FAE September 2012

Jame Gumb

Or security in the O'Connell Street branch

ferike1

Nah, did you not get the memo. Bill likes cheap areas. The Tallaght or Finglas shops. That is a poor recommendation - NC.

Jame Gumb

ferike1 wrote: »

Nah, did you not get the memo. Bill likes cheap areas. The Tallaght or Finglas shops. That is a poor recommendation - NC.

Sorry dude...Paul Monahan's had you sacked as a corrector. I made a recommendation and didn't sit on the fence so I'm reaching competent.

thetrainee

Jame and Ferike, go do some study :P

Username2011

Jame Gumb wrote: »

Sorry dude...Paul Monahan's had you sacked as a corrector. I made a recommendation and didn't sit on the fence so I'm reaching competent.

Yes but did you remember to draw a bee...? God knows thats the trademark of a competent accountant.

Username2011

Sample paper 1 Core Active Health


Does anyone know why they only use 2m for debt when they are calculating the Enterprise value?

Enterprise Value per the internet (as I cannot find it in the book - is it even in there) is:
market cap plus debt, minority interest and preferred shares, minus total cash and cash equivalents.

Yet the figure for debt in the balance sheet is 8m and they do not deduct the 500k cash and cash equivalents.

Any help would be really appreciated!
Thanks

ferike1

Yeah um. Sample paper 2 and its and 30 page solution can fsck right off.

notanocelot

ferike1 wrote: »

See he is smart, because those share options will incentivise you in the long term (not just short term aggressive earnings management). Also it is tax effective if it is a revenue approved scheme.

Sharp as a tack that Bill.

He could also get this guy in for marketing and promotions

Surely that's Jim Swetter from Swetter Gym?
They could arrange a strategic partnership!

faer2203

Username2011 wrote: »

Sample paper 1 Core Active Health


Does anyone know why they only use 2m for debt when they are calculating the Enterprise value?

Enterprise Value per the internet (as I cannot find it in the book - is it even in there) is:
market cap plus debt, minority interest and preferred shares, minus total cash and cash equivalents.

Yet the figure for debt in the balance sheet is 8m and they do not deduct the 500k cash and cash equivalents.

Any help would be really appreciated!
Thanks

Hey, I think the 2m is from Trimtons balance sheet, not 100% why they use it, maybe to get the same valuation range with the same level of gearing. Any suggestions

faer2203

By any chance does anyone have a list of all the tax filing dates for the tax heads?

Siobhang4

faer2203 wrote: »

By any chance does anyone have a list of all the tax filing dates for the tax heads?

CGT = filing date 31st October
disposal from jan to nov = payment date 15 Dec
Disposal in dec = payment date 31 Jan

CAT = File and pay within 4 mth of valuation date
Thereafter daily interest

SD = Payable within 30 day

Vat = 19th of the following month
annual jan to dec = 19 jan
bi monthly jan to feb = 19 mar.

CT 9mth after the year end on the 21st of the month. if filing online 23rd.
Y/E 31 Dec 11
PT = 21 Nov 11
Bal of Tax = 21 Sep 2012

Username2011

Are the solutions for the cases in the management and finance book that are not provided posted anywhere on the institute site?

faer2203

Siobhang4 wrote: »

CGT = filing date 31st October
disposal from jan to nov = payment date 15 Dec
Disposal in dec = payment date 31 Jan

CAT = File and pay within 4 mth of valuation date
Thereafter daily interest

SD = Payable within 30 day

Vat = 19th of the following month
annual jan to dec = 19 jan
bi monthly jan to feb = 19 mar.

CT 9mth after the year end on the 21st of the month. if filing online 23rd.
Y/E 31 Dec 11
PT = 21 Nov 11
Bal of Tax = 21 Sep 2012

Legend Siobhan!! Thanks a mil!!

supernova84

Just some random things I've come across in the cases that could be linked together when answering a specific indicator. If anybody has other suggestions please add.

