FAE September 2012

notanocelot

figrolls wrote: »

thanks peoples, its oddly comforting to know that im not the only one feeling this way abou them!

Just some cases from the 2010 mock audit elective - I'd like that exam paper please!

made me feel a little better!

Last night I did a sim from last year's audit elective paper. That's the paper with only a 59% pass rate and the sim was STILL easier than the case studies! Even got a HC in the first indicator. There's hope. I feel renewed after that.

whytenc

MPBC123 wrote: »

Just after reading brilliant bee - has anyone attempted this case yet? What's your thoughts? I'm hoping the real exam is not as difficult otherwise I'll never pass!!

Just finished it there myself....total disaster....FR indictor with the deferred tax.....totally missed two indictors on standard costing and balanced scorecard......starting to panic!

luco123

Siobhang4 wrote: »

luco123 wrote: »

i posted a thread on that and go no reply... the solutions attached there are all the cases from the books... im looking for the actual past exam papers and solutions which have been updated in 2012.

the tax papers are included in the board reports.... see attached link... don't think the other papers are updates.. but the mock for 2011 is on the attachements to this link.


http://students.charteredaccountants.ie/Student-Information/Exams/Papers-Solutions-Reports/Solutions/FAE-New/

these are not them. the icai update the tax elective papers and solutions every year and up load them via they course material..... Can some ones who's actually doing the tax elective upload these for Roi please!!!

MPBC123

Thorpe clinic -WTF????!!!!!

Flange/Flanders

MPBC123 wrote: »

Thorpe clinic -WTF????!!!!!

My sentiments exactly!!

Never heard of Contribution Margin Ration before and management accounting is ususally one of my favoured subjects but this left me stumped. Cant figure out where they got those figures for working it out. Then you go down and that share for share thing is attrocious!!

faer2203

hi all, quick question, does anyone remember what sean murray said in relation to M39, he said we can use this or another standard, anyone know what the other standard is?

An Citeog

Flange/Flanders wrote: »

MPBC123 wrote: »

Thorpe clinic -WTF????!!!!!

My sentiments exactly!!

Never heard of Contribution Margin Ration before and management accounting is ususally one of my favoured subjects but this left me stumped. Cant figure out where they got those figures for working it out. Then you go down and that share for share thing is attrocious!!

If you have to attach an extra 2 page explanatory note to the solution, you know it's ridiculous!

Jame Gumb

Management accounting is nigh on impossible to get remotely right in the circa 30 mins we have to do an indicator. Who carries that sort of info around with them in their head. It takes me 30 minutes to work through and understand a question where I've the solution in front of me!

chursy

faer2203 wrote: »

hi all, quick question, does anyone remember what sean murray said in relation to M39, he said we can use this or another standard, anyone know what the other standard is?

Aup report 4410 or 4000..... The isae it's definately one of the 4s top of my head !

ferike1

Any sign of the 2011 annotated scripts?

Apollo_Creed

Anyone have Motorvation Case on soft copy?

Jame Gumb

Don't panic...just have a Locust coffee

Apollo_Creed

Jame Gumb wrote: »

Don't panic...just have a Locust coffee

Brilliant!!!!

froggatt2011

Got my mock scripts back yesterday. The feedback was really helpful although Stakabin had red pen all over it. No surprises there! Managed to find all the indicators though except the provisions one in Redemptoria. This gives me a glimmer of hope.

Hope you are all getting on ok folks.

supernova84

Everyone going to use the standard executive summary layout for their report in the Comp? Thank you for asking me to carry out work contained in this report for you......As instructed I restricted my work to use of my existing knowledge....I have relied on the figures and explanations provided and did not seek to test them....It is possible that errors or omissions could affect my conclusion....My conclusions and recommendations are as follows.

Just a small thing but anyone else hate using A,B,C etc re referencing indicators, like Section A - Executive Summary, B - indicator 1. I find it gets confusing. Prefer to just have Executive summary, then reference my indicators (i), (ii), (iii) etc.

BESman

supernova84 wrote: »

Everyone going to use the standard executive summary layout for their report in the Comp? Thank you for asking me to carry out work contained in this report for you......As instructed I restricted my work to use of my existing knowledge....I have relied on the figures and explanations provided and did not seek to test them....It is possible that errors or omissions could affect my conclusion....My conclusions and recommendations are as follows.

Just a small thing but anyone else hate using A,B,C etc re referencing indicators, like Section A - Executive Summary, B - indicator 1. I find it gets confusing. Prefer to just have Executive summary, then reference my indicators (i), (ii), (iii) etc.

Were we told to use a lettering system?

dee359

supernova84 wrote: »

Everyone going to use the standard executive summary layout for their report in the Comp? Thank you for asking me to carry out work contained in this report for you......As instructed I restricted my work to use of my existing knowledge....I have relied on the figures and explanations provided and did not seek to test them....It is possible that errors or omissions could affect my conclusion....My conclusions and recommendations are as follows.

Just a small thing but anyone else hate using A,B,C etc re referencing indicators, like Section A - Executive Summary, B - indicator 1. I find it gets confusing. Prefer to just have Executive summary, then reference my indicators (i), (ii), (iii) etc.

