FAE September 2012

upnorthchick

mrduffy wrote: »

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 .

I hope it isnt late because thats what im planning on doing come next week.

upnorthchick

ferike1 wrote: »

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.

i was just about to add that in lol

mrduffy

Do you reckon you will get through them all as in attempt them

MPBC123

Looked at IMP today, holy cr*p! I thought this was an accountancy course!!! What level of detail do people think we're gona need? Are u just gona rely on them summary notes put up here?

chursy

mrduffy wrote: »

Do you reckon you will get through them all as in attempt them

To be honest i am in a similar boat now i would say alot of people are at this stage. I have a taken a mix approach a bit of technical and case study practice as well and sole one approach will not suffice. For example i know alot of people who solely did cases overall managed to get greens but fell badly in Performance management cause of reporting. Certainly if you just do the books no way in hell you will get these exams!

3/4 sound about right and shows you are doing them properly and not just reading answers! good luck!

hubert_ie

Hi all,

I am repeating the FAE CORE this year. My PM Left me down last year, I am still blaming the shoddy AFFRP mid term they laid out for us last year !

Just wondering has there been much changes to the case studies ? I have printed all the 2012 ones but some of the ones in the resource pack seem to be have been updated for 2012. Any ideas why ? Or if the changes are substantial ?

Also, has anybody bought any of the new books for 2012 ? I got the tax one but at €40 it seems like a complete waste of money tbh as the changes are only numerical.

Accrual Intentions

hubert_ie wrote: »

Hi all,

I am repeating the FAE CORE this year. My PM Left me down last year, I am still blaming the shoddy AFFRP mid term they laid out for us last year !

Just wondering has there been much changes to the case studies ? I have printed all the 2012 ones but some of the ones in the resource pack seem to be have been updated for 2012. Any ideas why ? Or if the changes are substantial ?

Also, has anybody bought any of the new books for 2012 ? I got the tax one but at €40 it seems like a complete waste of money tbh as the changes are only numerical.

Other than Tax, I don't appear to be working off any new books for 2012 except the small HR book - the marketing and change management material is in the Resource Pack. I am assuming the IMP and Corporate Strategy book were out last year. Other than that I am working off mostly Cap 2 stuff.

Jame Gumb

Just got the email from the Institute...

Mock results published on the website this Friday (3rd August).

Scripts available for collection from CA House all day Friday (9am to 7pm).

Otherwise the scripts will be posted out "within the next few weeks" (which isn't much good to anyone who can't collect them).

Accrual Intentions

I am really struggling with the indicators. I try and treat every section of information or paragraph as some sort of indicator but it doesn't seem to be working very well. A lot of the time I am finding indicators that aren't in the solution and I wonder will I actually get any credit for them in the exam?

As an example I was doing the Southern Fisheries comprehensive case and the opening paragraph said this:

"It is absolutely freezing outside the office, with driving rain and you feel glad you do not work in fishing, although you sense you may see more of this industry than you prefer over the next week or two, 'and I don't even eat fish', you mutter to yourself, thinking better of expressing it too loudly."

After reading through the case, I then took this paragraph to be a non-directive indicator relating to ethics. I wrote out several advantages and disadvantages of eating fish and how that in itself may be an ethical question to answer. I then tied it into the ethics of the case and talked about my options and whether or not the auditor should have to disclose their dietary commitments to the client. I also made recommendations on how the auditor could ensure the risk of threat to independence is reduced to an acceptably low level by at least attempting to eat some fish based dishes like a fish pie or fish fingers for example.

I was shocked when this indicator wasn't in the solution and have been left generally disheartened and demotivated by the whole thing.

siobhan4460

has anyone got the solutions for canny milking, tekron and malborough? missed a few classes with work

Jame Gumb

Accrual Intentions wrote: »

I am really struggling with the indicators. I try and treat every section of information or paragraph as some sort of indicator but it doesn't seem to be working very well. A lot of the time I am finding indicators that aren't in the solution and I wonder will I actually get any credit for them in the exam?

As an example I was doing the Southern Fisheries comprehensive case and the opening paragraph said this:

"It is absolutely freezing outside the office, with driving rain and you feel glad you do not work in fishing, although you sense you may see more of this industry than you prefer over the next week or two, 'and I don't even eat fish', you mutter to yourself, thinking better of expressing it too loudly."

After reading through the case, I then took this paragraph to be a non-directive indicator relating to ethics. I wrote out several advantages and disadvantages of eating fish and how that in itself may be an ethical question to answer. I then tied it into the ethics of the case and talked about my options and whether or not the auditor should have to disclose their dietary commitments to the client. I also made recommendations on how the auditor could ensure the risk of threat to independence is reduced to an acceptably low level by at least attempting to eat some fish based dishes like a fish pie or fish fingers for example.

I was shocked when this indicator wasn't in the solution and have been left generally disheartened and demotivated by the whole thing.

