FAE September 2012

louise1985

Ex 88 wrote: »

So you'd suggest about 45 min planning time? I was thinking the same! If you rush straight in you could end up writing an indicator out that's not relevant! I did that in the mock I thought there was a Cor Gov indicator when I had just read the case wrong! If I have planned and read the case again that wouldn't of happened!

About the nerves, I bought rescue remedy yesterday and nearly have half the bottle gone already! Might try the calming tablets but don't want to be stoned going in!

I got the higher nature balance for nerves in health shop, one my friends that done FAE last year recommended them, maybe its all in the mindset just knowing you took a tablet but its seems to have worked for me previous so I'll try it again for the FAE!!

galr

Ex 88 wrote: »

So you'd suggest about 45 min planning time? I was thinking the same! If you rush straight in you could end up writing an indicator out that's not relevant! I did that in the mock I thought there was a Cor Gov indicator when I had just read the case wrong! If I have planned and read the case again that wouldn't of happened!

About the nerves, I bought rescue remedy yesterday and nearly have half the bottle gone already! Might try the calming tablets but don't want to be stoned going in!

Sorry but like do u mean 30 mins reading 45 planning yeah??

Ex 88

Yeah that gives about 5/6 min planning each indicator after reading time!

tt1

Double vodka and redull 9am tuesday will calm my nerves and make me focus nicely!!

luco123

Would someone happen to know what the thresholds are that if exceeded the company must be audited?

supernova84

luco123 wrote: »

Would someone happen to know what the thresholds are that if exceeded the company must be audited?

The amount of turnover of the company must not exceed €7.3 million

The assets of the company are less than €3.65 million at the end of it's financial year

The average number of employees must not exceed 50

okdune

God does anyone really really understand the likes of IAS 32, 39 and IFRS 7 - winging it and praying...

Flange/Flanders

supernova84 wrote: »

The amount of turnover of the company must not exceed €7.3 million

The assets of the company are less than €3.65 million at the end of it's financial year

The average number of employees must not exceed 50

And if their accounts/annual return is late filing it'll be audit for the next 3 years at least.

thetrainee

I think you only lose the exemption in the year the ARD is missed and the following year!

Flange/Flanders

thetrainee wrote: »

I think you only lose the exemption in the year the ARD is missed and the following year!

I could be wrong but I was always of the understanding that you had to satisfy the audit exempt conditions for 3 years before you qualify for audit exempt again? Anyway, as long as you have the conditions for loss of exemption, thats all they'd need at core Id imagine.

luco123

supernova84 wrote: »

[Quo
te=luco123;80564737]Would someone happen to know what the thresholds are that if exceeded the company must be audited?

The amount of turnover of the company must not exceed €7.3 million

The assets of the company are less than €3.65 million at the end of it's financial year

The average number of employees must not exceed 50[/Quote]

That's great thanks.
Just to clarify... if the exceed one does it envoke an audit or must all three be exceeded?

Also IFRS 7..... I dont have notes on that... is it important? Anyone got any notes on it?

Dee29

Can anybody tell me in the Mock Comp 2012 - Design Art where the Average contribution per design hour in the year ended 31 May 2012 of 39.00 came from? I can work out the least profitable one of 13.10 so I am totally confused why this methology doesn't apply to the 1st calculation.

Thanks

thetrainee

That's great thanks.
Just to clarify... if the exceed one does it envoke an audit or must all three be exceeded?

You just need to have exceeded one! The ARD date shouldn't matter, but I reckon somat sneaky like a missed date might be thrown in or that the company may not have realised that they are over the thresholds! Non directive indicator style

Flange/Flanders wrote: »

I could be wrong but I was always of the understanding that you had to satisfy the audit exempt conditions for 3 years before you qualify for audit exempt again? Anyway, as long as you have the conditions for loss of exemption, thats all they'd need at core Id imagine.

Its only that I had to deal with this issue in work before and explain to a client the affects of the missed date that I know!

CRO - If an Annual Return is late, the audit exemption is lost for two years - the current year and following year. The Registrar has no power to grant a derogation from this legal requirement.