That's exactly what i intend to use but will tailor it a bit depending on the situation. Like sometimes u might have to say that u recommend that other directors see it or that u were asked specifically by xxxx to prepare it. And I totally agree about the sections. I used that method in the mocks and got so confused cos I thought I was an indicator ahead of myself! So I'll be doing the same as u.

What other paragraphs should we have prepared I wonder?

dee359

BESman wrote: »

supernova84 wrote: »

Everyone going to use the standard executive summary layout for their report in the Comp? Thank you for asking me to carry out work contained in this report for you......As instructed I restricted my work to use of my existing knowledge....I have relied on the figures and explanations provided and did not seek to test them....It is possible that errors or omissions could affect my conclusion....My conclusions and recommendations are as follows.

Just a small thing but anyone else hate using A,B,C etc re referencing indicators, like Section A - Executive Summary, B - indicator 1. I find it gets confusing. Prefer to just have Executive summary, then reference my indicators (i), (ii), (iii) etc.

Were we told to use a lettering system?

Oh I wasn't aware of that, ignore my comments above so!!!

supernova84

dee359 wrote: »

What other paragraphs should we have prepared I wonder?

I'm just gonna use the wording in the executive summary as it seems to be used in vast majority of sample cases. Don't think it's a major thing anyway as long you see that they're looking for either memo/report/briefing paper/file note/letter. It would be fairly retarded were they to give an indicator on presentation anyway.

7upfree

Anyone doing the APM elective?

I was doing the Pitem case study from session 9 and can't figure out where they are getting the debt figure for option B of €31,084

I would assume the debt is the current debt in the company of €14,418 plus the $15m loan and the $10m loan note being issued.
15,000 / 1.31 = 11,450
10,000 / 1.31 = 7,634

So by my reckoning the debt for option b should be 14,418 + 11,450 + 7.634 = €33,502.

Is the answer just wrong or have I missed something.

Any help would be greatly appreciated.

7upfree

chursy wrote: »

Hang in there ppl - All of us are in the same boat these case studies are extremely tough but we don't have a choice at this stage. Let's keep trying for the last three weeks and hope for the best !

Its all we can do . The only thing I suppose in the exam you know you only have a certain amount of time and you can't let yourself get distracted. The biggest problem at the minute is the fact that I keep telling myself its grand I still have 3 weeks. Panic will set in at some stage

ferike1

Billy Boy could start selling branded coffee mugs too. Extra revenue


Our company mascot

Jame Gumb

Whatever you do, don't download LocustSmart...they'll plague you with texts and emails

supernova84

Jame Gumb wrote: »

Whatever you do, don't download LocustSmart...they'll plague you with texts and emails

Tell me about it.

MPBC123

2010 comp mock, found all the indicators ok but as to go about answering them that's a different story. Think this is wats gona happen me on the day!!

froggatt2011

Currently working my way through the sample papers.

Anyone looked at SIM 1 on sample paper 1, Sutherland Properties?
Indicator 1. When asked to consider the letter received offering to buy the Sweet Lane property, I only looked at the undervaluation and the need for an expert evaluation and potential impairment! As well as some waffle about don't have to enter into negotiations bla bla. The solution goes on to talk about the transaction structure (ie shares v assets) and CG implications.
Honestly never would have thought to mention those points!

I also can't see where they're getting comparative 2008 figures from in relation to rent receipts. Once again I am probably being thick. Has anyone been able to spot that?

froggatt2011

MPBC123 wrote: »

2010 comp mock, found all the indicators ok but as to go about answering them that's a different story. Think this is wats gona happen me on the day!!

You're a good bit of the way there if you are able to identify the indicators. Keep the faith!!

Mavic09

In relation to the above indicator, could someone give me a steer on the following:

i) P/E Method- How is the profit in Yr 2 of 79k calculated (it's not the 8% from Yr 1 that I imagined it would be from the case)

ii) Accounting Rate of Return Method- How is the average profit calculated of 112k? Why does it differ from the average profit under the PE method.

Any help on the above would be great...

notanocelot

froggatt2011 wrote: »

The solution goes on to talk about the transaction structure (ie shares v assets) and CG implications.
Honestly never would have thought to mention those points!

I also can't see where they're getting comparative 2008 figures from in relation to rent receipts. Once again I am probably being thick. Has anyone been able to spot that?

Not sure about the comparatives, but pretty much every single time somebody wants to buy a small business, they're going to want you to mention the shares v asset issues, since it can make a huge difference taxwise. Just keep remembering that shares are 1% stamp duty and assets are at least 6% and you'll be fine - there's hardly anything to ask about stamp duty and that's one of them, so it keeps coming up.

Also the magic words "you may need to engage the services of a taxation specialist".

froggatt2011

notanocelot wrote: »

Not sure about the comparatives, but pretty much every single time somebody wants to buy a small business, they're going to want you to mention the shares v asset issues, since it can make a huge difference taxwise. Just keep remembering that shares are 1% stamp duty and assets are at least 6% and you'll be fine - there's hardly anything to ask about stamp duty and that's one of them, so it keeps coming up.

Also the magic words "you may need to engage the services of a taxation specialist".

Thanks, I'm going to drum this into my skull. (Although I am doing NI tax so need to rem 0.5% vs 4% instead.) Cheers for that mucker!