FAE 2011 Where to begin

okdune

Student456 wrote: »

As far as I know you need a green in both PM & BL

These are the only two that you need a green in!

I think we should forbid such depressing facts to be shared on this thread.

lisa39

I think it is possible to pass, the only thing is there are no hard and fast rules on it.

So you can't really say yes you will pass if that happens, it is an overall view of your performance over the two days.

At this stage all we can do is our best.... or so people keep telling me!! :-)

Innervision

Student456 wrote: »

As far as I know you need a green in both PM & BL

These are the only two that you need a green in!

Not true according to that interpretation of results presentation by Joanne Powell!
Just know that cos one of the examples has a yellow in Performance Measurement and still says pass

Hanley

Innervision wrote: »

Not true according to that interpretation of results presentation by Joanne Powell!
Just know that cos one of the examples has a yellow in Performance Measurement and still says pass

You know something, this is my second sitting and I'm STILL not 100% sure what consitutes a pass or a fail. I'm just shooting for all greens and not worrying about it.

Colts

I think I might watch that marking thing again. I'd be so annoyed if I failed this because of something stupid like IMP.

eoferrall

Innervision wrote: »

Not true according to that interpretation of results presentation by Joanne Powell!
Just know that cos one of the examples has a yellow in Performance Measurement and still says pass

You need a green on an indicator, but not a green overall.

Colts

eoferrall wrote: »

Innervision wrote: »

Not true according to that interpretation of results presentation by Joanne Powell!
Just know that cos one of the examples has a yellow in Performance Measurement and still says pass

You need a green on an indicator, but not a green overall.

So if you got a C or HC in the aafrp, a yellow would be enough for performance measurement?

ahtfulal

Pity we can't mix two colours together to make a green like the painters!

eoferrall

Colts wrote: »

So if you got a C or HC in the aafrp, a yellow would be enough for performance measurement?

not sure of the exact mechanics and break out of subjects etc. but my understanding was that you need at least one green in each of the subjects to acquire the sufficiency requirement.

Coldplayer

Student456 wrote: »

Would anyone have a soft copy of the Black and White case? Thanks

Sorry found it! Thx!!

Which Black and White are you referring to? there is one on the strat book, one in the sample papers,

thats it?

If you have another please post!

ohgodd

eoferrall wrote: »

not sure of the exact mechanics and break out of subjects etc. but my understanding was that you need at least one green in each of the subjects to acquire the sufficiency requirement.

I'm pretty sure they just whisk all the papers round in a bin and the first ones out pass,they put this marking system together to throw people off the scent...

Oh to be sitting the old FAEs

Perkina3

O'ferrall is right BUT..... I want to want to add one other point on this....

Was speaking to Paul Monaghan after his mock review class and when i asked him bout the marking system he was like

With the 4 smaller subjects you need to get either 2 yellows or one green to get by on them so if u got competent and NC in Info systems indicators you will get a yellow overall.. I think this is true cuz looking at my mock result I got an NC in tax cuz I didn talk bout assets vs shares in one indicator but got C/HC in the ret relief so got a yellow overall.

Performance measurement/Business Leadership:
He was like you prob need to hit at least 2/3 greens in perf management...If u did I think u pass regardless of if u got reds in the others unless it;s a fundamental issue which is what got me in the mocks.

Also he said with Business Leadership the reason most ppl failed on it was cuz they cocked up on the ethics side of it and either didn't see or didn't address these issues so I would say keep an eye out for an indicator on that.


All of the above is what he said to me when I was asking him questions on it.....

In my opinion and this is just MY OPINION. Three things u definitely need to know are the ethics behind audit acceptance/ISQC 1 and directors loans, Corporate Governance issues and Strategy. Having gone through an awful lot of papers these issues KEEP appearing but again just my opinion....

Hope it just goes well on the day really and sure we shall see what happens.

Perennial Procrastinator

Perkina3 wrote: »

O'ferrall is right BUT..... I want to want to add one other point on this....

Was speaking to Paul Monaghan after his mock review class and when i asked him bout the marking system he was like

With the 4 smaller subjects you need to get either 2 yellows or one green to get by on them so if u got competent and NC in Info systems indicators you will get a yellow overall.. I think this is true cuz looking at my mock result I got an NC in tax cuz I didn talk bout assets vs shares in one indicator but got C/HC in the ret relief so got a yellow overall.

