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FAE September 2012

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    #2582
    ferike1
    Registered Users Posts: 1,785 ✭✭✭ferike1


    https://www.youtube.com/watch?v=XZytOcTkJsA


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    #2583
    Siobhang4
    Registered Users Posts: 72 ✭✭Siobhang4


    I'm going to sign off for now.. best of luck everyone and thanks for all the invaluable help... hopefully its done the trick and we won't be meeting back here again next year.. will be back on thur for the postmortem :)


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    #2584
    Elle2012
    Registered Users Posts: 35 ✭Elle2012


    Hey guys,

    Best of luck this week x


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    #2585
    MPBC123
    Registered Users Posts: 69 ✭✭MPBC123


    Best of luck to everyone over the next 3 days! Lets hope all the hard work will pay off!! Roll on 5.30 thursday!! :)


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    #2586
    Eiriu
    Closed Accounts Posts: 106 ✭✭Eiriu


    okdune wrote: »
    Good luck everyone!!!


    Best of luck everyone!!!!


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    #2587
    Saint Sonner
    Registered Users Posts: 992 ✭✭✭Saint Sonner


    Good luck to everyone!
    St Joseph of Cupertino and St Martin pray for us!


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    #2588
    Whiplash85
    Registered Users Posts: 738 ✭✭✭Whiplash85


    Saint Sonner wrote: »
    Good luck to everyone!
    St Joseph of Cupertino and St Martin pray for us!

    AMEN


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    #2589
    ferike1
    Registered Users Posts: 1,785 ✭✭✭ferike1


    I think this is all the inspiration we need guys

    1325804252473265.png


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    #2590
    notanocelot
    Registered Users Posts: 141 ✭✭notanocelot


    Looks like I'm first off the mark.

    Tax: None.
    Audit: Loss of audit exemption plus non-audit services.
    IMP: #1: IP protection
    #2: Knowledge management system
    Finance: Company valuation.
    BL: #1: Marketing
    #2: Strategic match
    PM (Mgt Acc): Customer profitability analysis.
    PM (FR): Intangible assets.

    Additionally we were asked about capitalising acquisition costs, which I'm not sure was a full indicator because there's hardly anything to say about it.


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    #2591
    Username2011
    Registered Users Posts: 287 ✭✭Username2011


    notanocelot wrote: »
    Looks like I'm first off the mark.

    Tax: None.
    Audit: Loss of audit exemption plus non-audit services.
    IMP: #1: IP protection
    #2: Knowledge management system
    Finance: Company valuation.
    BL: #1: Marketing
    #2: Strategic match
    PM (Mgt Acc): Customer profitability analysis.

    PM (FR): Intangible assets.

    Additionally we were asked about capitalising acquisition costs, which I'm not sure was a full indicator because there's hardly anything to say about it.

    Yep the same. Thank god! How did you go about the knowledge management and CPA.


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    #2592
    funkymonkey9
    Registered Users Posts: 63 ✭✭funkymonkey9


    Saw nothing on Imp so guessing that's a red for me already


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    #2593
    Ex 88
    Registered Users Posts: 72 ✭✭Ex 88


    IMP was awful I didn't have a clue pure waffle! Do u think that they will treat the IMp today as one indicator? Hopefully there will be another imp indicator tomorrow


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    #2594
    Ex 88
    Registered Users Posts: 72 ✭✭Ex 88


    IMP was awful I didn't have a clue pure waffle! Do u think that they will treat the IMp today as one indicator? Hopefully there will be another imp indicator tomorrow


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    #2595
    Szewinska
    Registered Users Posts: 136 ✭✭Szewinska


    tough day at the office


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    #2596
    Acc7777
    Registered Users Posts: 41 ✭Acc7777


    Ex 88 wrote: »
    IMP was awful I didn't have a clue pure waffle! Do u think that they will treat the IMp today as one indicator? Hopefully there will be another imp indicator tomorrow

    Yeah not clear if that was 1 or 2 indicators.

    Gonna be absolutely gutted if they included a sneaky tax indicator after putting in that scope out line


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    #2597
    supernova84
    Closed Accounts Posts: 972 ✭✭✭supernova84


    I spend way too much time planning and got caught for time. Imp I just mentioned about data protection and waffle about intellectual property rights, will need a good imp indicator 2moro.

    Financial reporting. There was also an issue with reinstatement of costs previously expensed, these shouldn't have been capitalised in 2010 and a p/y adjustment needed IAS 8 material. Amortisation had to be adjusted aswell.

    Didn't get nearly enough of what I wanted down, hope they see that I spend a bit of time plaaning in my rough work.


