FAE September 2012

chursy

faer2203 wrote: »

Hey, just wondering is anyone looking at the strategy book, (not the small one) the one with like 500 pages

No Chance!!! alot to do in terms of cases man - look at the strategy notes that that the deloitte guy had put up - plus alot of strategy is covered in cases enough to educate yourself!

chursy

froggatt2011 wrote: »

So jealous of all you lucky duckies on study leave!! I am getting something like 8 days before the exams Eeeek :eek:

WTF - you sure you doing FAE's mate!!! unless your firm misread the recommended leave to be 8 days instead of 8 weeks!

froggatt2011

chursy wrote: »

WTF - you sure you doing FAE's mate!!! unless your firm misread the recommended leave to be 8 days instead of 8 weeks!

LOL well they've given me time off for block release and the odd days here and there, but as an elevation student in industry putting myself through the course, they are under no obligation to give me any leave at all!

MPBC123

Is anyone else finding themselves sitting down to do a case study & then always havin to look at the answers to see what they want. I'm finding it hard to do a case from start to finish without having to look at the solution!

upnorthchick

Im not off until the 8th! have got nothing worth while done today....
gotta get sorted during the week and get some cases down before i go off!

what is everyone doing for IMP?

An Citeog

MPBC123 wrote: »

Is anyone else finding themselves sitting down to do a case study & then always havin to look at the answers to see what they want. I'm finding it hard to do a case from start to finish without having to look at the solution!

In that case, it might be an idea to pick out what you think the primary indicators from the case are first and then compare them against the actual indicators in the solution. Try and flesh each indicator out yourself after that though, rather than just reading what's in the solution.

ferike1

That's a good idea.

Today was a mixed bag

Did the Thorpe clinic one.

When he was talking about selling the shares to consultants I was talking about strategic considerations about selling the shares and to consider the ethics of cross selling but it was a tax indicator. Completely missed that.

MPBC123

Thanks, I am picking out the indicators. Think I need to put the solutions away and give the cases a good attempt. Just need to be bit more disciplined I think!

rums08

chursy wrote: »

Dc notes are very good and cover the depth you need ! Not sure if the VHS cover that. It may give u a false confidence I think ! Because not many examples covered.

Thanks very much guys!
That clears the air for me!

Did not do anything for the last couple of days - Just blanked out!
But will start bright and early tomorrow!!!

Happy studying!

chursy

rums08 wrote: »

Thanks very much guys!
That clears the air for me!

Did not do anything for the last couple of days - Just blanked out!
But will start bright and early tomorrow!!!

Happy studying!

Reset is needed at times!!!!

ferike1

I am thinking of doing this but undecided.

Having the answers to the cases in the exam with an index for quick reference if a similar indicator comes up. Only reason I am iffy is because of the specific way you have to answer the case in the FAE.

What ya'll think?

chursy

ferike1 wrote: »

I am thinking of doing this but undecided.

Having the answers to the cases in the exam with an index for quick reference if a similar indicator comes up. Only reason I am iffy is because of the specific way you have to answer the case in the FAE.

What ya'll think?

Well frankly there are a lot of answers that can be tailored to a specific case with same points hence its important to have the grid I feel. Would suggest u do that

Butterflyguy

Hey,

1. In the Firesec case - the solution for the tax indicator states that retirement relief is not available because of the valuation of the assets involved (when disposal is made by way of sale of assets and trade)- I thought that there was no limit on retirement relief when the disposal is made to children of the individual?

2. Also - in the case there are references to the potential structure of the business -

"John and I have different focuses within FIRESEC"

"I am happy to operate the traditional fire and safety security... [Peter] feels that there is significant growth potential in the TV and satellite and the retail part of the business"

I ended up addressing reorganisation relief as part of the tax indicator - but it is not included in the solution. Is this because of the non-indicator included in the case?:

"After due consideration, we have decided to definitely stay in business together for the foreseeable future"

3. Also - There are various financial reporting issues which are not addressed in the solution, even though it appears that we are asked to address these:

"We will need you to help get our accounts in good shape for our auditors over the next few months"

On top of the lease agreement, I addressed:
-IAS18 Revenue recognition (Major conract with Cloud TV - revenue is only receivable when apartments are sold by property developer)
-IAS23 Borrowing costs and IAS38 (borrowings are used to fund R&D Expenditure)
-Measurement of marketable securities: We are told that the investments have a market value of €5.0m

Obviously, I ran out of time as a result of addressing all of this additional info! Any tips on how I ended up addressing too much - i.e. how to identify which issues are KEY and which are not to be addressed?

NoNamer

Jame Gumb wrote: »

Correct - Proportional consolidation of jointly controlled entities is NOT examinable at FAE.

where did you see that?

Jame Gumb

NoNamer wrote: »

Jame Gumb wrote: »

Correct - Proportional consolidation of jointly controlled entities is NOT examinable at FAE.

where did you see that?

Derry Cotter said it (more than once).

Chalk_Farm

supernova84 wrote: »

Ah right that explains it so, my solution wasn't the updated one. Cheers

Regarding this Mechelec solution how does he get the increase in Working Capital amount for 2009 if there are no comparative figures (i.e. no 2008 figures)!! Doesn't make sense. Anyone have an idea, cheers!

siobhan4460

thorpe clinic how does the €5,829,000 come about?

ferike1

Lol,

RSL was founded by Mick ‘Spanner’ Wilkes, known as ‘Spanner'.

Your boss in Runaways is a Spa.

Butterflyguy

Primary Indicator 1 in Building Fixes Ltd. is a take the piss!

Chalk_Farm

Butterflyguy wrote: »

Primary Indicator 1 in Building Fixes Ltd. is a take the piss!

Yeah was wondering what was with that!!

MPBC123

Chalk_Farm wrote: »

Regarding this Mechelec solution how does he get the increase in Working Capital amount for 2009 if there are no comparative figures (i.e. no 2008 figures)!! Doesn't make sense. Anyone have an idea, cheers!

Yea, I couldn't figure that out either, dunno where they got that from!

ferike1

Butterflyguy wrote: »

Primary Indicator 1 in Building Fixes Ltd. is a take the piss!

Yeah, its such an easy one to get but who would think that it would actually be an indicator.

Jame Gumb

MPBC123 wrote: »

Chalk_Farm wrote: »

Regarding this Mechelec solution how does he get the increase in Working Capital amount for 2009 if there are no comparative figures (i.e. no 2008 figures)!! Doesn't make sense. Anyone have an idea, cheers!

Yea, I couldn't figure that out either, dunno where they got that from!

Thank God I'm not alone.

Finding the solution to the Stakabin inventory question hard to follow too (2012 Mock). Where does he get "5000 - 4000" from and isn't the overvaluation €832k rather than €932k?

upnorthchick

are the mock results out yet?

ferike1

No.
Almost August!

Crunch time peoples

chursy

ferike1 wrote: »

No.
Almost August!

Crunch time peoples

how thoughtful

mrduffy

I am throwing myself into case studies 3 - 4 a day of the sims or 2 - 3 of the cores. Just like to know have I left it too late ? Organising and revising their for a while have now decided to sink or swim at this stage .

aca101

Could someone answer me this; if in a case study I'm the auditor and say there's information on a loan to a director in a close co; would I need to comment on the tax implications even though this would be outside the remit of the auditor?

upnorthchick

Yes i would always comment on that, just to be on the safe side.

If it is mentioned in the case then its there for a reason - more than likely an indirect indicator as Paul Monahan would say and therefore easily missed.

ferike1

Probably yes and then say get specialist tax advice on it. Unless it specifically says we have tax advice so you don't need to bother with it.