Performance measurement/Business Leadership:
He was like you prob need to hit at least 2/3 greens in perf management...If u did I think u pass regardless of if u got reds in the others unless it;s a fundamental issue which is what got me in the mocks.

Also he said with Business Leadership the reason most ppl failed on it was cuz they cocked up on the ethics side of it and either didn't see or didn't address these issues so I would say keep an eye out for an indicator on that.


All of the above is what he said to me when I was asking him questions on it.....

In my opinion and this is just MY OPINION. Three things u definitely need to know are the ethics behind audit acceptance/ISQC 1 and directors loans, Corporate Governance issues and Strategy. Having gone through an awful lot of papers these issues KEEP appearing but again just my opinion....

Hope it just goes well on the day really and sure we shall see what happens.

Is that 2-3 greens in perf mang & bl or 2-3 greens in each of these two?

Thanks for the clarification. So confusing this marking scheme!!

Rickyroma

Deferred Tax Implications


Is it just me or are there several potential deferred tax implications that have been ignored by the solution?

In particular -

1)An upward estimate of valuation of land (which should result in Def tax liab a CGT rate)

2) Deferrred Development costs (amortisation of which will lead to Def tax Asset at CT rates

3) Losses forward which will be usable barring a change in ownership or trade (which is unlikely)


Am I way off here?

In general - if you buy a company and the an asset such has land is valued at market and not historic rates, do you now have a Def Tax liability on the excess?

Perkina3

Ok... again the above post is what Paul Monaghan told me so if it turns out to be wrong I don't want ppl saying that it was true cuz I said it.

He said 2/3 greens out of 5 would be enuf in EACH...But obviously u would prob need to hit an RC once or twice in there too.... It just means that if u got an NC in the AAFRP or u pick up one on the day you don't fail straight away and you can still pass... Otherwise it wouldn't be fair on those ppl who got and NC in AAFRP. (Hope that makes sense)

Anyway.,....I am just going to do my best and then see what happens...All u can do at this stage!

lucky01

Perkina3 wrote: »

O'ferrall is right BUT..... I want to want to add one other point on this....

Was speaking to Paul Monaghan after his mock review class and when i asked him bout the marking system he was like

With the 4 smaller subjects you need to get either 2 yellows or one green to get by on them so if u got competent and NC in Info systems indicators you will get a yellow overall.. I think this is true cuz looking at my mock result I got an NC in tax cuz I didn talk bout assets vs shares in one indicator but got C/HC in the ret relief so got a yellow overall.

Performance measurement/Business Leadership:
He was like you prob need to hit at least 2/3 greens in perf management...If u did I think u pass regardless of if u got reds in the others unless it;s a fundamental issue which is what got me in the mocks.

Also he said with Business Leadership the reason most ppl failed on it was cuz they cocked up on the ethics side of it and either didn't see or didn't address these issues so I would say keep an eye out for an indicator on that.


All of the above is what he said to me when I was asking him questions on it.....

In my opinion and this is just MY OPINION. Three things u definitely need to know are the ethics behind audit acceptance/ISQC 1 and directors loans, Corporate Governance issues and Strategy. Having gone through an awful lot of papers these issues KEEP appearing but again just my opinion....

Hope it just goes well on the day really and sure we shall see what happens.

Any tips on what the main ethical issues are likely to be? what would be top of your list to stay alert for?

ManwitaPlan

Rickyroma wrote: »

Deferred Tax Implications


Is it just me or are there several potential deferred tax implications that have been ignored by the solution?

In particular -

1)An upward estimate of valuation of land (which should result in Def tax liab a CGT rate)

2) Deferrred Development costs (amortisation of which will lead to Def tax Asset at CT rates

3) Losses forward which will be usable barring a change in ownership or trade (which is unlikely)


Am I way off here?

In general - if you buy a company and the an asset such has land is valued at market and not historic rates, do you now have a Def Tax liability on the excess?

I actually dont get the deferred tax thing at all...it seems like a lot of the time it is completely ignored.

Am I right in saying that essentially every revaluation or adjustment for unrealised profit (inventory) has defered tax implications that should be dealt with unless it says tax should be ignored? It does not seem like this is the case going by the cases.

lisa39

I think it is really important to stress from reading the above points, that NOONE has a clue what is coming up in this exam. So noone has 'tips', it is not a bookies!!!

