FAE September 2012

Ex 88

faer2203 wrote: »

I wasnt going to do a summary folder, was just going to have like 6 folders (one for each) and have them well organised and bring the books in aswel?

I was doing that at first but found it time consuming having to pick up each folder plus it's hard having loads of folders open on your desk at once! I'm finding it easier just having one folder with condensed notes and if I need further detail I'll look at my main folder/book on each subject! Everyone is different though whatever you're more comfortable with

Eiriu

notanocelot wrote: »

I just had the realisation that I'm not going to have time to finish off all the case studies.

At least, not if I want to go through exam qs. Only 9 days left and I did no work today or yesterday.

At least today I fixed up my summary folder! What does everyone's summary folder look like? I've got bits and pieces of the notes of the guy who came first last year, plus my own co val, Code and ESs summaries, plus discount tables and tax reference 2011 material, plus controls and a couple of substantive tests. I just need to do up ratios and some mgt acc formulas in nice coloured pens and it's done.

Don't worry about all the case studies, do some past exam papers for technique, and focus on your competency levels.

You could look at the case studies briefly, identify indicators, read solutions and take note of stuff thats new information to you.

Stay confident and focused. I don't think mammoth study sessions now are the answer.

7upfree

I'm definitely not going to get near half the case studies done. Was thinking of trying to get through as many as I can and picking out the indicators and just bullet points of what I should be talking about.

I think in terms of doing questions I would be better off doing the past exam papers. I have no concentration at the minute and actually feel physically sick over these exams. I better pass this year because to be honest if I don't I can't see myself going through all this again.

Accrual Intentions

I hate big shocking surprises in the exam so trying to look at angles that I may have no clue about. One thing springs to mind. A public company going private. As in a de-listing or where the private individuals who own some shares try and buy out the publicly traded shares and gain full control again.

Anyone have any ideas what the general implications for this would be?

okdune

faer2203 wrote: »

I wasnt going to do a summary folder, was just going to have like 6 folders (one for each) and have them well organised and bring the books in aswel?

Word of advice - I did this last year - I had six small folders so so organised -but it just took to long going from one to the other I recommend one summary folder. My tuppence worth anyway!

ferike1

I think the only book I am bringing in that the institute issued is the tax one. I think all the money goes to fund their expensive building because the textbooks are sh*te.

7upfree

So I decided to look at Locust coffee today. Big mistake :-(

For indicator 2 they calculate a break even point which

A) I would never have thought of doing at all and

I haven't a clue how they got it.

In the solution they have (4000 * 305 = 6000/5)

WTF

I am assuming €4000 is 2/3 (seen as half the solutions are wrong I have assumed the institute decided that profit of 30% is the same as 1/3) of 6000 ie the cost of materials

I don't get where the 305 is coming from
4000 * 305 = 1,220,000
6000 / 5 = 1,200

Now I'm just completely demotivated and confused.

notanocelot

ferike1 wrote: »

I think the only book I am bringing in that the institute issued is the tax one. I think all the money goes to fund their expensive building because the textbooks are sh*te.

The HR one is pretty good. Slim, detailed contents page - worth bringing in so you can flick to 'recruitment' or whatever in case HR does come up.

Meanwhile if you brought the Strategy book in you'd be struggling through sixty Shakespeare quotations before you found anything useful.

ferike1

HR as a concept can be summed up in few simple points.

Your employees are unhappy? Respect & challenge them and give them more money/perks.

http://www.cracked.com/blog/the-5-most-useless-motivational-tactics-every-workplace-uses/

Some humourous Sunday reading

funkymonkey9

ferike1 wrote: »

I think the only book I am bringing in that the institute issued is the tax one. I think all the money goes to fund their expensive building because the textbooks are sh*te.

I'd definitely recommend bringing the Imp book too,after that cloud computing indicator on the mock I think it'd be wise to have it to hand in case something obscure comes up,fingers crossed that doesn't happen though!have a major fear of failing on Imp

aca101

okdune wrote: »

Word of advice - I did this last year - I had six small folders so so organised -but it just took to long going from one to the other I recommend one summary folder. My tuppence worth anyway!

