FAE September 2012

froggatt2011

reo49 wrote: »

I passed the Mocks so I'd say it was ok

Stop showing off :P

7upfree

whytenc wrote: »

Can someone clarify is EIIS replaces BES and SC relief, or just BES?
From the extra notes the institute gave it seems that it replaces BES, but per the tax book it replace both.
Bit confused as to whether we should just automatically refer them to EIIS now and forget about BES and seed capital relief altogether?
Thanks

I was looking at tax today and from what I can gather BES and SC are available until December 2013. EIIS hasn't been introduced yet as it has not been approved by the EU when our course was bring set. I would stick with the BES and SC and maybe just mention that they are only valid to December 2013 and subject to EU approval EIIS will replac them that way you cover yourself.

whytenc

7upfree wrote: »

I was looking at tax today and from what I can gather BES and SC are available until December 2013. EIIS hasn't been introduced yet as it has not been approved by the EU when our course was bring set. I would stick with the BES and SC and maybe just mention that they are only valid to December 2013 and subject to EU approval EIIS will replac them that way you cover yourself.

thats what i was thinking, but the extra notes the institute gave out (and google!!) say that it has been approved.....like the institute did put on notes re it but dont know how we should be incorporating it into answers you know?

7upfree

whytenc wrote: »

7upfree wrote: »

I was looking at tax today and from what I can gather BES and SC are available until December 2013. EIIS hasn't been introduced yet as it has not been approved by the EU when our course was bring set. I would stick with the BES and SC and maybe just mention that they are only valid to December 2013 and subject to EU approval EIIS will replac them that way you cover yourself.

thats what i was thinking, but the extra notes the institute gave out (and google!!) say that it has been approved.....like the institute did put on notes re it but dont know how we should be incorporating it into answers you know?

Yeah it's kinda tricky. From a quick scan of the notes the rules for BES and EIIS Are the same so If you mention BES and just say that this will be replaced by EIIS which only came into effect in November 2011. They can't exactly mark us wrong then as the question is going to be based on 2011 so if it's only July 2011 in the question EIIS would not have been in effect. I think that's the way I would approach it. I'm sure other people might have other ways of doing it.

Jame Gumb

Can't see them examining EIIS, BES or SC because of the confusion TBH.

Too much scope for complaint/uproar.

whytenc

Jame Gumb wrote: »

Can't see them examining EIIS, BES or SC because of the confusion TBH.

Too much scope for complaint/uproar.

Thats the institute all over though.....cant rely on them to take the logical decision!!
Think I'll go with mentioning both in the event that it does come up!

Eiriu

I'd say you'll be safe enough to go with the EIIS scheme. Tax advice in general is usually forward looking. An investment at the end of 2011 will be eligible for EIIS scheme and will save tax for entire year. Unlikely that one could enter into BES scheme if one was not already involved in it.

Ex 88

I did the Chartered grind school tax course and he said EIIS is what would be examed not BES and that's why the institute gave us extra notes on EIIS

ferike1

Ex 88 wrote: »

I did the Chartered grind school tax course and he said EIIS is what would be examed not BES and that's why the institute gave us extra notes on EIIS

Lovely...

06431755l

But i thought P.Monahan said these papers were set in Oct/Nov - way before there was ever a mention of EIIS being introduced??

Jame Gumb

06431755l wrote: »

But i thought P.Monahan said these papers were set in Oct/Nov - way before there was ever a mention of EIIS being introduced??

They'd just tweak them to reflect EIIS though early in 2012

luco123

FAE4EVA wrote: »

Hi Daisy,

Just checked there..

The only two I have that you don't have are Precision Cut and Flexum. They are attached to this thread. See paper clip on front accountancy page.

Also I don't have the O' Shea's pub and there is a Marlborough House case on the thread with no solution..

Anybody have it??

Your also missing Canny Milking Equipment and Tekron, they are both on here someplace!

Do you have overcoatings?

chursy

Just finished doing 2011 core and sumulation papers. I don't think the new cases are anywhere that standard expected in the exams. In other words they are too high standard!

I thought the exam was alright and fairly reasonable.

Thoughts?

chursy

In sim 2 - 2011 past paper .

The fs adjustment of 82k. Why is it being adjust in 2010 as a release from retained earnings to the income statement ?

It's already been adjusted in 2009 as a prior year adjustment, is it a reclassification because the payables were settled in 2010? Then why would not incorporate for the 900 odd lost upon receipt of the payment ?

Thanks

RT2010

Anyone have those Vortechs and Daymoo cases that Paul Monahan was going on about??

I would say EIIS is the one that will come up seen as they went to the trouble of putting up the extra notes.

7upfree

Ex 88 wrote: »

I did the Chartered grind school tax course and he said EIIS is what would be examed not BES and that's why the institute gave us extra notes on EIIS

So the institute wait till we have finished our lectures then put up notes without any indication as to why they are giving us those notes.

