FAE September 2012

autumnbelle

Just wanted to wish yis all good luck with the exams, from reading through the thread my hat goes off to all of yis for all the hard work. Best of luck again

figrolls

I was just flicking through the articles at the front of the resource pack

It says that if information comes to our attention when we are performing non audit work (and we are not the auditor) we do not have to report to the OCDE however if we discover doing non audit work (and we are also the auditor) we have to report

is this understanding correct??

Siobhang4

figrolls wrote: »

I was just flicking through the articles at the front of the resource pack

It says that if information comes to our attention when we are performing non audit work (and we are not the auditor) we do not have to report to the OCDE however if we discover doing non audit work (and we are also the auditor) we have to report

is this understanding correct??

not doing audit elect but say certain things would have to be reported regardless fraud to guards, tax offences - rev etc.

Acc7777

If we're presented with P & L and B/S or other financial data tomorrow in the appendices somewhere, do you bother looking at it during your first read through or do you scan the case find the issues then look at the financials?

Whenever you get to examine them, do you have a set routine that you follow?
(for example check bank balance / check gearing / check deviations from previous year etc).

figrolls

Acc7777 wrote: »

If we're presented with P & L and B/S or other financial data tomorrow in the appendices somewhere, do you bother looking at it during your first read through or do you scan the case find the issues then look at the financials?

Whenever you get to examine them, do you have a set routine that you follow?
(for example check bank balance / check gearing / check deviations from previous year etc).

I dont usually look at it til my second reading of it - but the first thing I look for is if theres a directors loan - great than 10% next assets

Acc7777

figrolls wrote: »

I dont usually look at it til my second reading of it - but the first thing I look for is if theres a directors loan - great than 10% next assets

Nice one, that's exactly the kinda thing I was looking for

Szewinska

i probably wont look at them unless a specific reference to something in the case.

im worried about management questions,that i just dont spot what im meant to do with the figures. just like that tidy homes with labour efficiency. anybody else worried on this or do you feel it may be obvious what figures we should be using

figrolls

Im hoping it will be really obvious!!

and remember, if you do something with it they'll mark it - it might not be whats in the suggested solution but that doesnt automatically mean its wrong!

DTOWN

Hey Guys,

Sorry for last minute question! Does anyone know how the cost of the redeemable preference share was calculated in southern fisheries? ie.€15m 0% interest redeemable in 5 yrs at €24m

brain is melted!!

thanks

figrolls

Just wanted to wish everybody the best of luck tomorrow and for the rest of the week!

Thanks for all the help of the last couple of months, its been in valuable!
I really hope I'm not back here next year looking for it again!

If anybody is starting to panic (like me!) just remember - we've but in the hard work, not just the last couple of months but over the last 7 or so years -so just go in there an show that what we know!

Best of luck with it!

Username2011

ferike1 wrote: »

Ex 88 wrote: »

I hate the way deferred tax just sneaks up on ya! Any easy ways to remember when to account for deferred tax? I know revaluations Any others?

Deposit interest
Accrued pension payments (as only deductible when paid)
Inventory revaluations
When NBV and TWDV of an asset are different.
Increases in general bad debt provisions.

On my summary notes I have in big capital letters.

ALWAYS LOOK OUT FOR DEFERRED FSCKING TAX! to remind me

Sorry if its a silly question, but how.does it apply to deposit interest?

Siobhang4

Acc7777 wrote: »

Nice one, that's exactly the kinda thing I was looking for

Are there any other things we should automatically be looking for from the financial information...

Feel like i'm forgetting everything i know its insane.

Ex 88

Szewinska wrote: »

i probably wont look at them unless a specific reference to something in the case.

im worried about management questions,that i just dont spot what im meant to do with the figures. just like that tidy homes with labour efficiency. anybody else worried on this or do you feel it may be obvious what figures we should be using

Oh god I'm the same but I just keep thinking can they really put a horrible mgt accounting question up? Considering they've been reluctant to examine it? Im hoping for a nice budgeting ques!

ferike1

Siobhang4 wrote: »

Are there any other things we should automatically be looking for from the financial information...

Feel like i'm forgetting everything i know its insane.

