FAE September 2012

ferike1

NoNamer wrote: »

where did you source the ACCA books? are they considerably better than the ones we have?

I personally find them better.
Got them online, the emile woolfe ones.

I have never even looked at the CAI code. APB is all I know.

Username2011

whytenc wrote: »

Just re-did the 2012 mock there-in the audit indicator they reference the CAI code of ethics for members, rather than ES5 which i referred to.....anyone know when you should be referencing the CAI code as it actually never even occured to me for that indicator?

Comp statement specifically states that the institute will accept either of the code or the ethic stds

the west

I know this was prob asked before but what is the story with EIIS. Are we to actually mention this. noting that seed capital and BES are still applicable until 2013. thanks

whytenc

Username2011 wrote: »

Comp statement specifically states that the institute will accept either of the code or the ethic stds

Oh really? thats good to know, thanks

notanocelot

whytenc wrote: »

Just re-did the 2012 mock there-in the audit indicator they reference the CAI code of ethics for members, rather than ES5 which i referred to.....anyone know when you should be referencing the CAI code as it actually never even occured to me for that indicator?

God yeah that annoyed me! Totally unfair that that was a requirement.
I think it's part of the regulations that are in the technical handbook. Anyway, from now on I'm just going to parrot a line about ethics of CAI every time there's auditors.

So the competency statement says we would get equal credit? OK I feel better now.

FAE_UCH

ferike1 wrote: »

Definitely bringing in the acca books as a backup for a tricky question, either in variances, ifrs or finance! The summary I have for most will do.

Everyday I imagine my name on the pass list. Positive mental attitude.

Are they going to Publish a passlist or will it be like the CAP2s and we'll have the log into it..

Does anyone think that the 2011 paper was alot easier that the 2010?

My massive fear is this the will throw in something completly off the wall like valuing a minority interest of a government agency that only engages in transfer pricing and only asset is a patent.

ferike1

FAE_UCH wrote: »

Are they going to Publish a passlist or will it be like the CAP2s and we'll have the log into it..

Does anyone think that the 2011 paper was alot easier that the 2010?

My massive fear is this the will throw in something completly off the wall like valuing a minority interest of a government agency that only engages in transfer pricing and only asset is a patent.

Yeah, that's why I want the books. If something very specific comes up at least I will have info.

thetrainee

Are they going to Publish a passlist or will it be like the CAP2s and we'll have the log into it..

I was wondering about this as well, I mean they didn't give the CAP 2s much warning. I would always have been anti the list and how harsh it is but now faced with the privacy I don't know! If I fail I think I would actually prefer everyone just know so they will leave me alone, will all come out eventually anyway!

FAE4EVA

Hey lads,

Just wondering there on the not examinable part of Ias 19, which paragraphs in the standard are we to ignore. On quick glance 63 to 91 are out..

Any ideas??

Just want to have quick skim of last few standards after getting RC in AAFRP to cover all bases.

notanocelot

FAE4EVA wrote: »

Hey lads,

Just wondering there on the not examinable part of Ias 19, which paragraphs in the standard are we to ignore. On quick glance 63 to 91 are out..

Any ideas??

Just want to have quick skim of last few standards after getting RC in AAFRP to cover all bases.

There's bits of IAS 19 we're to ignore?
If so you've just made my day!!!
I got RC too so am a wee bit worried.

Username2011

notanocelot wrote: »

FAE4EVA wrote: »

Hey lads,

Just wondering there on the not examinable part of Ias 19, which paragraphs in the standard are we to ignore. On quick glance 63 to 91 are out..

Any ideas??

Just want to have quick skim of last few standards after getting RC in AAFRP to cover all bases.

There's bits of IAS 19 we're to ignore?
If so you've just made my day!!!
I got RC too so am a wee bit worried.

Yep there's certain parts of some standards that are not examinable. All in the competency statement

chursy

Username2011 wrote: »

notanocelot wrote: »

FAE4EVA wrote: »

Hey lads,

Just wondering there on the not examinable part of Ias 19, which paragraphs in the standard are we to ignore. On quick glance 63 to 91 are out..

Any ideas??

Just want to have quick skim of last few standards after getting RC in AAFRP to cover all bases.

There's bits of IAS 19 we're to ignore?
If so you've just made my day!!!
I got RC too so am a wee bit worried.

Yep there's certain parts of some standards that are not examinable. All in the competency statement

Nothing to get too excited about everything included in te derrycotter notes is examinable. That includes the corridor approach.

However we are not expecyed to adjust the actuarial gains and losses based ones randome assumptions etc these amours will be given.

Pure example of this is what we were tested on the assessment it of people thought it wasn't covered. The fact is it, I guest people read the compentency statement specific this again. Correct me of I am wrong.

Username2011

Has anyone done the southern fisheries case? How did they find it?

notanocelot

Username2011 wrote: »

Has anyone done the southern fisheries case? How did they find it?

No feckin' way too long.

figrolls

Anybody know somewhere I could get a decent audit work programme with test by assertion?

Really struggling with test of controls as we only do substantive testing in my office

mrduffy

since one week to go I have 9 sample cases to do tomorrow before dinner ! This is the life and I wish they sent out the letter in the post least they could do !

figrolls

mrduffy wrote: »

since one week to go I have 9 sample cases to do tomorrow before dinner ! This is the life and I wish they sent out the letter in the post least they could do !

