FAE 2011 Where to begin

p13

Quick last minute Q, to reassure myself! Repeating after narrow fail last year. So my tax text book is last years. I got the updated changes.
Anyway, just to confirm that in NI the tax rates we are using are 2010/11 rates & allowances, and not 2011/12

Any last minute tips for FAE Core? If you could do one last tax, audit & finance qQ what would you do?

Wrecked007

the technical student handbook, is this required for the core exams or are those bulletins relevant to the audit elective only?

Saint Sonner

p13 wrote: »

Quick last minute Q, to reassure myself! Repeating after narrow fail last year. So my tax text book is last years. I got the updated changes.
Anyway, just to confirm that in NI the tax rates we are using are 2010/11 rates & allowances, and not 2011/12

Any last minute tips for FAE Core? If you could do one last tax, audit & finance qQ what would you do?

Need to know about which years rates to use??? Can anyone help?

Ps how many attempts do you get at FAE? I reckon I'll be back for more!! Lol at least my job doesn't depend on it!!!

p13

Saint Sonner wrote: »

Need to know about which years rates to use??? Can anyone help?

Ps how many attempts do you get at FAE? I reckon I'll be back for more!! Lol at least my job doesn't depend on it!!!

This is my 2nd, and that's enough. I'll take the hint if I don't pass this time round! Dont even have same energy or motivation 2nd time round compared to first.

the_big_dawg

Saint Sonner wrote: »

Need to know about which years rates to use??? Can anyone help?

Ps how many attempts do you get at FAE? I reckon I'll be back for more!! Lol at least my job doesn't depend on it!!!

You're allowed 3 attempts at FAE over 3 years. In terms of tax rates, 2010-11 are the ones that are examinable.

SL10

Good luck tomorrow everyone...and thanks for all the help over the last few months!

limklass2011

Best of luck to all for the next few days, heres hoping a few prayers to St. Jude til Thursday will work for us.

Ciara471

It's been said before but thanks everyone, this thread has been a huge help over the last few months. Lot's of people out there willing to go out of their way to help strangers, it's very much appreciated and quite refreshing to see.

And also, best of luck tomorrow everyone. Most important thing at this stage is to stay calm, not panic and remember there are people out there worrying about life and death of loved ones. These are just exams, it's not the end of the world. Most of us are in a situation where we can repeat, it's not ideal but hey, worse things could happen. Stay positive, stay calm and things will work out

Good luck!

Stey_9

Best of luck to all 2moro....Gona be a long few days but the end is in sight....Gluck:)

PGavaghan

guys, best of luck for the rest of the week. I was in your position last year, bricking it, but god only knows how i made it through and now im in a great job in london, flying round the world and realising that the total lack of summer in 2010 was totally worth it!! Tomorrow is another day what ever happened today and what ever happens, the blood, swet and tears will be worth it!! best of luck!!

Look forward to the student soc drinks on thurs, you deserve it!!!!!

Saint Sonner

Anyone up late? Can anyone post a good link to all the 2010/11 tax rates. Can't find mine anywhere! ****ttt!

Ciara471

They're somewhere in this thread. If you go to the accountancy page and beside the title of this thread click on the attachment symbol you'll get a list of all the attachments in this thread and it think it's there a few times.

RonaldRayGun

Saint Sonner wrote: »

Anyone up late? Can anyone post a good link to all the 2010/11 tax rates. Can't find mine anywhere! ****ttt!

Here they are

I'm just brushing up on my piece-meal disposals of foreign curreny subsidiaries. A shoo-in for sure.

hooch-85

How did today go for everyone? Was it manageable?

I am a repeat elective student so i am trying to get in some last minute cramming for audit elective.

Has anyone read the ISAE 3000/3400 and ISRE 2400/2410 in detail? How important are these?

I havent read them at all and dont really have time to do it now. Any summary notes on these?

