CAP 2 Financial Reporting

Whiplash85

KingEnda wrote: »

Disposal of sub must be a defo for a ques after that e-mail from the Institute
It doesnt look too bad

Is there any good examples of disposals of sub Enda other than the Mozart question in the sample paper?

KingEnda

Whiplash85 wrote: »

Is there any good examples of disposals of sub Enda other than the Mozart question in the sample paper?

I just took chapter 22 from the Ciaran Connolly Text Book. It seems clear enough from that and at least it would be something to try and follow if it comes up

prinz

KingEnda wrote: »

Disposal of sub must be a defo for a ques after that e-mail from the Institute
It doesnt look too bad

Could you give us a breakdown of the email? Did it hint at disposal of a sub?

An Citeog

prinz wrote: »

Could you give us a breakdown of the email? Did it hint at disposal of a sub?

This is it,

Dear Student,

Please note we have posted an extra on line session for Financial Reporting on the topic of “Disposal of a subsidiary”. We hope that this session will help you in your studies and fill in any gaps on this topic. The session can be found under course notes Disposal of a subsidiary

Kind regards

Student Services

collegeme

An Citeog wrote: »

This is it,

Am i right in saying the on-line session was about 4 mins long and not detailed at all??

Whiplash85

Anyone have a look at the Mock consol question Rose/Petal.The layout is in trial balance format where you extract the balances.I am having major difficulties with the retained earnings balance.The retained earnings is given as €7990k but yet in the solution they add on the profit for the year of €1,160.Surely this is double accounting as the €1160 is already included in the Retained earnings balance for the year ended 31/12/10.

Any advice would be gratefully appreciated.

tomfoolery60

No the retained earning in the TB is the opening balance as at 1st Jan. You have to close off and transfer all the SOCI items before you get the year end balance

Whiplash85

tomfoolery60 wrote: »

No the retained earning in the TB is the opening balance as at 1st Jan. You have to close off and transfer all the SOCI items before you get the year end balance

Thanks for Reply Tom.Maybe Its staring me in the face and I'm not realising it but above the trial balance it says balances extracted for the year ending 31 December 2010.Where does it say that it is the balance from 1 January?

tomfoolery60

Yes, the TB extracted at year end will have retained earnings per the start of the period. It wouldn't balance otherwise: sum of all SOCI debits and credits = profit/loss for the year.

Add this to opening retained earnings and that figure will equal sum of assets less liabilities at year end.

Whiplash85

tomfoolery60 wrote: »

Yes, the TB extracted at year end will have retained earnings per the start of the period. It wouldn't balance otherwise: sum of all SOCI debits and credits = profit/loss for the year.

Add this to opening retained earnings and that figure will equal sum of assets less liabilities at year end.

Cheers Tom.Bit weary from all the study so didn't cop that initially.Thanks.

aka accounts 2010

Hey guys,

I know we were sent a link awhile ago from the institute with a copy of the answer booklet. I can't seem to find it in my mails though. Can someone please post it up or tell me what date the mail was sent.

Thanks alot

Whiplash85

Best of luck to anybody sitting their first exam tomorrow.Keep cool, don't panic and you should be fine.

so_bored.com

Has anyone created a good strategy for tackling the consolidation questions?
... everytime i begin to feel slightly confident the next question throws in something completely different or the solution has a different approach!! So confusing!!!

hows everyone finding SFMA? i'm really panicking, finding the mix/yield variance tricky and the foreign exchange questions im lost!!!

R0N BURGUNDY

spent a large portion of my sfma study time on variances - im probably as good now as i will ever be but when u look at questions like last years summer one u dont know if u will be able to do it on the day!! the way they gave it made it hard to get the basic info u need!! danger of spending all day on that question too so maybe best to leave it to the end.

how is everyone spending their 20 minutes reading time>? any tactics here?

lq16

I think this is the worst paper ever this is my 3rd attempt at financial reporting and time gets me every time,there so much they could ask and normally everything i know they dont ask, Each example does things diferently its a nightmare
yu really cant open a book the whole 3 and half hours there is just no time, hopefully this time i am more prepared dont think I could handle revising this again in october, got all rest my exams just this one, bring back compensation and I would been in final year.:mad:

prinz

lq16 wrote: »

, hopefully this time i am more prepared dont think I could handle revising this again in october, got all rest my exams just this one, bring back compensation and I would been in final year.:mad:

You're not the only one in that boat.

lq16

its nighmare be glad to see friday over

aorourke23

How is everyone set for tomoro. any tips for cramming or anything that is topical???