Saving money on the stamps most likely...

Username2011

figrolls wrote: »

mrduffy wrote: »

since one week to go I have 9 sample cases to do tomorrow before dinner ! This is the life and I wish they sent out the letter in the post least they could do !

Saving money on the stamps most likely...

Don't think the letter said to bring it so maybe we don't need it. We prob still need I.d. They'd hardly think that someone would volunteer to sit these exams for the craic

faer2203

Anyone know if theres deferred tax on bad debts? Thanks!!

supernova84

faer2203 wrote: »

Anyone know if theres deferred tax on bad debts? Thanks!!

Not for specific bad debts but yes for general bad debt provision. See O'Reilly mortgages case.

figrolls

Anybody any suggestions on what to cram for this week??

I've gone through all the cases twice at this stage (still struggle to get all those indicators even the second time round!) and have covered a fair bit of technical detail but only kinda skimmed it other than tax

is there anything that I should be really focusing on this week in terms of technical material?

I'm finding im just a bit unfocused these last few days as theres just so much to do where as at least with case studies I had a defined list that I had to get through....

any help would be great....

chursy

figrolls wrote: »

Anybody any suggestions on what to cram for this week??

I've gone through all the cases twice at this stage (still struggle to get all those indicators even the second time round!) and have covered a fair bit of technical detail but only kinda skimmed it other than tax

is there anything that I should be really focusing on this week in terms of technical material?

I'm finding im just a bit unfocused these last few days as theres just so much to do where as at least with case studies I had a defined list that I had to get through....

any help would be great....

Focus on ur weak areas at this stage I would say.

7upfree

Username2011 wrote: »

figrolls wrote: »

mrduffy wrote: »

since one week to go I have 9 sample cases to do tomorrow before dinner ! This is the life and I wish they sent out the letter in the post least they could do !

Saving money on the stamps most likely...

Don't think the letter said to bring it so maybe we don't need it. We prob still need I.d. They'd hardly think that someone would volunteer to sit these exams for the craic

You do have to bring the letter with you. It says you have to bring that and I.d. Each day.

Eiriu

supernova84 wrote: »

Not for specific bad debts but yes for general bad debt provision. See O'Reilly mortgages case.

Is a general bad debt tax provision not tax deductible now, as opposed to it only used to be a specific provision allowable, hence no deferred tax. The deferred tax used to be caused by the specific provision only being allowable?

galr

Does any-one else think that cuz ias 19 came up in aafrp it defs won't come up?? Oh god maybe I should have a look at that again!

chursy wrote: »

Nothing to get too excited about everything included in te derrycotter notes is examinable. That includes the corridor approach.

However we are not expecyed to adjust the actuarial gains and losses based ones randome assumptions etc these amours will be given.

Pure example of this is what we were tested on the assessment it of people thought it wasn't covered. The fact is it, I guest people read the compentency statement specific this again. Correct me of I am wrong.

froggatt2011

galr wrote: »

Does any-one else think that cuz ias 19 came up in aafrp it defs won't come up?? Oh god maybe I should have a look at that again!

Remember this is the Institute and anything is possible!

Dee29

Siobhang4 wrote: »

Use solutions to study it. its in organic beef company 2010 paper.

comes up in other case study aswell. Check the finance notes attached to this forum.

Just be careful with Organic beef Q - there are lots of errors in the suggested solution. Good example is Flow Ltd - covered on SFMA course last year. It values a company four different ways. I don't have a soft copy to upload but you might find it on the CAP 2 thread.

Ex 88

figrolls wrote: »

Anybody any suggestions on what to cram for this week??

I've gone through all the cases twice at this stage (still struggle to get all those indicators even the second time round!) and have covered a fair bit of technical detail but only kinda skimmed it other than tax

is there anything that I should be really focusing on this week in terms of technical material?

I'm finding im just a bit unfocused these last few days as theres just so much to do where as at least with case studies I had a defined list that I had to get through....

any help would be great....

Id say focus on Financial/mgt accounting and Business leadership or whatever youre weak in! Having done all the cases do you think it's worth trying to get them all done? I've still a good few to get through but loads of technical to do!

supernova84

Eiriu wrote: »

Is a general bad debt tax provision not tax deductible now, as opposed to it only used to be a specific provision allowable, hence no deferred tax. The deferred tax used to be caused by the specific provision only being allowable?

Yeah your probably right. The O'Reilly case was the only time I came across bad debts and deferred tax so that's all I was going by.

Username2011

Dee29 wrote: »

Siobhang4 wrote: »

Use solutions to study it. its in organic beef company 2010 paper.

comes up in other case study aswell. Check the finance notes attached to this forum.

Just be careful with Organic beef Q - there are lots of errors in the suggested solution. Good example is Flow Ltd - covered on SFMA course last year. It values a company four different ways. I don't have a soft copy to upload but you might find it on the CAP 2 thread.

I only noticed one error in the OBC solution, in that you didn't have information to calculate the first years increase in working capital. I'm surprised to hear there were errors as this was an exam paper question. What errors did you come across?