FAE September 2012

7upfree

froggatt2011 wrote: »

That paper has scared the bejaysus out of me. Total fail.

Thank God I'm not the only one. I was beginning to question how I even got this far after seeing that paper

MPBC123

7upfree wrote: »

froggatt2011 wrote: »

That paper has scared the bejaysus out of me. Total fail.

Thank God I'm not the only one. I was beginning to question how I even got this far after seeing that paper

Same as that! I just felt totally out of my depth 2day!!

froggatt2011

7upfree wrote: »

Thank God I'm not the only one. I was beginning to question how I even got this far after seeing that paper

MPBC123 wrote: »

Same as that! I just felt totally out of my depth 2day!!

I feel like jacking it all in and becoming a trapeze artist. Would be less scary.

Ah well, onwards and upwards Still time to turn it around.

And fingers crossed that whoever is setting the papers in September isn't a complete headcase. I mean, what the hell was that third case all about? Seriously. The first one I could understand as privatisation of healthcare is quite common and topical, the second one was pretty vague...but by the time I got to the third one I was convinced I was on something! What a nonsense!!!!

EveT

Struggled today, I thought franked invest income was only company to company?

I thought the ethics was regarding turning away sick kids when not paid, I said if it was v serious treat them, if not send them to the publicl hospital down the road but that it wouldn't be ethical to let a child die for the sake of 60 euro.

Was a zombie by time got to case 3

Jame Gumb

EveT wrote: »

Struggled today, I thought franked invest income was only company to company?

I thought the ethics was regarding turning away sick kids when not paid, I said if it was v serious treat them, if not send them to the publicl hospital down the road but that it wouldn't be ethical to let a child die for the sake of 60 euro.

Was a zombie by time got to case 3

Think the aunt held shares directly but the other guy had a family hold co above the other hold co?

FII for dividends from the main hold co to the family hold co...then DWT etc for dividends out to individuals.

ferike1

The last one threw me too. I just went through each thing point by point. Like 10 - 20% return was unrealistic. The regulator would get involved. Voting the board members in according to the code.

Overall though. If that is the standard expected in September, I am fscked. I made a balls of the inventory FR part in the second one and wasn't sure on tax. A lot of focus needed there. Thank god I got a C, I'll need it.

BESman

Szewinska wrote: »

I decided not to sit exam today or yesterday as I had zip study done for it and so am wondering if the Institute will make available on the site the paper from both days. I would imagine so as the review sessions will be on next week and week after.

I might do the tax elective paper tomorrow.

Same boat as yourself, couldn't face going into today or yesterday's, just felt it would be a total waste of time at the moment as I don't even have proper notes put together yet. I might attempt elective tomorrow though as I at least have some material prepared and might have some idea how to tackle it. I'm hoping the mocks will go up online soon and I will make myself sit the Core and Sim in an exam type environment in a couple of weeks, with timings and everything the same. I think it would be more beneficial.

R0N BURGUNDY

Case1
I said there could be a potential conflict of interests with doctors wanting to treat patients and not being allowed to until authorised. So said ideally go through system but doctors have ability to override system. They know bestest.

Then talked complete rubbish and rushed the answer too much.

Case 2
Worked out revalued inventory. Advised that change in accounting policy IAS 8 required retrospective treatment to comparitive figures. Advised against doing this since they are deviating from common practice in industry and with unwanted attention from the bank over the issue. Worked out how much this would impact on the finance available when inventory reduced. Then showed that the sale of the sub would be required to make up for the bank finance not available and therefore not much left for dividends - possibly just pay off unsecured overdrafts.

Was there substantial shareholding exemption for the sale of the sub?

MPBC123

R0N BURGUNDY wrote: »

Case1
I said there could be a potential conflict of interests with doctors wanting to treat patients and not being allowed to until authorised. So said ideally go through system but doctors have ability to override system. They know bestest.

Then talked complete rubbish and rushed the answer too much.

Case 2
Worked out revalued inventory. Advised that change in accounting policy IAS 8 required retrospective treatment to comparitive figures. Advised against doing this since they are deviating from common practice in industry and with unwanted attention from the bank over the issue. Worked out how much this would impact on the finance available when inventory reduced. Then showed that the sale of the sub would be required to make up for the bank finance not available and therefore not much left for dividends - possibly just pay off unsecured overdrafts.

Was there substantial shareholding exemption for the sale of the sub?

I thought that too bout SSE but don't think it qualified for it.

Jame Gumb

Can't see why it wouldn't...

5% and 12 month tests should be satisfied...group trading etc

ferike1

WTF was all that stuff about the budgeting. We never covered that in CAP2 at all. Hadn't a clue what was up with that.

tt1

Might as well have been in the pub for the past 6 months then going to the institute lectures cause none of them would prepare you for the case studies over the last 2 days!! Question 1 today wasnt too bad but the inventory in q2 and tax in q3 were ridiculous!!

ferike1

Fair play to you RON if you got that inventory q. I hadn't a clue! Yeah, those cases were tough. APM now. I need a boost. Hopefully will go better.

MBMD

It should be noted that these mocks are not set by the same people that set the actual exam, and they are probable of a standard which will not be reflected in September.

Either way they should be used only used as a gage to where people find themselves now. There is still plenty of time to get up to speed.

Don’t let these mocks deflate people, as the pass rate between the mocks and the actual exam are significantly different.

Keep the faith.

dubcity

Hey guys, saw FAE grinds are being offered on Gumtree by someone who placed last year. Seems like a good deal after the way those Mocks went!

chursy

Lads we have 8 weeks to hand Dont let these stupid mocks get to you!