Also last year Paul Monaghan told ppl they wouldn't fail on BL alone.... they did, so take what all lectures say with a pinch of salt, they are trying to help, but they don't decide at the end of the day.

At the end of the day, whether they admit it or not, this is marked on a curve, you need to basically be better then 30% of ppl in the country and you will pass.

Whether you get red, green or brown!!!

The marking scheme is not an exact science, it is made to be flexible, so it is at the ICAI descreation as to the amount of students pass/ fail.

So I would recommend people don't get bogged down on this at this stage, do your best, what will be will be.

Rickyroma

ManwitaPlan wrote: »

I actually dont get the deferred tax thing at all...it seems like a lot of the time it is completely ignored.

Am I right in saying that essentially every revaluation or adjustment for unrealised profit (inventory) has defered tax implications that should be dealt with unless it says tax should be ignored? It does not seem like this is the case going by the cases.

Yep - definitely.

Unless advised otherwise. That's the frustrating thing abut the cases - so many times you think there will be a full answer only to read "Ignore taxes" at the end.

Perkina3

Exactly, Its why I have been trying to emphasise that I was only passing on what he said and I am reluctant to say what I would have thought might come up beyond the general things I pointed out.

I haven't a clue what is coming up and nor at this stage am I tryin to second guess. I know what I would like to come up but I am trying to cover as much as possible to ensure I do better than those 30% of other ppl out there also looking to pass this thing.

At the end of the day...it's only an exam and tbh there are more important things in life!

Student456

Coldplayer wrote: »

Which Black and White are you referring to? there is one on the strat book, one in the sample papers,

thats it?

If you have another please post!

The strategy book I was looking at! Is there another Black & White case?!

ThanksPhil

Who is this Paul Monaghan fellow being spoken of above?

I've been going over my law notes from college and being brushing up on other elements of CAP1 and CAP2 because of the cumulative principle. I remember Paul Monahan saying he had stuck something into a paper that was a direct test of this 'cumulative principle' and that he had to remove it cause it was 'too soon'. I'm expecting to see something this year. Anyone got any ideas what else to study on this?

I'm pretty sure you can ignore deferred tax. It's not coming up.

Also has anyone got any the solutions for 'Tastey Foods' and 'Harmon's Hotel'? I can't find them anywhere on that website. I think they could be draft cases because people seem to have got them indirectly through a lecturer. I was having trouble with the IFRS8 segment on Tastey Foods and can't seem to figure it out. Harmon's Hotel I think is pretty pertinent because it centres on liquidations. I think this could be an important area given the number of 'going concern' problems in 'reality' turning into actual liquidations. I would really love to get the answer to this if anyone has any ideas where to find it.

The marking scheme is a bell curve so just answer all the indicators and BL and Finance well and you're sorted. HR and marketing are free marks anyway.

Nidot

ThanksPhil wrote: »

Who is this Paul Monaghan fellow being spoken of above?

I've been going over my law notes from college and being brushing up on other elements of CAP1 and CAP2 because of the cumulative principle. I remember Paul Monahan saying he had stuck something into a paper that was a direct test of this 'cumulative principle' and that he had to remove it cause it was 'too soon'. I'm expecting to see something this year. Anyone got any ideas what else to study on this?

I'm pretty sure you can ignore deferred tax. It's not coming up.

Also has anyone got any the solutions for 'Tastey Foods' and 'Harmon's Hotel'? I can't find them anywhere on that website. I think they could be draft cases because people seem to have got them indirectly through a lecturer. I was having trouble with the IFRS8 segment on Tastey Foods and can't seem to figure it out. Harmon's Hotel I think is pretty pertinent because it centres on liquidations. I think this could be an important area given the number of 'going concern' problems in 'reality' turning into actual liquidations. I would really love to get the answer to this if anyone has any ideas where to find it.

The marking scheme is a bell curve so just answer all the indicators and BL and Finance well and you're sorted. HR and marketing are free marks anyway.

Stop ball hoping - Jakass

lisa39

Does anyone have a case index for APM?

Am going to do one up tomorrow, but if anyone would like to save me the time it would be much appreciated! :-)

lucky01

lisa39 wrote: »

I think it is really important to stress from reading the above points, that NOONE has a clue what is coming up in this exam. So noone has 'tips', it is not a bookies!!!