Ya this is the way to go I reckon, it'll be vital for subjects like Tax and FR, bit harder to summarise subjects like strategy. I definitely won't be going near the books or folders in the exam unless I'm badly stuck for something.

I've done all the case studies at this stage, just need to start looking at the exam papers this week, hope I'm not leaving it too late am I? Is there much difference between the exam papers and the cases in terms of difficulty?

Jame Gumb

Marketing's the one that terrifies me. Not the subject. Just that something as meaningless and bullsh1tty could do you over. Easy enough to get RC but that's not enough.

Having Marketing as an element of the depth test is laughable. It's about as relevant to being a CA as knitting.

notanocelot

aca101 wrote: »

Is there much difference between the exam papers and the cases in terms of difficulty?

It's much easier to spot indicators in the exam papers, so that's one blessing.

okdune

aca101 wrote: »

Ya this is the way to go I reckon, it'll be vital for subjects like Tax and FR, bit harder to summarise subjects like strategy. I definitely won't be going near the books or folders in the exam unless I'm badly stuck for something.

I've done all the case studies at this stage, just need to start looking at the exam papers this week, hope I'm not leaving it too late am I? Is there much difference between the exam papers and the cases in terms of difficulty?

There is no time at all in the exam to flick books at all!!

Frankly the exam is easier than the case studies - but you just have to make sure you cover everything. I'm not an audit (wish in ways I was) but I didn't mention last year a potential effect on the audit opinion and I failed - even though I did pretty well in all other areas - heartbreaking!

notanocelot

okdune wrote: »

There is no time at all in the exam to flick books at all!!

Frankly the exam is easier than the case studies - but you just have to make sure you cover everything. I'm not an audit (wish in ways I was) but I didn't mention last year a potential effect on the audit opinion and I failed - even though I did pretty well in all other areas - heartbreaking!

You're one of the 0.5% or so of test-takers who failed through the breadth test? You poor thing!

Jame Gumb

I'm not so sure about the whole "not having time to flick through the books" thing.

If God forbid something out of left field comes up or I have a mental blank about something I do actually know quite well, I'd prefer to take 2 minutes to scan through a text book then spend 2.5 months wishing that I'd brought the book.

Each to his or her own though.

faer2203

okdune wrote: »

Word of advice - I did this last year - I had six small folders so so organised -but it just took to long going from one to the other I recommend one summary folder. My tuppence worth anyway!

Any recommendations on what to include in summary folder, I'd have a tendancy to put everything in, in case something came up and it would be in another folder somewhere, and it would take me more time to find it then?

Jame Gumb

faer2203 wrote: »

okdune wrote: »

Word of advice - I did this last year - I had six small folders so so organised -but it just took to long going from one to the other I recommend one summary folder. My tuppence worth anyway!

Any recommendations on what to include in summary folder, I'd have a tendancy to put everything in, in case something came up and it would be in another folder somewhere, and it would take me more time to find it then?

I'm bringing everything in with me. Having said that, I have one folder with everything summarised to a very high level to trigger my own thoughts. I then have one folder for each subject with things organised by topic. These do reference some pages of the books so I have the books too. I also have the books in case something pops up out of left field.

The plan is never to go beyond the high level summary folder. If things are going badly, I can go deeper into more detailed notes and the books if necessary.

Could be nuts but that's my plan.

okdune

notanocelot wrote: »

You're one of the 0.5% or so of test-takers who failed through the breadth test? You poor thing!

Yep thats me!

Got mostly green - but that little god damn red brought me down.

Chalk_Farm

okdune wrote: »

Yep thats me!

Got mostly green - but that little god damn red brought me down.

Don't fully understand what all the colours mean? When I look at the results on result day what colours do I want to see and not want to see!? Is it one colour for each paper or for each indicator!?

Jame Gumb

Chalk_Farm wrote: »

okdune wrote: »

Yep thats me!

Got mostly green - but that little god damn red brought me down.

Don't fully understand what all the colours mean? When I look at the results on result day what colours do I want to see and not want to see!? Is it one colour for each paper or for each indicator!?

You see any red and it's game over.

Each "Super Six" subject gets a colour (e.g. Performance Measurement or Finance). Six yellows and you're okay depth and breadth wise. Then you just gotta worry about the suffiency test (enough RCs and Cs or HCs to get you over the line for the purposes of the sufficiency test).

