FAE September 2012

louise1985

ucd.1985 wrote: »

Theres only 1 and 2 on the website as apparently stuff on sim 3 is no loner examinable.

Thanks so much I wasn't sure if I'd made mistake when printing

Siobhang4

faer2203 wrote: »

Thanks a mil Siobhan, appreciate it, another quick question, are the mgmt or the company itself liable to tax on anything as they went from 5% to 50%? Thanks again!!

No as the value of their holding is still the same.. (the value of the company has been reduced therefor if 5% was worth 50,000 now 50% is worth 50,000 money has been paid out for the share buyback) at least thats my take on it.

for company buyback orig shareholder has to reduce holding by 25% to avail of company buyback so long as have less than 30% of company share after the buyback and for benefit of trade (could be shareholders in dispute etc.)

However if trying to combine with retirement relief would have to be further reduced (could only maintain a nominal holding for sentimental reasons)

ferike1

To be honest I reckon I am ready as I am going to be for these exams.

Like I could get lucky and just happen to study something in the next week that will come up but otherwise I doubt this last week will make a huge difference. Just want to sit these fracking things!

BESman

ferike1 wrote: »

To be honest I reckon I am ready as I am going to be for these exams.

Like I could get lucky and just happen to study something in the next week that will come up but otherwise I doubt this last week will make a huge difference. Just want to sit these fracking things!

I find the last week before an exam the most important. Don't know what it is but I just seem to get most of my study done then and it sticks with me. I've always been a crammer though.

ferike1

I dunno, I have put in a lot of work at this stage and hopefully will still be able to! Today was a writeoff!

supernova84

If company is growing consider offering share options as incentive packages to company directors and key employees IFRS 2.

An Citeog

figrolls wrote: »

I know this is probably a stupid question, but....

You know the way in a lot of case studies they say that X ltd runs retail operations in republic of ireland and nothern ireland - should this be an indicator for FX risk, as none of them seem to address it as such...

You could mention it alright but it'd never be enough for a full indicator. I'd be fairly sure it's thrown in because of the NI students though in the same way as every amount is given as €/£.

Siobhang4

levi wrote: »

Is it interest as a charge relief but isnt really available anymore...

Interest as a charge relief is still available but restricted to 75%

Chalk_Farm

Siobhang4 wrote: »

Interest as a charge relief is still available but restricted to 75%

I thought interest as a charge relief was abolished from Nov. 2010!?? Can someone clear this up for me please once and for all, cheers!

Siobhang4

Chalk_Farm wrote: »

I thought interest as a charge relief was abolished from Nov. 2010!?? Can someone clear this up for me please once and for all, cheers!

in the core book on page 22 for the current year deals with specified loss relief restriction for high earners (one of the example is interest as a charge relief - loan drawn down to invest in trading company of 66667 was restricted by 75% thus only 50,000 was allowable...

(75% allowable in 2011)

upnorthchick

Please tell you your talking ROI Tax?

upnorthchick

just heard chartered accountants advertisement on the radio!! feel sick lol
This time two weeks we will all be half cut!!

Siobhang4

upnorthchick wrote: »

Please tell you your talking ROI Tax?

Ya ROI don't be stressing!! if it comes up i prop won't even spot it..

Eiriu

Interest as a charge is not allowable unless you are a company. Then it is protected interest if it is used to invest in the shares of another company. I.E holding company. This relief can be grouped if current year, or used to augment a loss claim. but cannot be carried forward or back.

upnorthchick

haha - good stuff lol

Chalk_Farm

Siobhang4 wrote: »

in the core book on page 22 for the current year deals with specified loss relief restriction for high earners (one of the example is interest as a charge relief - loan drawn down to invest in trading company of 66667 was restricted by 75% thus only 50,000 was allowable...

(75% allowable in 2011)

Yeh thats true I see that now...so what did I hear before something about if you borrow money to invest in shares of a company no relief is available on interest as this was abolished since end of 2010!!?? And then I wasn't sure if this applied to both individuals and companies - that ring a bell with you or am I imaging something ... anyone!!??