Also last year Paul Monaghan told ppl they wouldn't fail on BL alone.... they did, so take what all lectures say with a pinch of salt, they are trying to help, but they don't decide at the end of the day.

At the end of the day, whether they admit it or not, this is marked on a curve, you need to basically be better then 30% of ppl in the country and you will pass.

Whether you get red, green or brown!!!

The marking scheme is not an exact science, it is made to be flexible, so it is at the ICAI descreation as to the amount of students pass/ fail.

So I would recommend people don't get bogged down on this at this stage, do your best, what will be will be.

jees lisa39 calm down! just looking for some general guidance on ethics areas! is this board not set up for students to help each other?!

eoferrall

ThanksPhil wrote: »

Who is this Paul Monaghan fellow being spoken of above?

I've been going over my law notes from college and being brushing up on other elements of CAP1 and CAP2 because of the cumulative principle. I remember Paul Monahan saying he had stuck something into a paper that was a direct test of this 'cumulative principle' and that he had to remove it cause it was 'too soon'. I'm expecting to see something this year. Anyone got any ideas what else to study on this?

I'm pretty sure you can ignore deferred tax. It's not coming up.

Also has anyone got any the solutions for 'Tastey Foods' and 'Harmon's Hotel'? I can't find them anywhere on that website. I think they could be draft cases because people seem to have got them indirectly through a lecturer. I was having trouble with the IFRS8 segment on Tastey Foods and can't seem to figure it out. Harmon's Hotel I think is pretty pertinent because it centres on liquidations. I think this could be an important area given the number of 'going concern' problems in 'reality' turning into actual liquidations. I would really love to get the answer to this if anyone has any ideas where to find it.

The marking scheme is a bell curve so just answer all the indicators and BL and Finance well and you're sorted. HR and marketing are free marks anyway.

really?

and tell all the people who failed on BL that HR and marketing are free marks...

ahtfulal

lisa39 wrote: »

Does anyone have a case index for APM?

Am going to do one up tomorrow, but if anyone would like to save me the time it would be much appreciated! :-)

I didn't do much for dat apm last year and managed to pass, ur hand will be sore after it because of the amount of writing required!

okdune

ThanksPhil wrote: »

Who is this Paul Monaghan fellow being spoken of above?

I've been going over my law notes from college and being brushing up on other elements of CAP1 and CAP2 because of the cumulative principle. I remember Paul Monahan saying he had stuck something into a paper that was a direct test of this 'cumulative principle' and that he had to remove it cause it was 'too soon'. I'm expecting to see something this year. Anyone got any ideas what else to study on this?

I'm pretty sure you can ignore deferred tax. It's not coming up.

Also has anyone got any the solutions for 'Tastey Foods' and 'Harmon's Hotel'? I can't find them anywhere on that website. I think they could be draft cases because people seem to have got them indirectly through a lecturer. I was having trouble with the IFRS8 segment on Tastey Foods and can't seem to figure it out. Harmon's Hotel I think is pretty pertinent because it centres on liquidations. I think this could be an important area given the number of 'going concern' problems in 'reality' turning into actual liquidations. I would really love to get the answer to this if anyone has any ideas where to find it.

The marking scheme is a bell curve so just answer all the indicators and BL and Finance well and you're sorted. HR and marketing are free marks anyway.

Harmon and Tasty Foods - I have never heard of these - where are they?

ThanksPhil

It would appear my joke about the spelling of Paul Monahan's name went over some heads.
I also don't know what ball hopping is forgive my ignorance.
I meant that marketing and HR are free marks once you spot the indicator. Marketing was the best answered indicator in the mocks and I'd safely say people did the least work on it. It's bull once you spot it.
In relation to the cases Harmon's and Tastey I got them from someone who was given them by a lectuer. They are clearly drafts. When I get to a scanner I can scan them up and attach here but as said I've no solutions so they are more frustrating than anything else. The key lesson I took was that liquidations could come up as it is both pertinent to the material on the fae and to the current economic environment.
If my opinion doesn't help, ignore it but I'd rather not be called a jakass. Thanksphil

purcela

lisa39 wrote: »

I think it is possible to pass, the only thing is there are no hard and fast rules on it.

Well obviously it is possible to pass, 75% of people who sat the core last year passed it!