Brilliant.

Jame Gumb

siobhan4460 wrote: »

Jame Gumb wrote: »

Brilliant.

eh brilliant??????

It's obviously a p..s take

Tequila Mockingbird

Accrual Intentions wrote: »

I am really struggling with the indicators. I try and treat every section of information or paragraph as some sort of indicator but it doesn't seem to be working very well. A lot of the time I am finding indicators that aren't in the solution and I wonder will I actually get any credit for them in the exam?

As an example I was doing the Southern Fisheries comprehensive case and the opening paragraph said this:

"It is absolutely freezing outside the office, with driving rain and you feel glad you do not work in fishing, although you sense you may see more of this industry than you prefer over the next week or two, 'and I don't even eat fish', you mutter to yourself, thinking better of expressing it too loudly."

After reading through the case, I then took this paragraph to be a non-directive indicator relating to ethics. I wrote out several advantages and disadvantages of eating fish and how that in itself may be an ethical question to answer. I then tied it into the ethics of the case and talked about my options and whether or not the auditor should have to disclose their dietary commitments to the client. I also made recommendations on how the auditor could ensure the risk of threat to independence is reduced to an acceptably low level by at least attempting to eat some fish based dishes like a fish pie or fish fingers for example.

I was shocked when this indicator wasn't in the solution and have been left generally disheartened and demotivated by the whole thing.

I feel your pain.

Something similar happened to me in Metro Water Limited, where the opening paragraph notes that I am "known colloquially as 'the alien' as I am the first person from the dreaded private sector to have joined Metro".

I grasped the opportunity to discuss this blatant HR indicator with both hands, and noted the Grievance/Disciplinary procedures which should be in place so that this widespread bullying could be dealt with appropriately.

I added depth to my solution by noting that Public Sector reform did not simply relate to cost cutting, and explained how an attitudional shift was also required among the employees of Metro. I then worked some real life examples in. I explained how the employees needed to behave more like the little boy from ET, forging strong bonds with new co-workers, and less like Will Smith in Men in Black as this would result in a hostile and less productive work environment. Finally, I briefly discussed some non-financial KPI's which could be introduced to encourage this change in attitude.

Of course, there was no mention of this indicator in the suggested solution. Sometimes I'm not sure what planet the institute are living on.

Accrual Intentions

Tequila Mockingbird wrote: »

I feel your pain.

Something similar happened to me in Metro Water Limited, where the opening paragraph notes that I am "known colloquially as 'the alien' as I am the first person from the dreaded private sector to have joined Metro".

I grasped the opportunity to discuss this blatant HR indicator with both hands, and noted the Grievance/Disciplinary procedures which should be in place so that this widespread bullying could be dealt with appropriately.

I added depth to my solution by noting that Public Sector reform did not simply relate to cost cutting, and explained how an attitudional shift was also required among the employees of Metro. I then worked some real life examples in. I explained how the employees needed to behave more like the little boy from ET, forging strong bonds with new co-workers, and less like Will Smith in Men in Black as this would result in a hostile and less productive work environment. Finally, I briefly discussed some non-financial KPI's which could be introduced to encourage this change in attitude.

Of course, there was no mention of this indicator in the suggested solution. Sometimes I'm not sure what planet the institute are living on.

Touché

Aww I need some light relief from this drudgery. Its gonna be a long long muthaf**kin 5 weeks.

ferike1

Yeah we were talking about those little paragraphs earlier in the thread. I hate the institute for putting them in.

I wanted to die when I saw this one
‘Maybe I was born to be an accountant after all,’ you mused as you drove rather excitedly into work...

*sigh

Tequila Mockingbird

ferike1 wrote: »

Yeah we were talking about those little paragraphs earlier in the thread. I hate the institute for putting them in.

I wanted to die when I saw this one
‘Maybe I was born to be an accountant after all,’ you mused as you drove rather excitedly into work...

*sigh

They are a bit ridiculous alright.

Some good notes attached to this thread so thanks to any contributors reading this. Think I have a good grasp of the material at this point (was a bit sketch at Management Accounting and Finance having come the Masters route), just a matter of bringing it all together.

Anyway, back to struggling/plodding my way through the case studies, with this stuck in my head whenever I reach for the trusty CASIO.

https://www.youtube.com/watch?v=eSBybJGZoCU

ferike1

On the plus side 50% of my contract is done today. Booya. Wasn't for these exams I'd be even happier.

Accrual Intentions

siobhan4460 wrote: »

same as have done it on a few cases....know exactly what you are talking about. Grind school said that some of them should be taken into consideration in the marking but sure that doesnt help us.

keep the head up....its all we can do!