Overdraft
High Receivables (especially vs last year)
High Inventory
Low cash
Increasing creditors/loans
Low asset values or assets based on historical cost.
Any mention of off balance sheet finance

Well you have to pay DIRT on interest. And you may not have to pay that tax when you actually receive the deposit interest - hence there is a timing difference.

Siobhang4

ferike1 wrote: »

Overdraft
High Receivables (especially vs last year)
High Inventory
Low cash
Increasing creditors/loans
Low asset values or assets based on historical cost.
Any mention of off balance sheet finance

Well you have to pay DIRT on interest. And you may not have to pay that tax when you actually receive the deposit interest - hence there is a timing difference.

directors loan and overtrading is that it?

ferike1

Off balance sheet financing to make the ratios more favourable.
But pretty much.
That might not necessarily be overtrading, could just be poor working capital management.

Siobhang4

ferike1 wrote: »

Off balance sheet financing to make the ratios more favourable.
But pretty much.
That might not necessarily be overtrading, could just be poor working capital management.

Thanks a million...

Ex 88

Anyone know what time the exam hall opens at?

7upfree

Ex 88 wrote: »

Anyone know what time the exam hall opens at?

Think its 30 minutes before the exam. I know we have to be there atleast 20 minutes before hand.

Eiriu

am I right in thinking that patent income is not taxable for Irish companies? What are the conditions surrounding this? I know it has been done away with for the individual

Username2011

Is it possible to forget all my CAP2 and my 3-months-of-FAE-studying in a day?
Today it certainly seems so.
eeeeeeeek

Chalk_Farm

Best of luck to everyone in the exams! Also thanks a mill for the help here over last couple of months!! Be strong stay strong!

upnorthchick

Well im on a wee trip to tescos to get tipp ex lol
good luck guys!!

Szewinska

DTOWN wrote: »

Hey Guys,

Sorry for last minute question! Does anyone know how the cost of the redeemable preference share was calculated in southern fisheries? ie.€15m 0% interest redeemable in 5 yrs at €24m

brain is melted!!

thanks

page 5 of case says redeemed at €24each and there is 1m shares

Szewinska

ferike1 wrote: »

Off balance sheet financing to make the ratios more favourable.
But pretty much.
That might not necessarily be overtrading, could just be poor working capital management.

Ferike are you paul monaghan in disguise.:D

ferike1

Ha, I friggin wish.

notanocelot

7upfree wrote: »

Think its 30 minutes before the exam. I know we have to be there atleast 20 minutes before hand.

No, that's when they'd prefer us to be there. We can pop in right up until the start of the exam. For CAP 1 and CAP 2 I used to cycle in and get there about 10 minutes or even 5 minutes before the start.

No chance of cycling with all the suitcases so now it's a taxi!

Szewinska

notanocelot wrote: »

No, that's when they'd prefer us to be there. We can pop in right up until the start of the exam. For CAP 1 and CAP 2 I used to cycle in and get there about 10 minutes or even 5 minutes before the start.

No chance of cycling with all the suitcases so now it's a taxi!

yea usually when one has a suitcase they heading somewhere fun

ferike1

I have two bags.

One is the main bag.

The other is for emergencies only. I think you are only stressing yourself more if you have a suitcase with everything. I printed off the acca notes I had for PM and stapled them into chapters. Should anything technical come up that I am stuck on, I whip out that chapter. Nothing for the soft stuff like strategy etc. that is just whatever happens to come up.

I swear the institute books are only good for kindling.

I am also gonna plant a bunch of trees in my garden after these exams. I swear the amount of paper used is ludicrous.

daddydick

ferike1 wrote: »

I have two bags.

One is the main bag.

The other is for emergencies only. I think you are only stressing yourself more if you have a suitcase with everything. I printed off the acca notes I had for PM and stapled them into chapters. Should anything technical come up that I am stuck on, I whip out that chapter. Nothing for the soft stuff like strategy etc. that is just whatever happens to come up.

I swear the institute books are only good for kindling.

I am also gonna plant a bunch of trees in my garden after these exams. I swear the amount of paper used is ludicrous.

Better looking at it than not having anything with you. Best of luck to everyone.