FAE September 2012

faer2203

Hey, just wondering if anyone has summary notes on money laundering?

Siobhang4

Username2011 wrote: »

Just with this, do ALL assets (except for cash) have to be transferred?
So if you are buying a company not as a share purchase but as an asset purchase, and say you don't buy some property, does that mean that there will be VAT?

Relief to CGT and VAT separate

For CGT all asset except cash must be transferred to avail of S600 relief.

however may be better not avail of relief.
If property in the busniess may be better just keep it separate and rent to the company
Will have CGT liability on transfer for goodwill
however won't have to pay stamp duty on transfer of property and subsequent cash extraction issues from company on sale of property.
Should look at both options.

Vat separate relief as above,

at least thats my understanding.

ferike1

faer2203 wrote: »

Hey, just wondering if anyone has summary notes on money laundering?

Here are mine:

Don't



Sorry, couldn't resist.

Siobhang4

Does anyone have a summary listing of industry for Vat - if exempt and if not rates used.

Bobby Dazzles

Brilliant Bee really is completely ridiculous on a number of levels.

Any time I open it though, I start going "Bzzzzzzzzz".

FAE Dementia - It's a real disease you know with doctors and medicine.

haribo12

Was just wondering is there any summary notes for audit core on this

For risk assessment, internal controls , It would be really great if someone could send me a link for it

Thanks

ferike1

I have actually resigned myself to the fact that so much of this exam just depends on the day. Its not like CAP2 where you can expect a consolidation question or audit report and prepare for it. Here it could be anything and no amount of prep will be adequate.

Could be the strategic plan for a wallpaper company or potential acquisitions for 'insert random industry here' company.

7upfree

Bobby Dazzles wrote: »

Brilliant Bee really is completely ridiculous on a number of levels.

Any time I open it though, I start going "Bzzzzzzzzz".

FAE Dementia - It's a real disease you know with doctors and medicine.

Fae dementia set in a long time ago fae breakdown got me today. Cant wait till this day next week hopefully it will be behind us all for good

Username2011

siobhan4460 wrote: »

thorpe clinic how does the €5,829,000 come about?

Just wondering if anyone knew this? Or where the numbers for the contribution margin come from in appendix 1
Thanks!

Username2011

haribo12 wrote: »

Was just wondering is there any summary notes for audit core on this For risk assessment, internal controls , It would be really great if someone could send me a link for it Thanks

It's kind of hard to have noted for it as the risks will be specific to the case and they really don't want generic ones. Then the controls will be based on those specific risks

Moorstown

Can listed companies avail of non audit services from audited firm provided they are safeguards put in place?

haribo12

Username2011 wrote: »

haribo12 wrote: »

Was just wondering is there any summary notes for audit core on this For risk assessment, internal controls , It would be really great if someone could send me a link for it Thanks

It's kind of hard to have noted for it as the risks will be specific to the case and they really don't want generic ones. Then the controls will be based on those specific risks

Ya understand would appreciate it though If anyone had generic ones ??

elaine61527

ferike1 wrote: »

To be honest I gave them all a quick skim

There are handy things in there like FX risk, divisional performance, variances.

I am sorry about the information overload, its all I have.

Hi Ferike,

could you send these on to me also if you get a chance...hitting panic mode at this stage! :mad::mad::mad:

Thanks so much.

tomfoolery60

Moorstown wrote: »

Can listed companies avail of non audit services from audited firm provided they are safeguards put in place?

Yes they can - however certain N.A.Es are explicitly prohibited for a listed client (i.e. "Accounting Services" - except in emergency situations). Also there are more detailed requirements regarding what the audit committe need to be told regarding fees and safeguards, etc...

tomfoolery60

haribo12 wrote: »

Ya understand would appreciate it though If anyone had generic ones ??

It's not possible to provide generic audit risks/controls that are in any way meaningful. What is a huge risk for one company can be a trivial matter for another company.

ferike1

Just reviewing the 2012 mock! Bloody ridiculous. Especially that sim on the restaurants and the vouchers

wheatser

Is there any good variance questions in cases that people have come by? Have a feeling we might get it somewhere in the exams?

supernova84

wheatser wrote: »

Is there any good variance questions in cases that people have come by? Have a feeling we might get it somewhere in the exams?

Enver Plastics has variances. Can't see us being asked to calculate variances tbh, too time consuming and more cap 2 examinable.

FAE4EVA

Just doing 2012 mock sims.. WTF?? That text about divvies from the company. They must be smoking good stuff in institute!

I heard people mention it on here but jesus..

Just on the stock indicator, is the reason the refurbishment cost is allowed to be added on in the average cost method because it happened in the year?

I thought NRV was selling price less (costs to complete and costs to sell)?

For NRV is it only costs to complete post year end that you deduct and any expenses incurred during the year are just added to the cost?

Thanks

ferike1

Yeah WTF indeed

wheatser

supernova84 wrote: »

Enver Plastics has variances. Can't see us being asked to calculate variances tbh, too time consuming and more cap 2 examinable.

Yeah agree we wont have to calculate a whole pile but may have to do a few a comment on them.

What you think is likely for management accounting?

ferike1

Transfer pricing! I feel it in my bones.

EVA hasn't come up either yet.

7upfree

I thought we could do with some cheering up.

This is how I feel today. Roll on next thursday

ferike1

supernova84

wheatser wrote: »

Yeah agree we wont have to calculate a whole pile but may have to do a few a comment on them.

What you think is likely for management accounting?

1)KPI's

2)Redrafting a budget under different assumptions (cost cutting)

3)Ways to improve budgetary process (mention Balanced Scorecard, ZBB, ABC, JIT, MRP, BRP etc..)

4)Assessment of a proposed investment (calculate break even, contribution margin)

Just my thoughts but I'm terrible at these predictions. Hope the fourth option doesn't appear (probably will now) because it can be asked in lots of different ways.

ferike1

This pretty much sums up me and mgmt accounting

Ex 88

If this exam was marked on tagging/ highlighting your notes I'd be grand! All my pages are so colourful I'm in the wrong profession

figrolls

If they were based on overbuying of stationary I'd be sorted....

I cant study without a green pen, new pencil, 5 different highlighters...better go to tesco so and study later.....

Ex 88

Green??? Nah I'm more into black!! I get disorientated if I use a blue pen! FAE problems

supernova84

Ex 88 wrote: »

Green??? Nah I'm more into black!! I get disorientated if I use a blue pen! FAE problems

I always use blue. They say once you go black you won't go back lol