Hang in there! we are all in the same boat ... FAE is a BITCH!

MPBC123

Wat r people sittin 2day? I'm doin tax but my god there is sum amount of stuff 2 kno 4 it - esp all the diff tax legislation & bein able 2 quote it in your answer! This will be another disaster 2day!

froggatt2011

Doing APM. Wouldn't fancy sitting either tax or audit today. Good luck everyone.

upnorthchick

Completely deflated today, so much to do and i dont get off until 8th August!!! epic fail!
Ive been using these mocks as a work in progress - pick the indicators and make a plan then try and get something down... but easier said than done eh!

Good luck today, altho really we will save the good lucks to sept

Mavic09

@ Jame Gumb- Is that examinable (on the basis that it's a 2012 thing)?

It shouldn't be, someone jumped the gun, Finance Act 2012 is not part of the 2012 FAE Tax as far as I'm aware.

Jame Gumb

Mavic09 wrote: »

@ Jame Gumb- Is that examinable (on the basis that it's a 2012 thing)?

It shouldn't be, someone jumped the gun, Finance Act 2012 is not part of the 2012 FAE Tax as far as I'm aware.

Thanks - That's what I reckoned

Notwithstanding that it's not examinable, I think they'd still give that student credit for the suggestion...could be wrong though

tomfoolery60

Jame Gumb wrote: »

Thanks - That's what I reckoned

Notwithstanding that it's not examinable, I think they'd still give that student credit for the suggestion...could be wrong though

I'd be skeptical if they give credit for a tax answer that is technically incorrect from the point of view of the syllabus (i.e. the legislation wasn't enacted => it's not really a potential option from the case perspective).

Yesterday's went awful I thought, looking through the comments here and there are a few things I should have picked up on but didn't. Really need to work on ability to tackle these cases.

Jame Gumb

tomfoolery60 wrote: »

Jame Gumb wrote: »

Thanks - That's what I reckoned

Notwithstanding that it's not examinable, I think they'd still give that student credit for the suggestion...could be wrong though

I'd be skeptical if they give credit for a tax answer that is technically incorrect from the point of view of the syllabus (i.e. the legislation wasn't enacted => it's not really a potential option from the case perspective).

Yesterday's went awful I thought, looking through the comments here and there are a few things I should have picked up on but didn't. Really need to work on ability to tackle these cases.

Hard to know.

I asked one of my work colleagues and she said that in the Irish Taxation Institute exams they definitely do give credit for that kind of answer (i.e. one that invokes current tax rules rather than the one year ago exam ones). They're different bodies obviously but it legitimises the principle.

It can be tough in the exam when they're dating stuff in 2012 but wanting you to apply last year's rules and thresholds. Why don't they just date the cases in 2011, then things would be technically accurate?

I'd genuinely be surprised if they didn't give that person credit for thinking of the surrender of R&D credits - It shows that they're on the ball technically.

Anyways, best of luck this afternoon everyone...

Moorstown

STUDY PLAN???

Any ideas please?

ferike1

Cases. Lots of them!

Today's APM was alright. It's the small victories that count!

Username2011

ferike1 wrote: »

Cases. Lots of
them!

Today's APM was alright. It's the small victories that count!

Yeah. Audit was grand too

Mavic09

To complete, the Trio! Tax was tough, I thought a whole question on Trusts was unfair.

luco123

Im repeating tax elective. can someone upload the cases and solutions that have been put up in the course material section of the website. thanks

Eiriu

Thought that second paper yesterday, was ok until I got to the stock part in the second question, what was going on there? Also what were the tax issues in the third case, I've never really dealt with companies limited by guarantee before!

All in all quite tough. What resources are you guys using for management accounting and finance, anyone recommend any good books/sample questions?I think I'm going to do all the questions in the management accounting cases book.

I think if your really up to speed on FR,management accounting, finance and tax then the rest of the exam will fall into place. However I believe you need a nearly intuitive knowledge of these areas. These are the calls you need to get right in order to deliver the correct answers to other indicators on the paper.
The only way to get up to speed on these is by doing questions!

Also thank god for APM, read the book for an hour yesterday evening and feel that I may have passed.

I heard people giving out about the FAEs but I fully understand now how involved this exam is.! I'd say there will be a different atmosphere in the RDS come September!!!!!

luco123

Eiriu wrote: »

Thought that second paper yesterday, was ok until I got to the stock part in the second question, what was going on there? Also what were the tax issues in the third case, I've never really dealt with companies limited by guarantee before!

All in all quite tough. What resources are you guys using for management accounting and finance, anyone recommend any good books/sample questions?I think I'm going to do all the questions in the management accounting cases book.

I think if your really up to speed on FR,management accounting, finance and tax then the rest of the exam will fall into place. However I believe you need a nearly intuitive knowledge of these areas. These are the calls you need to get right in order to deliver the correct answers to other indicators on the paper.
The only way to get up to speed on these is by doing questions!

Also thank god for APM, read the book for an hour yesterday evening and feel that I may have passed.

I heard people giving out about the FAEs but I fully understand now how involved this exam is.! I'd say there will be a different atmosphere in the RDS come September!!!!!

we were told by the lecturer ans cgs last year not to bother with the gmt book as it was far too detailed and would never be asked like that...... did they mention it on lectures this year? I dont think its worth iris while doing. plus u never mentioned business leadership in your above list which is very important.