FAE September 2012

Siobhang4

funkymonkey9 wrote: »

Are they cat reliefs?I thought business asset relief was just about all they could expect us to know?

If retirement relief comes up no harm mentioning it... its on page 127 of core book not alot on it... but you know the institude will prob be essential for a competent answer... say hone in on the book spend time on the main area and give a one liner on checking in BR or AR can be obtained. Just hope i can do the same. .

LR987654

you just need to mention a possible availability of CAT relief, no detailed calc's or anything required.

Ex 88

Feel like a Jack of all trades and a master of none!! Know bits of each subject but nothing in great detail, fingers crossed no big technical calculations

froggatt2011

At the Grinds Liam said that we are unlikely to get a massive ABC calc, but he covered it anyway! ABC is not difficult folks, just time consuming so for that reason I personally doubt a big ABC calc will come up. Be able to discuss the pros and cons of costing systems, as boring as it is. Gawd the whole fricking course is boring and sucking the life clean out of me. Roll on Thursday evening so that I can get back to my real life of being a secret international crime fighter (and part time artist).

Chalk_Farm

Siobhang4 wrote: »

If retirement relief comes up no harm mentioning it... its on page 127 of core book not alot on it... but you know the institude will prob be essential for a competent answer... say hone in on the book spend time on the main area and give a one liner on checking in BR or AR can be obtained. Just hope i can do the same. .

Can't remember much of CAT but if you claim RR is it not possible for the recipient to claim Business Relief or Agricultural relief etc.??

louise1985

ferike1 wrote: »

Quick Tax reference

Thanks ur a legend

Siobhang4

Chalk_Farm wrote: »

Can't remember much of CAT but if you claim RR is it not possible for the recipient to claim Business Relief or Agricultural relief etc.??

Agri relief = must be farmer 80% test, if satisified can get reduction for 90% of the value of the farm assets.

Business relief = conditions apply aswell

don't need to know contditons etc as far as i know.

just advise client that if interest in the RR would have to check to ensure that the recipient would qualify for other reliefs relief ie CAT reliefs

ferike1

I thought CAT was only at elective level????

No worries on the tax notes. Not mine so no credit taking but I thought I'd share. I find them very helpful for the initial quick look and go into more detail from there.

LR987654

ferike1 wrote: »

I thought CAT was only at elective level????

No worries on the tax notes. Not mine so no credit taking but I thought I'd share. I find them very helpful for the initial quick look and go into more detail from there.

not sure if it is but all the core solutions just say you should mention the possibility of CAT relief if it exists and nothing more

aca101

What do people think are the economic trends worth bearing in mind for the cases? Oil prices increasing, consumer spending down, rising employment, falling property prices, Euro instability, etc.....how are interest rates going? I'm terrible for keeping in touch with these kind of things.

tomfoolery60

ferike1 wrote: »

I thought CAT was only at elective level????

You are partly right, but because it was at CAP2 we are expected to be familiar with it. I'd say a quick name-check of the possible CAT implications and reliefs would sort it out. Have the CAP2 book to hand in case something involving a gift/below market sale/inheritance pops out of the woodwork.

ferike1

aca101 wrote: »

What do people think are the economic trends worth bearing in mind for the cases? Oil prices increasing, consumer spending down, rising employment, falling property prices, Euro instability, etc.....how are interest rates going? I'm terrible for keeping in touch with these kind of things.

Recent trends = mobile & tablets growing faster than laptops. Patent trolling
Poor CG in Japan = see olympus (could have incorrect capitalisation of M&A costs in paper)
Euro = consistently weaker to dollar
Interest rates = low
Banks are unprofitable and unwilling to lend
China growing = attractive investment opportunity
Lack of 2nd language speaking Irish people causing trouble for large multi's like google + paypal
Poor consumer confidence
Slight Inflation

jp19866

hi ferike1.. thank you for your tax ref material by chance could you send me on your other notes you have emailed others? thank you..

froggatt2011

ferike1 wrote: »

