FAE September 2012

chursy

Can someone differentiate between Revaluation Surplus - OCI and Revaluation Reserve? What is the difference? Also i have seen Other comprehensive income - OCI being used in the journal entries as well. I am used to using revaluation reserve ( equity) for any revaluations and a little confused with these terms, would be great if someone can clarify this for me please?

ferike1

So as permitted by IFRS, the following can go into OCI in the P+L

• Foreign currency translation adjustments on foreign subsidiaries
• Changes in the fair value of available-for-sale financial assets
• Actuarial gains and losses arising on a defined benefit pension plan
• Revaluations of property, plant and equipment
• Changes in the fair value of a financial instrument in a cash flow hedge

So when you revalue a property upwards:
DR Asset (assuming NBV) XX
CR Revaluation Reserve XX

This makes it go up in the statement of changes in Equity.

Nothing else goes in OCI

I think its just the terms that are confusing you but there is no difference between surplus/reserve as far as I can understand.

Oh and not to be confusing but if a property was revalued downwards (ignoring subsequent depreciation) for example by 200k and subsequently revalued upwards by 450k, 200k of the 450 goes into the P+L and 250k goes into OCI.

R0N BURGUNDY

fs - thought the belfast core review lecture was only an evening like for the elective. ah well - anyone have a summary of things that i might want to know that aren't covered in the suggested solution for the paper?

froggatt2011

R0N BURGUNDY wrote: »

fs - thought the belfast core review lecture was only an evening like for the elective. ah well - anyone have a summary of things that i might want to know that aren't covered in the suggested solution for the paper?

Haven't been able to make it to any of the review lectures. Are they worthwhile catching online? The core review is up, no electives as yet.
I think I'd prefer to go through the suggested solutions when I get my script back as I have no clue any more what I wrote.

Username2011

froggatt2011 wrote: »

R0N BURGUNDY wrote: »

fs - thought the belfast core review lecture was only an evening like for the elective. ah well - anyone have a summary of things that i might want to know that aren't covered in the suggested solution for the paper?

Haven't been able to make it to any of the review lectures. Are they worthwhile catching online? The core review is up, no electives as yet.
I think I'd prefer to go through the suggested solutions when I get my script back as I have no clue any more what I wrote.

Do we get our scripts back??

froggatt2011

R0N BURGUNDY wrote: »

fs - thought the belfast core review lecture was only an evening like for the elective. ah well - anyone have a summary of things that i might want to know that aren't covered in the suggested solution for the paper?

froggatt2011 wrote: »

Haven't been able to make it to any of the review lectures. Are they worthwhile catching online? The core review is up, no electives as yet.
I think I'd prefer to go through the suggested solutions when I get my script back as I have no clue any more what I wrote.

Username2011 wrote: »

Do we get our scripts back??

According to Paul M we do, with commentary as well.

Just noticed that the elective review sessions are up. They are under the elective headings and not under the general folder with the core review.

ferike1

Haha, has anyone done the Victoria limited case study?

Alchoholics, gambling. Massive family issues. Are we accountants or therapists ffs?

Saint Sonner

The amount of material I am reading just shows how behind I am. I'm in the last chance saloon - Repeater only getting started again.
After reading most of this thread people seem to want to know what to bring in and what way to study well i can only tell you how not to do it as thats my experience:

Bring in as little as possible - if you could look at the exam hall from above after 90-120 mins you'll be able to spot the majority of the failing students - there the ones hoking through their bags and books (that was me and i intend to change it)

My study was unstructured last year reading notes then gettting lazy and reading questins then reading solutions and filing them with an index - I intend to just continually do case studies until there coming out of my ears and then noting what areas i'm weak on and then going over that area as much as possible. If possible I will redo Case Studies.

Its a brutal system!

PS Paul Monaghan trys to be helpful but is too full of himself - someone who i found far more helpful this year was Bernard Vallely!! justsaying

Saint Sonner

Need some help:

Anyone got updates for Tax Core & Elective NI for this year? I take it we use the 2011/2012 rates?

Also need to see if i need any book updates? Can someone post a list of their core books this year to see what i'm missing or need updated.

Thanks in advance.

chursy

Saint Sonner wrote: »

The amount of material I am reading just shows how behind I am. I'm in the last chance saloon - Repeater only getting started again.
After reading most of this thread people seem to want to know what to bring in and what way to study well i can only tell you how not to do it as thats my experience:

Bring in as little as possible - if you could look at the exam hall from above after 90-120 mins you'll be able to spot the majority of the failing students - there the ones hoking through their bags and books (that was me and i intend to change it)

My study was unstructured last year reading notes then gettting lazy and reading questins then reading solutions and filing them with an index - I intend to just continually do case studies until there coming out of my ears and then noting what areas i'm weak on and then going over that area as much as possible. If possible I will redo Case Studies.

Its a brutal system!

PS Paul Monaghan trys to be helpful but is too full of himself - someone who i found far more helpful this year was Bernard Vallely!! justsaying

I agree with you man!!!

ferike1

Hey since case studies are the name of the game.

I know we have plenty but for those looking for subject specific case studies I just came across this.

http://www.accaglobal.com/content/dam/acca/global/PDF-students/2012/p3_2011_dec_q.pdf

Not sure how far back the case study questions go back (as in when the acca started to do case study based exams). The P level exams seem to have them anyway. The questions are specific (so finding indicators isn't necessary) i.e find CSF's, evaluate position but more practice nonetheless.

http://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/p3-exams/exams-p30.html

That for example is the business analysis (strategy) past papers.

Hope it helps people

louise1985

Hi, Can anyone point me in the direction of the mock 2010 papers??