These people really don't live in the real world at all.

funkymonkey9

Has anyone considered submitting a query to the institute regarding eiis?if not,I'll do it later!no point wondering about it when we could just ask!

ferike1

7upfree wrote: »

Ex 88 wrote: »

I did the Chartered grind school tax course and he said EIIS is what would be examed not BES and that's why the institute gave us extra notes on EIIS

So the institute wait till we have finished our lectures then put up notes without any indication as to why they are giving us those notes.

These people really don't live in the real world at all.

No see its like a real world indicator. You need to guess if its part of the case or not.

notanocelot

Feeling dreadful. Based on comparing scripts to solutions and use of examiners' comments, I marked every indicator and most of them were NC! I got decile 1 in Core which initially sounded fab, but looking at the scripts I'm just thinking everybody did badly in the mocks and the one or two RCs I got pushed me over.

Seriously worried.

7upfree

notanocelot wrote: »

Feeling dreadful. Based on comparing scripts to solutions and use of examiners' comments, I marked every indicator and most of them were NC! I got decile 1 in Core which initially sounded fab, but looking at the scripts I'm just thinking everybody did badly in the mocks and the one or two RCs I got pushed me over.

Seriously worried.

I wouldn't get too worried over it. The fact that you got some rc's in core in the mocks is great and you know far more now than you di then.
The solutions are only suggested solutions and as long as your points are valid what you think you are marking as NC the examiner could mark as RC. Finding the right indicators is the challenge you'd be surprised on the day what you'll find yourself being able to write.

7upfree

ferike1 wrote: »

No see its like a real world indicator. You need to guess if its part of the case or not.

Great thing about real life though is being able to look stuff up on the internet or ask our colleagues.

chursy

chursy wrote: »

In sim 2 - 2011 past paper .

The fs adjustment of 82k. Why is it being adjust in 2010 as a release from retained earnings to the income statement ?

It's already been adjusted in 2009 as a prior year adjustment, is it a reclassification because the payables were settled in 2010? Then why would not incorporate for the 900 odd lost upon receipt of the payment ?

Thanks

Bump

reo49

reo49 wrote: »

In Hardcourt Group (the case before Healthfirst), the exact same situation arises but there is no DTA?

Can anyone confirm if there is defferred tax on the write down of inventory on consolidation?

Dee29

chursy wrote: »

Bump

I don't think the journal in the solution is correct. The prior year creditors were overstated by 82k so the adjustment for the PY is
DR creditors 82k
CR SOCI (exchange) 82k
This would then t/f to retained earnings
Dr SOCI 82k
Cr Retained earnings 82k

In 2010, the creditor account was settled and an exchange gain of 81k realised. As a result of the 2009 adjustment a balance forward on the creditors account of 82k exists. To eliminate this and remove the profit recorded in 2010 in relation to the error:
DR SOCI (exchange) 82k
CR Creditors 82k

This leaves a net 900 loss in the 2010 SOCI.

This is my take on it.

Saint Sonner

I'm cramming - nothing else for it didn't get much time off work! Getting v worried about it all. Think I have an ok handle on qualitative stuff but need to do some serious work on quanititive stuff. I have a list of general stuff I think could come up.
Tax:
Income tax comps
Cgt comps
Corp tax comps - r&d; dividends; loss reliefs
Group reliefs
Disposal of shares; cash extraction; sd/sdlt
Finance:
Company valuations
Cost of capital
Foreign exchange risk
Share valuation
Financial reporting:
Consolidation
Goodwill calculations
Eps
Deferred tax
Mgt accounting:
Break even
Budgeting
Transfer pricing
Variances
ABC
NPV
ROI
Residual income

Can anyone think of anything else or what's more important than others? Thanks.

okdune

chursy wrote: »

Na disagree with that. I know people who have passed cap1 and cap 2 exams first attempt and failed. Fae because they got one red in pm. Yes there may be some students who perhaps are weak but how weak could you be when you are at an fae stage??? The exam is a killer in terms of it's assessment .

I am one of these! I have always done well but last year missed one indicator and fell down - otherwise did really well - so not essentially weaker - just missed one indicator.....

ferike1

reo49 wrote: »

reo49 wrote: »

In Hardcourt Group (the case before Healthfirst), the exact same situation arises but there is no DTA?

Can anyone confirm if there is defferred tax on the write down of inventory on consolidation?

It seems to just have been omitted from the solution. Maybe if you were nicer to people on these forums they'd be more inclined to answer your queries

reo49

ferike1 wrote: »

It seems to just have been omitted from the solution. Maybe if you were nicer to people on these forums they'd be more inclined to answer your queries

Do you not know where nice guys finish?

Dee29

There is an EIIS article in this months Accountancy Ireland which explains it well. I would be inclined to mention the EIIS rather than BES, but no harm in stating that EIIS is replacing BES. Rules around EIIS are not as complex. Its purpose is to help SMEs in the current credit crunch. Perhaps worth mentioning on a question about sources of finance!

ferike1

reo49 wrote: »

Do you not know where nice guys finish?

We are accountants (sadly) and not investment bankers so who are you competing with :rolleyes:?? The nature of life in the big four doesn't even make for competition. If you stay there long enough through simple attrition you will be promoted (as sane and rational people simply won't stay there).

I think apart from you no one here wants to place and most would be happy to finish with just a pass