Recent trends = mobile & tablets growing faster than laptops. Patent trolling
Poor CG in Japan = see olympus (could have incorrect capitalisation of M&A costs in paper)
Euro = consistently weaker to dollar
Interest rates = low
Banks are unprofitable and unwilling to lend
China growing = attractive investment opportunity
Lack of 2nd language speaking Irish people causing trouble for large multi's like google + paypal
Poor consumer confidence
Slight Inflation

Good article on the Olympus scandal. Reads a bit like one of the Institute's case studies in places but deffo worth a look.

http://www.businessweek.com/articles/2012-02-16/the-story-behind-the-olympus-scandal#p1

notanocelot

Guys, we have to know all the taxes we've ever studied. Everything on CAP1 and CAP2 is examinable, which includes CAT.

funkymonkey9

notanocelot wrote: »

Guys, we have to know all the taxes we've ever studied. Everything on CAP1 and CAP2 is examinable, which includes CAT.

For some reason I remember the tax lecturer saying it's not overly examinable as it's not mentioned too specifically on our competency statement?it's too late at this stage anyway to go back through it all for me!just hope it's not needed for getting to competent in an answer

BESman

notanocelot wrote: »

Guys, we have to know all the taxes we've ever studied. Everything on CAP1 and CAP2 is examinable, which includes CAT.

The solution to Sim 2 on the 2010 Mock clearly states "CAT is not directly on the syllabus for FAE Core. However, students would be expected to have a general understanding of basic principles under the cumulative principle of the syllabus."

Therefore, simple awareness of where CAT might apply should be sufficient. Detailed calculations would not be required.

ferike1

CAT comes up I'm fscked. And its not really covered in our core tax book. I might bring the cap2 tax book along Just in case but I am not spending time revising it now.

Haha. Gotta love the institute. CAT is not on your syllabus but know it anyway. GO AWAY INSTITUTE. I am going to make a point of forgetting EVERYTHING if I pass these FAEs. lol

Flange/Flanders

ferike1 wrote: »

CAT comes up I'm fscked. And its not really covered in our core tax book. I might bring the cap2 tax book along Just in case but I am not spending time revising it now.

Haha. Gotta love the institute. CAT is not on your syllabus but know it anyway. GO AWAY INSTITUTE. I am going to make a point of forgetting EVERYTHING if I pass these FAEs. lol

If you think about it, its like an income tax comp. In theory we should be able to do one of them but realistically all we need to know is a few key points on it because its hard to see how they could fit an indicator like that into a sim. Same I think for CAT. Like maybe business relief is the only thing that is likely to be in anyway asked.

ferike1

Flange/Flanders wrote: »

If you think about it, its like an income tax comp. In theory we should be able to do one of them but realistically all we need to know is a few key points on it because its hard to see how they could fit an indicator like that into a sim. Same I think for CAT. Like maybe business relief is the only thing that is likely to be in anyway asked.

Theory is a great thing. In theory I know how to consolidate a set of accounts

Flange/Flanders

ferike1 wrote: »

Theory is a great thing. In theory I know how to consolidate a set of accounts

Thats what Id love to see, a consolidated cashflow WITH diluted EPS. Easy peesy.

ferike1

Don't get me started. Cashflow statements have been conspicuously absent from the FAEs thus far.

7upfree

Flange/Flanders wrote: »

ferike1 wrote: »

Theory is a great thing. In theory I know how to consolidate a set of accounts

Thats what Id love to see, a consolidated cashflow WITH diluted EPS. Easy peesy.

Bloody consolidated cash flow statements. When I did my CAP 2's in 2010 our lecturer was working off the wrong competency statement and never bothered to reach us consolidated cash flow statements. Only spent half a morning on cash flows do when consolidated cash flow statements came up as our main question you can imagine the panic that set in.

Surprisingly I managed to pass Finabcial reporting failed the bloody auditing though hence why I'm only doing my FAE's now.

Flange/Flanders

7upfree wrote: »

Bloody consolidated cash flow statements. When I did my CAP 2's in 2010 our lecturer was working off the wrong competency statement and never bothered to reach us consolidated cash flow statements. Only spent half a morning on cash flows do when consolidated cash flow statements came up as our main question you can imagine the panic that set in.