Acc7777

Chalk_Farm wrote: »

Yeh thats true I see that now...so what did I hear before something about if you borrow money to invest in shares of a company no relief is available on interest as this was abolished since end of 2010!!?? And then I wasn't sure if this applied to both individuals and companies - that ring a bell with you or am I imaging something ... anyone!!??

Individuals

Only available on loan taken out prior to 7/12/2010

Tax year Amount of interest paid allowable
2011 75%
2012 50%
2013 25%
2014 No relief

Company

Interest paid in respect of borrowings used to acquire a business will qualify as a non trade charge (off-set against total profits)

Chalk_Farm

Acc7777 wrote: »

Individuals

Only available on loan taken out prior to 7/12/2010

Tax year Amount of interest paid allowable
2011 75%
2012 50%
2013 25%
2014 No relief

Company

Interest paid in respect of borrowings used to acquire a business will qualify as a non trade charge (off-set against total profits)

Thanks a mill!! Been wondering about this for weeks :pac:

Ex 88

Hi Audit Elective Question--This may possibly be a stupid question but in the Comp Statement it refers to; Audit Regulations and guidance 2007(ROI) all chapters except Chap3......anybody know what document this is referring to? Lost and hope I'm not missing something big

Chalk_Farm

Ex 88 wrote: »

Hi Audit Elective Question--This may possibly be a stupid question but in the Comp Statement it refers to; Audit Regulations and guidance 2007(ROI) all chapters except Chap3......anybody know what document this is referring to? Lost and hope I'm not missing something big

Think thats in the APB book, check the contents

Ex 88

Chalk_Farm wrote: »

Ex 88 wrote: »

Hi Audit Elective Question--This may possibly be a stupid question but in the Comp Statement it refers to; Audit Regulations and guidance 2007(ROI) all chapters except Chap3......anybody know what document this is referring to? Lost and hope I'm not missing something big

Think thats in the APB book, check the contents

Hmm can't see a Chap 3 in the APB book its not spilt into chapters

chursy

Ex 88 wrote: »

Chalk_Farm wrote: »

Ex 88 wrote: »

Hi Audit Elective Question--This may possibly be a stupid question but in the Comp Statement it refers to; Audit Regulations and guidance 2007(ROI) all chapters except Chap3......anybody know what document this is referring to? Lost and hope I'm not missing something big

Think thats in the APB book, check the contents

Hmm can't see a Chap 3 in the APB book its not spilt into chapters

I downloaded it from chariot . Check it out there and download the full document .

Ex 88

chursy wrote: »

I downloaded it from chariot . Check it out there and download the full document .

Great thanks just downloaded it!! Another bit of light reading for me :eek:

figrolls

Ex 88 wrote: »

Great thanks just downloaded it!! Another bit of light reading for me :eek:

Where abouts on chariot is this?

Ex 88

This is them! No 1 as far as I can see is the one for ROI and no 2 is the one for NI

Ex 88

Ex 88 wrote: »

This is them! No 1 as far as I can see is the one for ROI and no 2 is the one for NI

I could be corrected thought,,, they're all I could find on Chariot

figrolls

Ex 88 wrote: »

This is them! No 1 as far as I can see is the one for ROI and no 2 is the one for NI

Thanks for that, much appreciated!!

tt1

Hi Audit Elective Question--This may possibly be a stupid question but in the Comp Statement it refers to; Audit Regulations and guidance 2007(ROI) all chapters except Chap3......anybody know what document this is referring to? Lost and hope I'm not missing something big.

This document is in the student technical handbook if you have the 2011-2012 version its page 248. ( one of the few documents thats right in the student tech handbook!!!)

Also you need to know chapter 3 of this document in detail!! Sean murray said "whilst the other chapters require a quick read chapter 3 is the one you should spend most of your time on as its classified as Applied in the competency statement!!"

Apollo_Creed

Hi,
Just wondering does anyone know why in last years comp "Environ & Energie" for the tax re-org indicator why we were not allowed reference share for share swaps? "but may not reference shsare for share".

froggatt2011

Yay! Finally off on study leave!!

Does anyone have an example of a decent audit engagement letter? I was sure I had one in my notes but can no longer find it.