FAE4EVA

Dee29 wrote: »

Can anybody tell me in the Mock Comp 2012 - Design Art where the Average contribution per design hour in the year ended 31 May 2012 of 39.00 came from? I can work out the least profitable one of 13.10 so I am totally confused why this methology doesn't apply to the 1st calculation.

Thanks

It was calculated in indicator 1. See note 4 under the table in the solution.

Spent ages wondering the same!

R0N BURGUNDY

Dee29 wrote: »

The attached notes have a good example of company valuation - 4 methods page 36

Great mate - cheers!!! Tempted to go into work now and print this off.

figrolls

Whats everybodys plan for the last two days??

Usually Im a cramming and panic study in the last week, but this week gone I've been rather lazy about the whole thing, barely reading a few bits here and there - I suppose what comes up on the day cant really be prepared for in some ways, such is the nature of these exams....

but if anybody has any ideas of what we should be looking over today and tomorrow that'd be great!

Ex 88

Are people expecting to see all super 6 examined on Tuesday? I'm getting very obsessed with non directive indicators just did southern fisheries and picked out 3 indicators which turned out not to be indicators at all FML

Siobhang4

thetrainee wrote: »

I think you only lose the exemption in the year the ARD is missed and the following year!

that's correct roll on thursday

Dee29

FAE4EVA wrote: »

It was calculated in indicator 1. See note 4 under the table in the solution.

Spent ages wondering the same!

Thanks for the response. But is 39.00 right? If the contribution is 1,604,000 and the hours are 27,000 that works out at 59.41!! or is it yet another typo?

ucd.1985

Dee29 wrote: »

Thanks for the response. But is 39.00 right? If the contribution is 1,604,000 and the hours are 27,000 that works out at 59.41!! or is it yet another typo?

Actual hours are much higher than ones recorded.

figrolls

Dee29 wrote: »

Thanks for the response. But is 39.00 right? If the contribution is 1,604,000 and the hours are 27,000 that works out at 59.41!! or is it yet another typo?

It should be contribution of 1,604,000/36,000 with 36,000 being the total hours available, however they appear to have made a mistake and taken it as 1,404,000/36,000 which gives the €39

R0N BURGUNDY

I'm focusing on my strength : procrastinating

FAE_UCH

supernova84 wrote: »

The amount of turnover of the company must not exceed €7.3 million

The assets of the company are less than €3.65 million at the end of it's financial year

The average number of employees must not exceed 50

Is it once it goes above any of the thresholds or does it have to go above them all??

froggatt2011

I'm signing off from the forum for now so thanks for all the help & the very best of luck to everyone. Stay positive and keep cool

BESman

supernova84 wrote: »

The amount of turnover of the company must not exceed €7.3 million

The assets of the company are less than €3.65 million at the end of it's financial year

The average number of employees must not exceed 50

Were the thresholds not increased recently? Thinks its €8.8m for turnover and €4.4m for assets now. Check CRO website.

Flange/Flanders

figrolls wrote: »

Whats everybodys plan for the last two days??

Usually Im a cramming and panic study in the last week, but this week gone I've been rather lazy about the whole thing, barely reading a few bits here and there - I suppose what comes up on the day cant really be prepared for in some ways, such is the nature of these exams....

but if anybody has any ideas of what we should be looking over today and tomorrow that'd be great!

Yeah im normally the same, trying to cram like crazy. I had a study plan done out for the last 4 or 5 days but since friday im taking it very easy. Even had a few hours planned before the football this afternoon but they've been very lazy days. Maybe its the fact that its indicators rather than proper questions that Im being a bit lax. Suppose its vital to be alert for these exams so you dont miss out something rather than wrecking yourself cramming.

Saint Sonner

Yet again i'm screwed - tried different tactics this year and i'm just realising now that i haven't a chance!!!!

ferike1

Saint Sonner wrote: »

Yet again i'm screwed - tried different tactics this year and i'm just realising now that i haven't a chance!!!!

Gotta stay positive man!

funkymonkey9

In Thorpe clinic anyone know where the incremental cash inflow\outflow figures in appendix 1 come from? Thanks

Siobhang4

BESman wrote: »

Were the thresholds not increased recently? Thinks its €8.8m for turnover and €4.4m for assets now. Check CRO website.

it looks like these changes were made in 2012, do these apply then for the exam or the old rates?