I have also prepared an Indicator layout checklist for the elective like one i did for core last year,found it very handy on the day last year for core to try find related issues to cases asked on the day, i have only included the sample paper, mocks and last years paper in it. See attached

ahtfulal

Time was a killer today so much to take in didn't think it was too bad but hard to know!

Hanley

ahtfulal wrote: »

Time was a killer today so much to take in didn't think it was too bad but hard to know!

This.

And were there no tax indicators, or did I f*ck up on that area AGAIN?

p13

Hanley wrote: »

ahtfulal wrote: »

Time was a killer today so much to take in didn't think it was too bad but hard to know!

This.

And were there no tax indicators, or did I f*ck up on that area AGAIN?

I didn't pick up on any, but worried there may have been one hidden somewhere!! Eg IPO part of question

ahtfulal

No tax think it said somewhere to ignore

Hanley

p13 wrote: »

I didn't pick up on any, but worried there may have been one hidden somewhere!! Eg IPO part of question

Yah I was thinking similar, but in the end decided there wasn't enough info to go off.

Made a balls of the SAR part, but fingers crossed I gave sufficient info elsewhere to get thru. I think I'm still in the race anyway.

ManwitaPlan

My indicators

1. Corp gov
2. IMS (acquiring system)
3. Audit issues (report/IPO implications)
4. FR-legal claim
5. FR-Share based payments
6. FR implications of IPO
7. Group structure (single co list but want flexibility to dispose)*
8. HR issues
9. Incentive programme-KPI's
10. Due diligence
11. Change management

*Briefly mentioned tax here (reorg relief) but really dont think there was much point, just covering arse.

Time was very tight today...long case but very well written and clear I thought.

Struggled on the FR implications of an IPO and basically just waffled about IAS 27.

Hard to tell in an exam like this but one thing is certain...it could've been a lot worse (unless I missed a load of indicators in which case it was ****e)

Colts

ManwitaPlan wrote: »

My indicators

1. Corp gov
2. IMS (acquiring system)
3. Audit issues (report/IPO implications)
4. FR-legal claim
5. FR-Share based payments
6. FR implications of IPO
7. Group structure (single co list but want flexibility to dispose)*
8. HR issues
9. Incentive programme-KPI's
10. Due diligence
11. Change management

*Briefly mentioned tax here (reorg relief) but really dont think there was much point, just covering arse.

Time was very tight today...long case but very well written and clear I thought.

Struggled on the FR implications of an IPO and basically just waffled about IAS 27.

Hard to tell in an exam like this but one thing is certain...it could've been a lot worse (unless I missed a load of indicators in which case it was ****e)

Likewise with everything. Briefly mentioned tax on reorganisation but no way that could have been an indicator.

Spent far too much time waffling on the IPO, really scrapping for time towards the end, hope I didnt mess up too much.

Paper was fair but very heavy on time!

Hanley

ManwitaPlan wrote: »

My indicators

1. Corp gov - yup
2. IMS (acquiring system) - yup
3. Audit issues (report/IPO implications) - yup
4. FR-legal claim - yup
5. FR-Share based payments - yup
6. FR implications of IPO - yup
7. Group structure (single co list but want flexibility to dispose)* - yup
8. HR issues - yup
9. Incentive programme-KPI's - yup
10. Due diligence - yup
11. Change management - yup

*Briefly mentioned tax here (reorg relief) but really dont think there was much point, just covering arse.

Time was very tight today...long case but very well written and clear I thought.

Struggled on the FR implications of an IPO and basically just waffled about IAS 27.

Hard to tell in an exam like this but one thing is certain...it could've been a lot worse (unless I missed a load of indicators in which case it was ****e)

I think I hit all the same indicators as you did in some shape or form. Now whether I said the right things or not is the big problem.

faestudent2011

Ok so I actually signed up to post this.

Time was a total nightmare, it feels to me like 4 hours was no way enough time to do justice to the indicators. I'm still worried that I missed indicators or wasted my time on issues that will not get any marks.