• Seeking a listing - Ensure good CG structure in place
• If error in this year a/c's - Possible error occured p/y aswell, mention IAS 8
• Holding high levels of Inventory - Mention ways to reduce/control (EOQ, MRP, JIT, ABC)
• Cost reduction - Zero Based Budgeting can be used to cut overheads
• Redundancies/Staff Reductions - Possible weak HR function & Combined Code link, mention IAS 19 termination benefits & that company is entitled to receive tax rebate
• Any Strategic decision e.g acquisition, Re-organisation, new IT system - mention change management & the effect on company overall strategy
• PLC's - Mention IFRS 8, IAS 33 & IAS 39
• Locust Coffee
• Preparing budgets/forecasts - Include/discuss risk management techniques in your workings if possible (sensitivity analysis, scenario analysis, probability analysis)
• Applying for finance - Prepare business plan with forecasts/projections
• Acquiring/Selling company - Valuation method, tax issues, due dilligence, synergies to be achieved, IFRS 1, IFRS 3, IAS 27, change management, sources of finance
• Doing Non Audit services - Bring to attention of audit committee and link to Combined Code
• Foreign Exchange - Mention IAS 21, ways to manage fx risk, link risk management to Combined Code
• Change in Staff Levels - It might have an effect on any grant conditions company may have IAS 20

Apollo_Creed

funkymonkey9 wrote: »

Just looking at enver plastics here,I had to jump straight to the solution as I had no clue where to begin,if that came up in the exam,do people think they would be able to attempt it?never in a million years would I be able to come up with the solution,is that just me?

Just did the same, pure bag of worms....
Think a few people had trouble with it back along the thread so not the only one..

Also, could anyone tell me this, are we allowed use our answer paper to plan our answer during the thirty minutes?
I suppose we ain't, think we are allowed use the exam paper itself doh.
Any one know for sure.

Siobhang4

Apollo_Creed wrote: »

Just did the same, pure bag of worms....
Think a few people had trouble with it back along the thread so not the only one..

Also, could anyone tell me this, are we allowed use our answer paper to plan our answer during the thirty minutes?
I suppose we ain't, think we are allowed use the exam paper itself doh.
Any one know for sure.

not allowed to write in the answer booklet until the 30 mins are up. can work away on the question or A4 pad.

ferike1

Outsourcing shouldn't only be considered for cost reasons, NEVER outsource key competencies
When considering to purchase someone (sort of covered by synergies) but look at strategic fit to company
Any assumptions or random figures thrown at you must be tested or critiqued. E.g We assume 20% revenue growth.
Consider Deferred Tax implications of financial reporting stuff.

notanocelot

ferike1 wrote: »

Outsourcing shouldn't only be considered for cost reasons, NEVER outsource key competencies
.

And note that outsourcing can be examined under IMP. Check out Quancore for an example. When anything techie is being outsourced there's a heap of specific IMP things you should put in and you're barking up the wrong tree if you treat it as a strategy indic.

Btw somebody mentioned due diligence. Telco solution has a great example of due diligence. It's probably the only page of a case study I'm going to bring into the exam.

Mavic09

funkymonkey9 wrote: »

S.626b is not relevant in this case I don't think,the father is selling shares in the holding company,not in the separate subsidiaries,I don't see mention of it in the solution anyway but could be wrong!

I must have been thinking about another case when I replied there!

Siobhang4

Does anyone have a list of the countries with which Ireland has a DTA for Tax Elective?

notanocelot

Siobhang4 wrote: »

Does anyone have a list of the countries with which Ireland has a DTA for Tax Elective?

http://www.revenue.ie/en/practitioner/law/tax-treaties.html

Siobhang4

notanocelot wrote: »

http://www.revenue.ie/en/practitioner/law/tax-treaties.html

Thanks I already have that list printed out but find that institute treat countries on the list as not having a treaty.. eg Case study in the book Multi Ireland Ltd Singapore is on the list and yet dividend is subject to 25% tax...

Was thinking the instuitde might have a list of countries that they consider examinable as treaty countries, as that list is up to date and not all are in effect in 2011

Georgia, Moldova, Serbia, Singapore and Turkey all came into effect in 2011 so don't know if we should be considering these as unilateral countries or DTA Treaties... hopefully will be clear cut if it comes up..

Elle2012

Siobhang4 wrote: »

notanocelot wrote: »

http://www.revenue.ie/en/practitioner/law/tax-treaties.html

Thanks I already have that list printed out but find that institute treat countries on the list as not having a treaty.. eg Case study in the book Multi Ireland Ltd Singapore is on the list and yet dividend is subject to 25% tax...

Was thinking the instuitde might have a list of countries that they consider examinable as treaty countries, as that list is up to date and not all are in effect in 2011

Georgia, Moldova, Serbia, Singapore and Turkey all came into effect in 2011 so don't know if we should be considering these as unilateral countries or DTA Treaties... hopefully will be clear cut if it comes up..

I was looking at this as well, the cases in the book were also same for last year, so maybe just an oversight in the solution.. & not updated to include Singapore..