Thanks in advance

kitten_k

Found these when I was going through my notes. They are very useful summaries of some of the main IAS'

kitten_k

These are also very good (not mine, got them sent to me last year).

kitten_k

Here are the rest. I have alot of stuff saved to my laptop. I will got through them on Monday and upload whatever I think will be useful.

7upfree

Hey guys I know loads of people are looking for solutions. The only ones I am looking for if anyone has them is

1. Firesec Ltd (solution)
2. Ply4Hire Limited (Solution)
3. Locust Coffee (Solution)

if anyone has them I would really appreciate if ye could upload them. Thanks a mill

R0N BURGUNDY

Happy days - didn't realise the review lecture was online.

One thing Paul M said was that 20% of people weren't putting indicators on separate pages. Don't think I did this = will do for main exam! Will be handier if you have a minute or two at the end to insert a few extra points.

R0N BURGUNDY

When are we expecting the mock results back then?

WeeDeee

R0N BURGUNDY wrote: »

When are we expecting the mock results back then?

First Week in August apparently

Username2011

How are people going about IMP? The book is woeful

Szewinska

ferike1 wrote: »

Did anyone go to the Mock review session? I was unable to attend.

Anything worthwhile said?

Some of the main points Paul Monaghan set out in the mock review session today in Galway which might help ye at some stage

Primus pet foods the board sent off to international review as an example of the exam they set here. liked thorpe clinic and enver plastics too.

5 steps for ethics approach to questions

1 set out relevant facts

2 set out stakeholders ie who affected by decision

3 set out possible courses of action

4 arguments for and against

5 recommendation

Management areas to know

1 Budgeting eg campus polymers and motovation

2 Transfer pricing eg enver plastics and vortechs (old fae qs on management paper)

3 Costing & Pricing eg premus pet foods

4 Variances eg enver plastics and daymu (another old fae qs spelling unsure there)

5 Short term decision making (contrib per limiting factor) premus pet foods, campus polymers and then in the 2012 mocks qs.

NC=NC

No conclusion = nominally competent. better to give a recommendation than not even if unsure. Can never get a C with no conclusion if one is required.

I felt the session with Paul was very informative and useful today in Galway.

Has anybody got the case study and solution or know if it has been previously been posted here somewhere already that I could access for Vortechs ad Daymu (unsure if that right name but sounded like that).

Thanks in advance.

Szewinska

chursy wrote: »

Can someone differentiate between Revaluation Surplus - OCI and Revaluation Reserve? What is the difference? Also i have seen Other comprehensive income - OCI being used in the journal entries as well. I am used to using revaluation reserve ( equity) for any revaluations and a little confused with these terms, would be great if someone can clarify this for me please?

iv been confused with this also.

So if i put an amount for a revaluation reserve to OCI, when i roll forward o the next year does this amount end of in the financed by section in the balance sheet as a separate item along with reserves or to that effect anyway.

ferike1

Szewinska wrote: »

Some of the main points Paul Monaghan set out in the mock review session today in Galway which might help ye at some stage

Primus pet foods the board sent off to international review as an example of the exam they set here. liked thorpe clinic and enver plastics too.

5 steps for ethics approach to questions

1 set out relevant facts

2 set out stakeholders ie who affected by decision

3 set out possible courses of action

4 arguments for and against

5 recommendation

Management areas to know

1 Budgeting eg campus polymers and motovation

2 Transfer pricing eg enver plastics and vortechs (old fae qs on management paper)

3 Costing & Pricing eg premus pet foods

4 Variances eg enver plastics and daymu (another old fae qs spelling unsure there)

5 Short term decision making (contrib per limiting factor) premus pet foods, campus polymers and then in the 2012 mocks qs.

NC=NC

No conclusion = nominally competent. better to give a recommendation than not even if unsure. Can never get a C with no conclusion if one is required.

Thanks dude!
Appreciate that.

Unnng variances....

elletee

7upfree wrote: »

Hey guys I know loads of people are looking for solutions. The only ones I am looking for if anyone has them is

1. Firesec Ltd (solution)
2. Ply4Hire Limited (Solution)
3. Locust Coffee (Solution)

if anyone has them I would really appreciate if ye could upload them. Thanks a mill

Here you go

haribo12

For auditing in the core what are people doing for it,what would people suggest doing?? any point going through cap 2 questions and old fae audit papers

ferike1

haribo12 wrote: »

For auditing in the core what are people doing for it,what would people suggest doing?? any point going through cap 2 questions and old fae audit papers

I actually was doing elective papers and covering those sections that are relevant to cover. Risks, internal control stuff etc

haribo12

ferike1 wrote: »

haribo12 wrote: »

For auditing in the core what are people doing for it,what would people suggest doing?? any point going through cap 2 questions and old fae audit papers

I actually was doing elective papers and covering those sections that are relevant to cover. Risks, internal control stuff etc

Cool ya did you look at old FAE papers? What is everyone else doing ?

7upfree

elletee wrote: »

Here you go

Thanks a million for that finally have all the questions and solutions now to just sit down and do them

froggatt2011

ferike1 wrote: »

I actually was doing elective papers and covering those sections that are relevant to cover. Risks, internal control stuff etc

Can you recommend any particular questions? Thanks

froggatt2011

Guys I managed to make it to a few grinds with CGS (FR, MA & Finance) over the last few weeks. Liam Doran was flippin brilliant, really simplified things for me and gave me a little boost of confidence. I know more than I think I know.

The materials are pretty good and I was able to purchase an audit book for 40 euro as I couldn't make it down for the class. A bit steep but I find it really useful and much easier to follow than Sean Murray's slides.

If you have good notes on the IAS/IFRS standards I wouldn't suggest buying the FR book, but I would suggest the MA/Finance book if you are having diffs in these areas. They are way too big to scan and upload, but I am sure if you contacted them they might be able to supply it, for a price of course. I think there may also be places left on a few courses in August....