MPBC123

U want to see greens & yellows
U will get colour for each subject I.e tax, audit, pm, bl, imp, fin

ferike1

This is a discriminatory system against those who are colour blind. Scrap the whole thing.

okdune

faer2203 wrote: »

Any recommendations on what to include in summary folder, I'd have a tendancy to put everything in, in case something came up and it would be in another folder somewhere, and it would take me more time to find it then?

1. Performance management (performance, ratios, budgeting, KPIs, Scorecard etc)
2. PM - Standards summary if you feel you need it or a few like IAS 33 that you may need to refer to
3. PM Disclosure requirements - good to have them in one place.
4. All tax notes you've made together - no point separating these as tax is so intertwined. Helps to put together some brain storming tree pictures for all the various scenarios to make sure you leave nothing out. Tax ref matieral etc.
5. Corporate Governance
6. Ethics
7. Strategy implementation and business plan, macro and micro environment analysis, strategic options, leadership
8. Marketing (market evaluation / entry, branding, pricing etc)
9. Notes on key finance areas just incase, sources of finance and benefits, Cost of Cap, CAPM, Valuations, Investment appraisal
10. Acquisitions, strategic fit, DD, IPOs
11. Hedging (FX, interest rates)
12. Management accounting, lifecycle, transfer, marginal, variances and pricing again and also budgeting
12. IMP (I just have summary pages for these)
13. HR and marketing
14. Audit (notes on role of auditor, framework, standards and companies act for quick reference)
13. Audit risk
14. Audit control and internal environment (for these both pointers taken from case studies..)
15. Audit procedures
16. Fraud and going concern
17. post audit and audit reports
18. Ket formulae and discount rates

OK folder is downstairs but thats from the top of my head.....

Chalk_Farm

Jame Gumb wrote: »

You see any red and it's game over.

Each "Super Six" subject gets a colour (e.g. Performance Measurement or Finance). Six yellows and you're okay depth and breadth wise. Then you just gotta worry about the suffiency test (enough RCs and Cs or HCs to get you over the line for the purposes of the sufficiency test).

Ah so colours are only for the Depth and Breadth test (competent wise)!?

okdune

Jame Gumb wrote: »

I'm not so sure about the whole "not having time to flick through the books" thing.

If God forbid something out of left field comes up or I have a mental blank about something I do actually know quite well, I'd prefer to take 2 minutes to scan through a text book then spend 2.5 months wishing that I'd brought the book.

Each to his or her own though.

Of course I'm all for flicking through but just dont rely on being able to do it a whole lot.

Jame Gumb

Chalk_Farm wrote: »

Jame Gumb wrote: »

You see any red and it's game over.

Each "Super Six" subject gets a colour (e.g. Performance Measurement or Finance). Six yellows and you're okay depth and breadth wise. Then you just gotta worry about the suffiency test (enough RCs and Cs or HCs to get you over the line for the purposes of the sufficiency test).

Ah so colours are only for the Depth and Breadth test (competent wise)!?

That's my understanding. I think that you get six colours, a sufficiency score and a decile score and that you want to see at least six yellows, a "1" and then anything at all respectively (decile ranking just dictates who buys the shots on 23rd November).

okdune

Jame Gumb wrote: »

That's my understanding. I think that you get six colours, a sufficiency score and a decile score and that you want to see at least six yellows, a "1" and then anything at all respectively.

Pretty much. Your results sheet will look like a colour by numbers sheet.

Dont get too bogged down with this - nothing you can do about it but answer the paper as best you think.

Chalk_Farm

Jame Gumb wrote: »

That's my understanding. I think that you get six colours, a sufficiency score and a decile score and that you want to see at least six yellows, a "1" and then anything at all respectively (decile ranking just dictates who buys the shots in Coppers on Thursday week).

Cheers that certainly helps!

figrolls

Im trying to think of different scenarios that may come up and think of the different areas that may be relevant

eg buying a business - co valuations etc

But for a company in difficulty - what would the tax implications be?

The only real scenarios I can think of so far are

-buying a business
-IPO
selling a business/ investor divesting
- business in difficulty

surely theres plenty more, anybody got any ideas?