Like if it's not clear i guess just throw in an assumption & least u have yourself covered.. I'm assuming though because we are using FA2011 etc u would include countries added in 2011?

An Citeog

Username2011 wrote: »

Are the solutions for the cases in the management and finance book that are not provided posted anywhere on the institute site?

They should all be in here.

Siobhang4

Elle2012 wrote: »

I was looking at this as well, the cases in the book were also same for last year, so maybe just an oversight in the solution.. & not updated to include Singapore..

Like if it's not clear i guess just throw in an assumption & least u have yourself covered.. I'm assuming though because we are using FA2011 etc u would include countries added in 2011?

I guess if they are on the list they can't penalise us for applying 12.5% in occordence with S21B
Some countries were added in 2011 but not in effect yet... are you assuming that these are unilateral... hopefully they will have considered this and make it clear cut.. use countries not on the list for unilateral example...

ferike1

For core its much easier.

Whenever dealing with tax in other countries consider the use of a specialist

Elle2012

Siobhang4 wrote: »

Elle2012 wrote: »

I was looking at this as well, the cases in the book were also same for last year, so maybe just an oversight in the solution.. & not updated to include Singapore..

Like if it's not clear i guess just throw in an assumption & least u have yourself covered.. I'm assuming though because we are using FA2011 etc u would include countries added in 2011?

I guess if they are on the list they can't penalise us for applying 12.5% in occordence with S21B
Some countries were added in 2011 but not in effect yet... are you assuming that these are unilateral... hopefully they will have considered this and make it clear cut.. use countries not on the list for unilateral example...

I think those that have not come into effect probably safer to go with unilateral? This is just my take on it though..

Might drop them an email to clarify.. Cause I could totally see myself getting confused with this in the exam!!

chursy

Any advice on what to read for IMP from the book ?

Also any strong recommendations for a mist read from strategy and hr?

supernova84

supernova84 wrote: »

Just some random things I've come across in the cases that could be linked together when answering a specific indicator. If anybody has other suggestions please add.

• Seeking a listing - Ensure good CG structure in place
• If error in this year a/c's - Possible error occured p/y aswell, mention IAS 8
• Holding high levels of Inventory - Mention ways to reduce/control (EOQ, MRP, JIT, ABC)
• Cost reduction - Zero Based Budgeting can be used to cut overheads
• Redundancies/Staff Reductions - Possible weak HR function & Combined Code link, mention IAS 19 termination benefits & that company is entitled to receive tax rebate
• Any Strategic decision e.g acquisition, Re-organisation, new IT system - mention change management & the effect on company overall strategy
• PLC's - Mention IFRS 8, IAS 33 & IAS 39
• Locust Coffee
• Preparing budgets/forecasts - Include/discuss risk management techniques in your workings if possible (sensitivity analysis, scenario analysis, probability analysis)
• Applying for finance - Prepare business plan with forecasts/projections
• Acquiring/Selling company - Valuation method, tax issues, due dilligence, synergies to be achieved, IFRS 1, IFRS 3, IAS 27, change management, sources of finance
• Doing Non Audit services - Bring to attention of audit committee and link to Combined Code
• Foreign Exchange - Mention IAS 21, ways to manage fx risk, link risk management to Combined Code
• Change in Staff Levels - It might have an effect on any grant conditions company may have IAS 20

Anymore ideas from people? Things they've come across in the cases that can be linked up to other area?

ferike1

• Applying for finance - consider the aspects cost, risk, adequacy, availability and alternatives. State effect on balance sheet. Might link to PM, if shares are offered (EPS)

• Watch out for dominant individuals - linked to both BL (over-reliance on key individual) and Audit (audit risk of dominant individual). This also stands for over-reliance on a single client or geographic area.

• When disposing a sub/closing a branch - consider both tax implications (participation exemption); termination payments (tax;PM and BL/HR standpoint) and also Onerous contracts (this I felt was important to mention as future losses can't be provisioned for except for onerous contracts that must be fulfilled). As well as of course the financial reporting implications of disposing/selling under IFRS 3, IAS 27 and if IFRS 5 is applicable

• Always be aware if you are dealing with a PLC or Ltd company and if you are being asked to FR adjustments to the group or single company

• Also consider IAS 24 when talking about acquiring a company or if there is a sub.
• Just something I thought of. If there is R&D and potential IAS 38 stuff, can potentially be linked to R&D tax credit
• Marketing and IMS seem to be linked - e-business
• Identify what matters are required by law (e.g disclosure of directors salaries, 10% of NA loans) and what is just good CG