FAE September 2012

Jame Gumb

faer2203 wrote: »

Jame Gumb wrote: »

I suspect that the solution hasn't been updated.

Patent income used to be tax free but it isn't anymore.

Lobbing the patents into a separate company would have been the done thing pre November/December 2010 which is when the change took place.

I might be wrong, but is the reason that they are putting it in a seperate company is that if the shareholders take a dividend from that company that dividend will be tax free as it is patent income? or is that gone aswel?

That's gone too.

Don't have my notes to hand, but the tax exemptions for company to company and company to individual dividends were abolished at the same time (with effect from some time in November 2010 from memory). Think Section 141 is one of the sections that changed.

mrduffy

Patent income is like any other income. tax relief gone after october 2010 !

Correct yes or no ?

Jame Gumb

mrduffy wrote: »

Patent income is like any other income. tax relief gone after october 2010 !

Correct yes or no ?

Correct.

Tax exemptions for patent income and patent dividends gone since late 2010.

supernova84

Locust Supplement Drink (LSD) anyone?

notanocelot

ferike1 wrote: »

I find it confusing seeing that on some cases an indicator is given for the executive summary i.e briefing note/memo/letter etc to certain people only. It seems so damn arbitrary as to when it is or isn't.

One of our lecturers said recently that formatting can no longer be its own indicator (i.e. did you put TO FROM and all that jazz under your heading). So that's some comfort.

We might still be given ethics indicators where we're supposed to either say "This is for your use alone" (like in Surf Shop where we're not qualified yet) or "You should share this with the other shareholder" (like in an example I can't remember where a guy is hiding financial problems from his business partner). But pure formatting as an indicator is gone.

Szewinska

dee359 wrote: »

This link should work
http://students.charteredaccountants.ie/Student-Information/Courses/New-Syllabus/Sample-Papers--Solutions/FAE-Sample-Papers-and-Solutions/

Thank you.

funkymonkey9 wrote: »

Just wondering if anyone can tell me where in the Imp book does it discuss the software as a service business model that came up in our mock?thanks

Page 45 and page 89

Szewinska

At the cross marking session Paul Monaghan said Premus Pet Foods was a really good case. Looked at this today but hit a wall on indicator 1 in the solution.:mad:

On page 2 in the box where it says "Direct cost of manufacture of this product using average direct cost in division in cent". For Dog food its is 44 cent, cat food with fish 40 cent etc. How is this calculated. I wasted an hour trying solve this so if anybody can put me out of my misery it would be great.

okdune

Hey everyone - I'm a core repeater, damn on audit indicator brought me down.

A quick question, I think I have it covered but does anyone off the top of their heads know the major tax changes for this years exam? Thank you so much - it's freakibg me that I'll put down something now totally wrong!

Obviously re above Patents are out.

okdune

chursy wrote: »

Siobhang4 wrote: »

Has anyone a list/summary of all the reliefs for tax.

see the notes of the DT guy its all there. best notes for tax

Where at they I can't find them?

Thanks!

okdune

okdune wrote: »

Hey everyone - I'm a core repeater, damn on audit indicator brought me down.

A quick question, I think I have it covered but does anyone off the top of their heads know the major tax changes for this years exam? Thank you so much - it's freakibg me that I'll put down something now totally wrong!

Obviously re above Patents are out.

IGNORE - got it all!

MPBC123

Szewinska wrote: »

At the cross marking session Paul Monaghan said Premus Pet Foods was a really good case. Looked at this today but hit a wall on indicator 1 in the solution.:mad:

On page 2 in the box where it says "Direct cost of manufacture of this product using average direct cost in division in cent". For Dog food its is 44 cent, cat food with fish 40 cent etc. How is this calculated. I wasted an hour trying solve this so if anybody can put me out of my misery it would be great.

I looked at that for ages too & couldn't figure it out.

Cliona2012

MPBC123 wrote: »

I looked at that for ages too & couldn't figure it out.

I remember this and believe if you take the average cost of sales for each of the divisions from the financial statements, and apply this to the selling price of the products mentioned, you will get it.

thisguy

I am still a little unsure about the requirement we have to reach for each of the super 6. When they say that we need to reach competent in business leadership for example, does that mean attaining competent in one indicator for business leadershit is technically enough to be considered competent for that subject? I realise that if you only get one competent in it you may fail overall as you wont reach the cut off that they whimsically decide on, but on an individual subject basis would that be enough?

Jame Gumb

I've been wondering the same thing.

I went back over my notes from the induction session with Joanne (Powell?) about the assessment methodology.

My handwritten notes say "Depth Test - You must reach 'C' at least once in PM and BL" and "Breadth Test - You must reach 'RC' at least once in A, T, IMP & Fin".

Dare I say it, that sounds a little too easy. Paul Monahan says (for example and I'm paraphrasing) "for business leadership and performance measurement, the standard is competent". To me, that suggests that we've to "average" competent in those subjects.

For example, say there are 5 BL indicators.

- 3 Cs and 2 RCs would average out at "competent".

- 3 RCs and 2 Cs would average out at "reaching competent" meaning failure.

Take the above with a bucket load of salt as I'm not sure myself.