Surprisingly I managed to pass Finabcial reporting failed the bloody auditing though hence why I'm only doing my FAE's now.

I had that exact cashflow at home that came up in the exam, well I had it but I didnt cop cos I was a bit liberal with the study for that exam. Needless to say I was sickened when I realised I had it. Im the same except I failed tax.

Acc7777

Which do you recommend:

Do the longest sim question first?
OR
Do the shortest first?

I thought longest at first but now not so sure.

froggatt2011

Acc7777 wrote: »

Which do you recommend:

Do the longest sim question first?
OR
Do the shortest first?

I thought longest at first but now not so sure.

I know this flies in the face of what people say, but I'm taking them in the order they come. Gonna hafta face the heap anyway.

My strategy is to apply a time limit to each indicator, once I've done all my reading and (hopefully) found them.

I spent too little time reading Sims for the mock so making sure I read them properly. Missed 2 indicators cos I rushed it.

7upfree

Flange/Flanders wrote: »

7upfree wrote: »

Bloody consolidated cash flow statements. When I did my CAP 2's in 2010 our lecturer was working off the wrong competency statement and never bothered to reach us consolidated cash flow statements. Only spent half a morning on cash flows do when consolidated cash flow statements came up as our main question you can imagine the panic that set in.

Surprisingly I managed to pass Finabcial reporting failed the bloody auditing though hence why I'm only doing my FAE's now.

I had that exact cashflow at home that came up in the exam, well I had it but I didnt cop cos I was a bit liberal with the study for that exam. Needless to say I was sickened when I realised I had it. Im the same except I failed tax.

Tell me about it. I didn't actually have that question so literally worked off the book and what I could remember of cash flow statements from college. I knew the bloody consolidated income statement and sofp like the back of my hand.

Needless to say I'm not doing the auditing elective. 3 attempts at auditing cap 2 to pass so wasn't taking the chance with FAE's.

Roll on next Thursday.

froggatt2011

7upfree wrote: »

Bloody consolidated cash flow statements. When I did my CAP 2's in 2010 our lecturer was working off the wrong competency statement and never bothered to reach us consolidated cash flow statements. Only spent half a morning on cash flows do when consolidated cash flow statements came up as our main question you can imagine the panic that set in.

Surprisingly I managed to pass Finabcial reporting failed the bloody auditing though hence why I'm only doing my FAE's now.

Holy Sh!t. Is your lecturer still employed by the Institute? You would think heads would role for that, but with CAI being CAI....

7upfree

froggatt2011 wrote: »

7upfree wrote: »

Bloody consolidated cash flow statements. When I did my CAP 2's in 2010 our lecturer was working off the wrong competency statement and never bothered to reach us consolidated cash flow statements. Only spent half a morning on cash flows do when consolidated cash flow statements came up as our main question you can imagine the panic that set in.

Surprisingly I managed to pass Finabcial reporting failed the bloody auditing though hence why I'm only doing my FAE's now.

Holy Sh!t. Is your lecturer still employed by the Institute? You would think heads would role for that, but with CAI being CAI....

Yep he was our FR lecturer this year. He's actually one of the best lecturers we've had bar that f**k up. The fact I still passed says it all really.

The institute said that it didn't make a difference to those who failed they would have failed anyway or something like that.

As you said the institute are the institute

okdune

froggatt2011 wrote: »

I am totally ignoring the book. Such waffle! Use the notes that were uploaded by the Deloitte genius and google/wiki a few bits on cloud computing and that should just about do you. At least that's what I'm hoping.

I've totally had it now with all the papers and cases. I'm doing feck all the rest of the day. Gonna concentrate on APM over the weekend and spend Monday reading up on a few articles and scanning my notes to try to whittle them down some more.

A cushion for your backside Laois Lassie? Really?? Lol, I have enough cushioning of my own

Ah the Deloitte 'genius' is my mate - he would be very proud of his reputation on Boards!