FAE September 2012

ferike1

reo49 wrote: »

FAE jokes.....how sad!

Thanks for the input

chursy

Last night I attempted the sim1 and sim 2 of the mock exams. Not good, think I need to do a lot of work man still!

faer2203

hey, just have a tax question, on the participation relief, the profits are exempt from tax on the sale of the subsidiary, but if we sold the parent then, would it be taxed then, is it not just like a deferral of tax?

upnorthchick

chursy wrote: »

Does anyone know how the breakeven calculation in Locust coffee is calculated .

Im going to have a look at it and get back to you

Jame Gumb

faer2203 wrote: »

hey, just have a tax question, on the participation relief, the profits are exempt from tax on the sale of the subsidiary, but if we sold the parent then, would it be taxed then, is it not just like a deferral of tax?

Yes, the shareholders would be subject to CGT on a sale of the parent.

Every exemption at company level's a deferral really as you ultimately have to get the cash out (unless you can claim, say, retirement relief).

Chalk_Farm

In Firesec, the operating lease has fixed annual uplifts of 2.5% - Annual rental is 100k for 20 years


Maybe Im just being stupid but I can't think of an easy calculation to come up with the total premium over the 20 years per the solution = €2,554,466!??

MPBC123

Starting to panic a bit. Trying to attempt case studies, can usually identify most indicators but can't seem to answer them, get fed up aft bout 15mins & then just end up looking at the solution & concluding there is no way I wud have been able to reach that standard! I really don't think I'm gona b fit to do these exams!!:(:(

MPBC123

Chalk_Farm wrote: »

In Firesec, the operating lease has fixed annual uplifts of 2.5% - Annual rental is 100k for 20 years


Maybe Im just being stupid but I can't think of an easy calculation to come up with the total premium over the 20 years per the solution = €2,554,466!??

Me neither, do u have to calc it for every yr??

ferike1

Its the FV of an annuity formula

Chalk_Farm

ferike1 wrote: »

Its the FV of an annuity formula

Cheers got it!!

Chalk_Farm

MPBC123 wrote: »

Me neither, do u have to calc it for every yr??

http://www.investopedia.com/articles/03/101503.asp#axzz22nBSOBeF

pepp

MPBC123 wrote: »

Starting to panic a bit. Trying to attempt case studies, can usually identify most indicators but can't seem to answer them, get fed up aft bout 15mins & then just end up looking at the solution & concluding there is no way I wud have been able to reach that standard! I really don't think I'm gona b fit to do these exams!!:(:(

You need to remember that the solutions are way above what we are expected to produce in the exam situation. I think you just need to look on the positives and the practice of doing the cases will help your confidence you probly know more than you think.

MPBC123

Chalk_Farm wrote: »

http://www.investopedia.com/articles/03/101503.asp#axzz22nBSOBeF

Ah thanks, got it now.

MPBC123

pepp wrote: »

You need to remember that the solutions are way above what we are expected to produce in the exam situation. I think you just need to look on the positives and the practice of doing the cases will help your confidence you probly know more than you think.

Thanks. I really hope so. Just wanna get these exams over with for good. It's been a long haul!

mikey767

Anyone doing the tax elective know if we need the two books of legislation that they so kindly sent? Or am i safe enough just using the text book?

notanocelot

I've managed to mislay my ethics textbook without ever having opened it. Do I need to buy another one or will a combo of

• common sense
• the ESs
• the combined code on corporate governance

get me through it?

MPBC123

In primus pet foods, when analysing the supermarket offer, how do they calc the direct cost of manufacture of product?

Chalk_Farm

MPBC123 wrote: »

In primus pet foods, when analysing the supermarket offer, how do they calc the direct cost of manufacture of product?

Yeah cannot figure that one out...spend ages looking at it!

R0N BURGUNDY

notanocelot wrote: »

I've managed to mislay my ethics textbook without ever having opened it. Do I need to buy another one or will a combo of

• common sense
• the ESs
• the combined code on corporate governance

get me through it?

No solutions in the ethics book so pretty useless to be honest.

Chalk_Farm

R0N BURGUNDY wrote: »

No solutions in the ethics book so pretty useless to be honest.

I think you will be grand with your checklist!

froggatt2011

Chalk_Farm wrote: »

I think you will be grand with your checklist!

Um.. checklist? Help!!

Chalk_Farm

froggatt2011 wrote: »

Um.. checklist? Help!!

- common sense
- the ESs
- the combined code on corporate governance

Butterflyguy

I can't seem to find solutions to the following cases in the attachments?

-Campus Polymers
-Lowland Bank
-Enver Thermostat

Would someone mind posting these please?

figrolls

Butterflyguy wrote: »

I can't seem to find solutions to the following cases in the attachments?

-Campus Polymers
-Lowland Bank
-Enver Thermostat

Would someone mind posting these please?

here you go!

Butterflyguy

Thanks! I owe you a locust coffee

Username2011

Hey guys.


Has anyone done the MID WEST OIL case?
Very frustrated with the choice of 3 indicators when it seemed there were 6/7 in the case!

• The case discusses whether they should introduce Smart Cards instead of traditional vouchers - this is not an indicator even though the BofD are divided on it.
• It also discusses their information management system and performance measures both of which are shocking, yet there is no indicator for discussing the risks and recommendations of such a system
• The company is made up of 4 pretty autonomous divisions and the BofD were wondering what the tax implications of splitting the company up into four new companies would be as half the BoD said there would be no tax impact while the other half thought there might be. But once again, the ICAI did not deem this to be an indicator of where advice was required.

There is no consistency in the cases solutions which is making it very frustrating.
Did anyone else think the same?

froggatt2011

Chalk_Farm wrote: »

- common sense
- the ESs
- the combined code on corporate governance

LOL I'm missing the first one on the list

reo49

Few Tax questions:

1. Are BES and seed capital still examinable?

2. Surely they won't ask us anything on EIIS as they barely covered it and only provided 2 pages of notes on it?

3. I assume we are supposed to use the new CGT rate of 30% in the exam?

4. Interest Charge Relief - I know this is gone as of 7 December 2010, but is this the case for both an individual and a Company?

7upfree

reo49 wrote: »

Few Tax questions:

1. Are BES and seed capital still examinable?

2. Surely they won't ask us anything on EIIS as they barely covered it and only provided 2 pages of notes on it?

3. I assume we are supposed to use the new CGT rate of 30% in the exam?

4. Interest Charge Relief - I know this is gone as of 7 December 2010, but is this the case for both an individual and a Company?

Yes bes and seed capital are still examinable.

Not sure about EIIS

CGT is 25% as our exam is based on finance act 2011. Although 30% came in in December 2011 it's part if finance act 2012

I'm not 100% on the interest charge but I think it is gone for both.

Chalk_Farm

froggatt2011 wrote: »

LOL I'm missing the first one on the list

lol...don't worry seem to have misplaced that one myself