Siobhan you must have had your satire detector removed.

ferike1

To be fair if you went to the HR person saying everyone called you the alien I doubt it would go down well. Insensitive stuff from the institute.

reo49

Just sat the 2011 Core Comp paper. Mostly HC's with a few C's. This exam is going to be a piece of cake!

ferike1

Love the optimism! Give me some too! Actually I did the 2011 core paper too. It wasn't as bad as our mocks. Just don't forget that there will be more mangagment accounting this year which is nasty and may hurt some people (such as myself) who absolutely despise management accounting.

reo49

ferike1 wrote: »

Love the optimism! Give me some too! Actually I did the 2011 core paper too. It wasn't as bad as our mocks. Just don't forget that there will be more mangagment accounting this year which is nasty and may hurt some people (such as myself) who absolutely despise management accounting.

Duly noted about Management accounting but I have a HC in PM from the assessment and Management accounting is handy, so I'm not the least bit concerned

PM me your e-mail and I'll mail you some optimism.

mich87

Accrual Intentions wrote: »

Siobhan you must have had your satire detector removed.

haha should have choose comedy over accountancy! Obviously the better path!

Chalk_Farm

Dodgy Construction...I'm a little unsure about the conclusion under Indicator 1 regarding the tax issue of "sale of house at under market value" to the Director. As the company is in the business of selling property the solution says that it is not an asset being transferred rather stock.

It says that "the company has effectively advanced a loan to the director" and goes on to talk about the whole area of Transactions with Directors and Companies Acts...

Basically wondering so what does this mean about the tax impact. The company is close company so would there not be tax issues on this?? The Tutorial Note in the solution does say that if it was a transfer of an asset at under market value then yea close company rules would apply!

But I don't get this, I'm still thinking there should be some tax on it especially also as he is paying below market value for it!? And the conclusion of the solution "effectively advanced a Loan to Director", isn't there tax for that!!

Help please

Tequila Mockingbird

Chalk_Farm wrote: »

Dodgy Construction...I'm a little unsure about the conclusion under Indicator 1 regarding the tax issue of "sale of house at under market value" to the Director. As the company is in the business of selling property the solution says that it is not an asset being transferred rather stock.

It says that "the company has effectively advanced a loan to the director" and goes on to talk about the whole area of Transactions with Directors and Companies Acts...

Basically wondering so what does this mean about the tax impact. The company is close company so would there not be tax issues on this?? The Tutorial Note in the solution does say that if it was a transfer of an asset at under market value then yea close company rules would apply!

But I don't get this, I'm still thinking there should be some tax on it especially also as he is paying below market value for it!? And the conclusion of the solution "effectively advanced a Loan to Director", isn't there tax for that!!

Help please

Hi

There are two issues noted in the solution which you appear to be confusing:

1. The stock was sold for less than market value. There is a tax issue here, but the solution does not go in to detail. It just says to see point 1 re materials appropriation as the issues are the same (€305k Distribution, Gross up DWT etc).

2. Liam owes €450k included in Accounts Receivable in relation to transaction. This is where the Director's Loan/Company Law spiel comes in.

Hope that clears it up.

Chalk_Farm

Tequila Mockingbird wrote: »

Hi

There are two issues noted in the solution which you appear to be confusing:

1. The stock was sold for less than market value. There is a tax issue here, but the solution does not go in to detail. It just says to see point 1 re materials appropriation as the issues are the same (€305k Distribution, Gross up DWT etc).

2. Liam owes €450k included in Accounts Receivable in relation to transaction. This is where the Director's Loan/Company Law spiel comes in.

Hope that clears it up.

Cheers thanks, yeah thats what I was thinking...I suppose I'm still unsure about the purpose of the "Tutorial Note". "If the house was deemed to be an asset (rather than an item of stock), then there are various tax implications that would flow as a result (including close company rules on transfer of assets at undervalue). Given the facts of the case, the assumption that the house is an item of inventory is logical"

But the close company rules apply irrespective of whether it is asset or stock!! ....just dont get the purpose of that note!!??

Moorstown

Has anyone got notes that they can share for IAS 27 and IFRS 3.

Thanks in advance.

supernova84

reo49 wrote: »

Just sat the 2011 Core Comp paper. Mostly HC's with a few C's. This exam is going to be a piece of cake!

Yeah the Comp's are generally easier but don't get too carried away as the Sims are more difficult especially regarding time management.

7upfree

5 weeks to the exams. I am officially freaking out now. I should have the material covered by this week which leaves me 4 weeks of questions. My only problem is keeping my concentration. I'm lucky to do about 3 hours in the morning on a good day and 2 in the afternoon. Obviously I need more than that for doing questions if I am to have any hope of getting through them.

I got competent in the AAFRP assessment which I was really surprised at so I obviously know a little more than I thought.

Any ideas on the best way to keep concentration. Any recommendations would be greatly appreciated

Jame Gumb

I'm trying to do technical work in the mornings (e.g. Derry Cotter book), cases in the afternoon and the more bulls..tty soft stuff like IMP and Strategy in the evening.

Does that make sense?

Thanks.