Think the following were the main ones but maybe I'm way off

1. Assessment of Corporate governance
2. Range of methods for acquiring IMS and give recommendation
3. Aggressive accounting issue regarding Scotts PBT bonus and misaligned incentives
4. Audit report issues for clean report
5. Non Adjusting event after the year end for the Injury on site
6. Tax issue - business reorganisation relief for combining the two companies into a holding company to allow for IPO and one to be disposed of in future
7. Change management issue for employees
8. Ranking of due diligence matters for a potential investor
9. Possible KPI indicator
10. General indicator regarding lack of awareness of the difficulty of doing an IPO
11. Accounting for the Share scheme
12. Financial reporting implications of the IPO - need to prepare consolidated financial statements of the Group company

I thought there were only going to be 8-10, probably some of those are not real indicators, god I hate the FAE

RonaldRayGun

I went with Amalgamation Tax relief when I suggested that both companies should be made subs of the existing holding co. Ben And Ava would be issued more shares in Holding Co. They could then float the holding co and dispose at will like they wanted and get patricipation exemption if they waited 12 months.

Was that 20 minutes down the poxy Swanee?

ahtfulal

ManwitaPlan wrote: »

My indicators

1. Corp gov
2. IMS (acquiring system)
3. Audit issues (report/IPO implications)
4. FR-legal claim
5. FR-Share based payments
6. FR implications of IPO
7. Group structure (single co list but want flexibility to dispose)*
8. HR issues
9. Incentive programme-KPI's
10. Due diligence
11. Change management

*Briefly mentioned tax here (reorg relief) but really dont think there was much point, just covering arse.

Time was very tight today...long case but very well written and clear I thought.

Struggled on the FR implications of an IPO and basically just waffled about IAS 27.

Hard to tell in an exam like this but one thing is certain...it could've been a lot worse (unless I missed a load of indicators in which case it was ****e)

Yeh had pretty much along those lines, wasnt too sure about the flexibilty indicator so just waffled about how listing would lose a lot of control and I said they might be better disposing before they list.

For FR implications of ipo mentioned operating segments and interim reporting standards.

faestudent2011

RonaldRayGun wrote: »

I went with Amalgamation Tax relief when I suggested that both companies should be made subs of the existing holding co. Ben And Ava would be issued more shares in Holding Co. They could then float the holding co and dispose at will like they wanted and get patricipation exemption if they waited 12 months.

Was that 20 minutes down the poxy Swanee?

I did the exact same there so hopefully there will be a few marks for it

squirtle

Think there was brief tax discussion needed regarding amalgamation and 626b for flexibilty for future disposal. I hope..

Kingdomkerry

Ok mixed feelings about todays paper.

PM
Made an awful attempt at the share based payments indicator (IFRS2). I didnt put anything for the financial reporting implications of the IPO. Is this Performance Management? Hopefully they will recogine IAS 10 and IAS 37 that I put down for the ligitagion issue (as well as the auditing subsequent events). If not Im under serious pressure on PM tomorrow

BL
I waffled the change management issue and didnt do a great job relating it to the case but might be ok on BL as I made good attempts at corporate governance and Rewards/performance apprasal/bonus

IMP was ok

Auditing was OK

Tax
Guidence on IPO/flexibility (suggested two firms merge before IPO, and suggested Holding Company Relief would give them flexibility once a holding company was set up after the merger)

Finance
Due Dilligence (finance) - waffled a bit not sure if I related to case well

ManwitaPlan

Cant wait to see the requirements for competence:

Issue 1-Corporate governance

Competent-Candidate must outline corporate governance issues facing the firm and make recommendations specific to the details in the case. Candidate must also include a recipe for a nice Coq Au Vin and write out the lyrics to Amhran na bhFiann.

I swear some of the requirements are so bloody arbitrary.

Rickyroma

As above re indicators. Seemed to be pretty directive - mainly worried about fundamental error today.

Tomorrow I'm expecting 2-3 Tax indicators and at least 1 more Audit.

Likely to be at least 2 Finance and 2 Mgmt?

Gonna focus hugely on Tax and Audit tonight.