Trainee2010

Hi does anyone know where I can find Mock 2011 Paper and Solution? Cant seem to find it!!
Thanks.

aorourke23

Hope this helps

RT2010

aorourke23 wrote: »

Hope this helps

Hey
Any chance you'd have the FR Mock and Solution?
Have asked before, no luck though!

Would be much appreciated.

QueenV

there you go

Trainee2010

Thank You!

RT2010

QueenV wrote: »

there you go

Thank you

so_bored.com

How did everyone find the sfma exam ? :-s ....

BESman

so_bored.com wrote: »

How did everyone find the sfma exam ? :-s ....

Theres a CAP 2 Feedback thread with comments on how students feel they did in the exams if you want to take a look there.

http://www.boards.ie/vbulletin/showthread.php?t=2056301478

I thought it was fair enough but time was tight and, like auditing, there was a lot of waffle in parts, hard to judge how many marks you'd get.

prinz

Financial Reporting is a disaster. Horrible horrible subject.

Whiplash85

prinz wrote: »

Financial Reporting is a disaster. Horrible horrible subject.

Understatement of the century.

MPBC123

Couldn't agree more, 3rd time doin this exam, hopefully it'll be 3rd time lucky!

Whiplash85

Third time myself.
Just on the disposal of a sub notes.I noticed on the institute website the last notes posted up there was a word doc stating that a company disposing of 50% of its shareholding making their investment an associate is examinable.I've heard loads of people saying it isn't.does anyone know definitively?

What last minute preparation are people doing for this or I suppose what can one do?

thisguy

Whiplash85 wrote: »

Third time myself.
Just on the disposal of a sub notes.I noticed on the institute website the last notes posted up there was a word doc stating that a company disposing of 50% of its shareholding making their investment an associate is examinable.I've heard loads of people saying it isn't.does anyone know definitively?

What last minute preparation are people doing for this or I suppose what can one do?

praying like f*ck!

Username2011

sleeping.....FR as a last subject after those 3? Probably not the best scenario in the world...

Trainee2010

Just working through consolidation questions, and all the different scenarios. Are there any good questions on disposal of a subsidiary, dont seem to have any decent one on this part?

I wonder what are the chances of consolidated cashflow for Question 1!! Hopefully none!!

MPBC123

I'd b happy enuff wit cash flow, learnt from my mistake last summer, have them well covered this time round!

toobeyshaw

Trainee2010 wrote: »

Just working through consolidation questions, and all the different scenarios. Are there any good questions on disposal of a subsidiary, dont seem to have any decent one on this part?

I wonder what are the chances of consolidated cashflow for Question 1!! Hopefully none!!

Disposal of a sub question - Mozart on Sample paper 2. I don't have a soft copy but think it's up on the portal.

Can't wait to get this exam over me, I don't feel at all prepared even though it is the one I have spent most time studying :eek:

Trainee2010

Thats great, Thanks. I think I have a copy of that sample paper printed, so i'll have a look.

EveT

Whiplash85 wrote: »

Third time myself.
Just on the disposal of a sub notes.I noticed on the institute website the last notes posted up there was a word doc stating that a company disposing of 50% of its shareholding making their investment an associate is examinable.I've heard loads of people saying it isn't.does anyone know definitively?

What last minute preparation are people doing for this or I suppose what can one do?

I think it is examinable,so that lecturer said,Paul something,cork lecturer I think

KingEnda

Trainee2010 wrote: »

Just working through consolidation questions, and all the different scenarios. Are there any good questions on disposal of a subsidiary, dont seem to have any decent one on this part?

I wonder what are the chances of consolidated cashflow for Question 1!! Hopefully none!!

Chapter 22 in the Cieran Connolly text book is the business, it covers all examinable possibilities

The note issued by the Institute is clear in the distinction between partial and part disposal. IF they issued a note so late it must be examinable.

Worth 40 mins before you hit the bed (is Chapter 22 above)

Looking forward to a few guilt free pints tomorrow

aka accounts 2010

KingEnda wrote: »

Chapter 22 in the Cieran Connolly text book is the business, it covers all examinable possibilities

The note issued by the Institute is clear in the distinction between partial and part disposal. IF they issued a note so late it must be examinable.

Worth 40 mins before you hit the bed (is Chapter 22 above)

Looking forward to a few guilt free pints tomorrow

Is that the first or second edition of Ciaran Connolly Enda? Just about to hit the bed myself so might be some good light reading to put me to sleep.