sim, once you read through, plan a bit of an answer, there's usually 15-20 mins gone, then trying to get stuff down in a somewhat structured manner, not to mention having to deal with shockingly bad hand writing means that getting competent in anything is really a challenge in the set time! Not to mention the general inconsistencies in the requirements of some indicators etc...Hopefully there's someone else out there feeling my pain??

SL10

RidiculousHair wrote: »

After doing so many cases, forgetting stuff and redoing again, startin to feel like giving up!!

Just wondering, what are your thoughts on timing, planning etc for the cases. Take for example an average 90 min sim, once you read through, plan a bit of an answer, there's usually 15-20 mins gone, then trying to get stuff down in a somewhat structured manner, not to mention having to deal with shockingly bad hand writing means that getting competent in anything is really a challenge in the set time! Not to mention the general inconsistencies in the requirements of some indicators etc...Hopefully there's someone else out there feeling my pain??

yeah Im quite worried about this too...I spent last week doing the exam papers & mocks as if in the exam and I found on more than one occasion by the time i had read the case and got my head around what i wanted to say I was usually left with 10 mins per indicator which is in no way enough time to get everything down. I'm contemplating bringing a stop watch into the exam with me to try and keep my time under control. I'm thinking tho that the 30 mins reading time will be really helpful for our timing

Colts

RidiculousHair wrote: »

After doing so many cases, forgetting stuff and redoing again, startin to feel like giving up!!

Just wondering, what are your thoughts on timing, planning etc for the cases. Take for example an average 90 min sim, once you read through, plan a bit of an answer, there's usually 15-20 mins gone, then trying to get stuff down in a somewhat structured manner, not to mention having to deal with shockingly bad hand writing means that getting competent in anything is really a challenge in the set time! Not to mention the general inconsistencies in the requirements of some indicators etc...Hopefully there's someone else out there feeling my pain??

Absolutely, the timing and structuring is very difficult. I'm hoping to make the most of the reading time, some papers seem ok but others I'm running way over on.

It's probably the structuring I'm dreading most, and like you my handwriting isn't exactly the neatest!

Peanut_M

SL10 wrote: »

yeah Im quite worried about this too...I spent last week doing the exam papers & mocks as if in the exam and I found on more than one occasion by the time i had read the case and got my head around what i wanted to say I was usually left with 10 mins per indicator which is in no way enough time to get everything down. I'm contemplating bringing a stop watch into the exam with me to try and keep my time under control. I'm thinking tho that the 30 mins reading time will be really helpful for our timing

I'm also worried about this. I'm also dreading missing indicators and failing because of that

I haven't looked at the half the audit elective stuff that was mentioned above either.

Trying not to panic!!

Perkina3

@ SL10...Ah no my strength is financial reporting so a little pissed I missed the reference to IFRS 1 but wont again.... I knew I had to do something cuz it was a foreign sub but never thought of IFRS 1. Ah well I will keep a note of the research stuff anyway..

Regardiong timing... Don't panic on it....You have 2 weeks left which is plenty of time to fix ur answer technique...From the sounds of it ur spending far too much time reading and analysing the cases.....

I work off the theory that I will give 45 mins to read the comprehensive and plan...This includes making my comments during the initial read which make the bones of a plan.

Don't read and re read the question cuz u waste time and I dunno I find if I spend the time to read and consider what they are saying I don't need to read it again.

With the sims you may have to give that a little extra cuz it will probably be longer and that... Ideally I find that 16 - 18 mins is the average length of time I get to answer an indicator...

Fiona44

Someone was saying the tax reference material is on the student site but I cant seem to find it there Any chance of someone pointing me in the right direction please?

Vaioer

Thanks to whoever mentioned using the SFMA2 Toolkit!

Mine had been sitting on a shelf, unopened since CAP2 and with the tabs all faded cause of the sun.

Went through it there, very useful both in terms of calcs and narrative such and it's been retabbed.

Nice one.

silverwatch

Hi

I am going demented looking for the 2010 mock solution to the core.

Cannot find it anywhere on the student portal.