Would be great if someone could clarify...

levi

okdune wrote: »

okdune wrote: »

Hey everyone - I'm a core repeater, damn on audit indicator brought me down.

A quick question, I think I have it covered but does anyone off the top of their heads know the major tax changes for this years exam? Thank you so much - it's freakibg me that I'll put down something now totally wrong!

Obviously re above Patents are out.

IGNORE - got it all!

Can you post it just so I'm sure I'm on the right track! I'm repeating core too! Thanks

Szewinska

Cliona2012 wrote: »

I remember this and believe if you take the average cost of sales for each of the divisions from the financial statements, and apply this to the selling price of the products mentioned, you will get it.

Thanks Cliona2012 but could you if you can spare a minute just show me that via the numbers as I still am unable follow what exactly you mean. Thanks for your time

Accrual Intentions

Jame Gumb wrote: »

I've been wondering the same thing.

I went back over my notes from the induction session with Joanne (Powell?) about the assessment methodology.

My handwritten notes say "Depth Test - You must reach 'C' at least once in PM and BL" and "Breadth Test - You must reach 'RC' at least once in A, T, IMP & Fin".

Dare I say it, that sounds a little too easy. Paul Monahan says (for example and I'm paraphrasing) "for business leadership and performance measurement, the standard is competent". To me, that suggests that we've to "average" competent in those subjects.

For example, say there are 5 BL indicators.

- 3 Cs and 2 RCs would average out at "competent".

- 3 RCs and 2 Cs would average out at "reaching competent" meaning failure.

Take the above with a bucket load of salt as I'm not sure myself.

Would be great if someone could clarify...

Paul Monaghan said there was no averaging involved. You have to reach the relevant standard. If there are 5 indicators in BL, the truth is they don't decide how many times you need to demonstrate competence to pass the depth test until the initial marking. Paul suggested that if you got competent 3 times out of 5 he couldn't see you failing.

Jame Gumb

Jame Gumb wrote: »

EveT wrote: »

Have gone totally stupid.... Primus case...where are they getting the direct cost of manufacture from in indicator one? 44 cent etc? I know I'm v tired but am
Worried at self that am staring at the sheet with a highlighter not being able see it!! Thanks!

Just have a Locust coffee and relax...

€22,430 / €40,780 x 80c

Direct Production Costs / Revenue x Price

@ Szewinska

See above...

Szewinska

Jame Gumb wrote: »

@ Szewinska

See above...

great stuff thanks. never would of got that.

figrolls

Trying to do the Sample paper 1 sims - autoparking, sutherland and indigo here now...

Autoparking - never would have got all that detail out in 80 mins! also wouldnt have picked up on half that stuff or brought it in the direction they did anyways

Please tell me the actual exam will be easier!!

supernova84

figrolls wrote: »

Trying to do the Sample paper 1 sims - autoparking, sutherland and indigo here now...

Autoparking - never would have got all that detail out in 80 mins! also wouldnt have picked up on half that stuff or brought it in the direction they did anyways

Please tell me the actual exam will be easier!!

The sample papers should carry a health warning, they is way above standard. There's one case there somewhere called Black and White I think and to say it's challenging would be an understatement.

chursy

Hi guys this reliefs business is confusing me now! Can someone please upload the most up to date relief list if you have done up ! Please would be greatly appreciated!

cmaccathal

anywhere i can get access to the mocks papers for tax elective 2011 and 2010? and samples?!

EveT

Szewinska wrote: »

great stuff thanks. never would of got that.

me either!!

supernova84

CAP 2 results are not published online this year, they have to log in with their username and password to get results. Hope this is the same for FAE in November.

chursy

I have a case study in my file names perfetto focussed on Corporate governance - Does anyone have a solution for this?

can you please upload. Thanks in advance

Accrual Intentions

supernova84 wrote: »

CAP 2 results are not published online this year, they have to log in with their username and password to get results. Hope this is the same for FAE in November.

Hmmmm I don't.

I believe the reason that results in the past were never sent isolated and specifically to students was so that there was no chance of them getting mixed up. They display the full list of names, student numbers and results and its up to you to pick yours out, that way theres less chance of error when they're trying to send your specific result.

Knowing the institute, I'd have no confidence on the morning logging into online services to get my result.

thisguy

Accrual Intentions wrote: »

Paul Monaghan said there was no averaging involved. You have to reach the relevant standard. If there are 5 indicators in BL, the truth is they don't decide how many times you need to demonstrate competence to pass the depth test until the initial marking. Paul suggested that if you got competent 3 times out of 5 he couldn't see you failing.

Hmm, yea I kind of figured that one competence would be a bit to easy...pity though pretty sure i could have managed one BL competence in there somewhere! :pac:...i really hate that subject, its all the bull**** subjects rolled into one.

froggatt2011

supernova84 wrote: »

The sample papers should carry a health warning, they is way above standard. There's one case there somewhere called Black and White I think and to say it's challenging would be an understatement.

I have just attempted B & W and it was a fricking nightmare. I feel totally deflated after that.

froggatt2011

Mavic09 wrote: »

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...

I was just about to ask the same! I have no idea where these numbers are coming from and am totally losing the will. Anyone able to help?