Don't suppose anyone out there has softcopy and would be willing to send it onto me please?

the_big_dawg

Vaioer wrote: »

Thanks to whoever mentioned using the SFMA2 Toolkit!

Mine had been sitting on a shelf, unopened since CAP2 and with the tabs all faded cause of the sun.

Went through it there, very useful both in terms of calcs and narrative such and it's been retabbed.

Nice one.

Agreed, thanks to whoever mentioned this book. Mine has been unopened since it was printed! Literally never opened it even for Cap2 and its pretty good.

Someone was saying the tax reference material is on the student site but I cant seem to find it there Any chance of someone pointing me in the right direction please?

Couldn't find this either but I've attached my own summary if you want it

Perennial Procrastinator

Does anyone have notes around any of;

M39 - and other relevant technical statements

ISRE's - I can see 2410 in the APB book but can't seem to find the others

ISAE's - Can't find these anywhere either

Any help appreciated

SL10

Perennial Procrastinator wrote: »

Does anyone have notes around any of;

M39 - and other relevant technical statements

ISRE's - I can see 2410 in the APB book but can't seem to find the others

ISAE's - Can't find these anywhere either

Any help appreciated

The ISRE's & ISAE's have to be downloaded from Chariot. I think the M39 is in the student technical handbook

Fiona44

the_big_dawg wrote: »

Couldn't find this either but I've attached my own summary if you want it

Thanks a mill!

Stabshauptmann

silverwatch wrote: »

Hi

I am going demented looking for the 2010 mock solution to the core.

Cannot find it anywhere on the student portal.

Don't suppose anyone out there has softcopy and would be willing to send it onto me please?

They are in this thread!

Go back to the forum index, and click on the attachment symbol next to this thread and you will see a list of all the attachments in the thread.

Failing that, they are attached to correspondence we got from the institute

tinac_b

silverwatch wrote: »

Hi

I am going demented looking for the 2010 mock solution to the core.

Cannot find it anywhere on the student portal.

Don't suppose anyone out there has softcopy and would be willing to send it onto me please?

Mock 2010 comprehensive and simulations attached

ahtfulal

Anyone have a good example of a mission statement?

Thanks

Colts

Has anyone else found the comprehensive sample paper II, B&W, ridiculously overloaded with material?

I honestly don't think I could finish that question in 4 hours, the paper is 18 pages and the solution 29. And both comprehensive sample papers seem to focus on Finance more than any other 'super 6' subject.

Nidot

Colts wrote: »

Has anyone else found the comprehensive sample paper II, B&W, ridiculously overloaded with material?

I honestly don't think I could finish that question in 4 hours, the paper is 18 pages and the solution 29. And both comprehensive sample papers seem to focus on Finance more than any other 'super 6' subject.

Im finding all the sample papers a bit on the overcomplicated side. Indicators are more subtle aswell. And you're correct, there does seemmto be a large leaning towards finance and more calculation based cases.

My thinking is that these were written a year before last years exams and as such are not representative of the actual exam, the case studies appear to b le alot closer in standard and content.

All im hoping for now is a fair paper with indicators clearly visible to the student who put the work in an achievable standards expected in the answers given the time constraints.

Innervision

Think someone may have mentioned this earlier, but is there any soft copy of that SFMA toolkit floating around? Damn masters!

SL10

Colts wrote: »

Has anyone else found the comprehensive sample paper II, B&W, ridiculously overloaded with material?

I honestly don't think I could finish that question in 4 hours, the paper is 18 pages and the solution 29. And both comprehensive sample papers seem to focus on Finance more than any other 'super 6' subject.

Nidot wrote: »

Im finding all the sample papers a but on the overcomllicated side. Indicators are more subtle aswell.

Lol i was literally coming on line to ask people if the sample papers are worthwhile. I'm just doing sims sample paper one and not finding it very helpful at all.
Is there much point in attempting the others or would it be more productive to just go through them and make notes?

Innervision wrote: »

Think someone may have mentioned this earlier, but is there any soft copy of that SFMA toolkit floating around? Damn masters!

I dont think there is a soft copy of the SFMA toolkit- it is a book given out at CAP2 so your best bet is to find someone who just did CAP2's and borrow their book for the next couple of weeks.