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    #2598
    Dogshow87
    Registered Users Posts: 7 ✭Dogshow87


    Stategic sense of acquisition
    Accounting treatment of intangibles
    Valuation of the Company
    Treatment of restructing costs and acquisition costs
    Customer profitability analysis
    Thoughts on marketing plan and whether to introduce formal marketing plan
    How management can manage, protect and share key knowledge
    Ethical considerations in relation to fees and non audit services


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    #2599
    Szewinska
    Registered Users Posts: 136 ✭✭Szewinska


    supernova84 wrote: »
    I spend way too much time planning and got caught for time. Imp I just mentioned about data protection and waffle about intellectual property rights, will need a good imp indicator 2moro.

    Financial reporting. There was also an issue with reinstatement of costs previously expensed, these shouldn't have been capitalised in 2010 and a p/y adjustment needed IAS 8 material. Amortisation had to be adjusted aswell.

    Didn't get nearly enough of what I wanted down, hope they see that I spend a bit of time plaaning in my rough work.

    i went with amortisation being an estimate so not prior period adjustment other than the 450k. you likely right tho


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    #2600
    PattyMayo
    Registered Users Posts: 6 ✭PattyMayo


    Hi,
    I am repeating the audit elective and I was just wondering what Audit issues came up on the paper today??


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    #2601
    ferike1
    Registered Users Posts: 1,785 ✭✭✭ferike1


    Tax has to come up tomorrow. I saw nothing there on tax.


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    #2602
    tomfoolery60
    Registered Users Posts: 293 ✭✭tomfoolery60


    ferike1 wrote: »
    Tax has to come up tomorrow. I saw nothing there on tax.

    Agreed - they can't say "don't look at tax at all" and have a tax indicator. God knows what was going on with IMP... Or that customer profitabiliy for that matter...


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    #2603
    Acc7777
    Registered Users Posts: 41 ✭Acc7777


    ferike1 wrote: »
    Tax has to come up tomorrow. I saw nothing there on tax.

    How many indicators tomorrow? Something like 10 to 13 right? Last 2 years there were 3 tax indicators.


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    #2604
    Szewinska
    Registered Users Posts: 136 ✭✭Szewinska


    PattyMayo wrote: »
    Hi,
    I am repeating the audit elective and I was just wondering what Audit issues came up on the paper today??


    ethical standards


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    #2605
    supernova84
    Closed Accounts Posts: 972 ✭✭✭supernova84


    Anyone mention that they could do with a marketing manager and Ken Stanley could be the man?

    So much to get through. Barely got a chance to look through notes. I think I'll need a big day tomorrow to pull this out of the bag


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    #2606
    tomfoolery60
    Registered Users Posts: 293 ✭✭tomfoolery60


    supernova84 wrote: »
    Anyone mention that they could do with a marketing manager and Ken Stanley could be the man?

    So much to get through. Barely got a chance to look through notes. I think I'll need a big day tomorrow to pull this out of the bag

    Ah good recommendation!


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    #2607
    Saint Sonner
    Registered Users Posts: 992 ✭✭✭Saint Sonner


    notanocelot wrote: »
    Looks like I'm first off the mark.

    Tax: None.
    Audit: Loss of audit exemption plus non-audit services.
    IMP: #1: IP protection
    #2: Knowledge management system
    Finance: Company valuation.
    BL: #1: Marketing
    #2: Strategic match
    PM (Mgt Acc): Customer profitability analysis.
    PM (FR): Intangible assets.

    Additionally we were asked about capitalising acquisition costs, which I'm not sure was a full indicator because there's hardly anything to say about it.

    Got those all bar IMP knowledge management? What's that about hopefully I mentioned something about it without knowing!

    I also put in some change management re the acquisition - waste of time then I take it!

    Not sure of the quality of my answers though. Think my ias parts where sketchy!
    Gonna hit the tax hard this evening!

    What valuation range did u get for the company? Anyone?


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    #2608
    lala1987
    Closed Accounts Posts: 91 ✭✭lala1987


    just wondering what FR people saw and how treated - do we expect it tomor?


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    #2609
    supernova84
    Closed Accounts Posts: 972 ✭✭✭supernova84


    I hadn't time to do that indicator on strategic sense of acquisition, just mentioned synergies and culture fit in some indicator as a line. Got green in BL last year aswell so annoying, just have to do better 2moro.

    Realistic you haven't time to fart in these exams let alone look through notes/re read case.


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    #2610
    notanocelot
    Registered Users Posts: 141 ✭✭notanocelot


    Username2011 wrote: »
    Yep the same. Thank god! How did you go about the knowledge management and CPA.

    Knowledge management I did hardly anything cause I only realised really late in the game it was an indicator. Threw in a couple of things from here there and everywhere plus data protection.

    CPA - scoped out amortisation of intangible assets from the stream that didn't use CONNECT, reassigning them to the other streams, and changed customer numbers to average of the period. Then I did a tiny bit of analysis based on the findings - essentially that the one making a small loss per customer should be worked on further for a few reasons and they should consider getting rid of the one with a larger loss per customer.

    Today was a day I was very glad I brought everything! Needed the IMP book badly for software patents. And I had no idea about loss of audit exemption for a parent/sub until I looked in the 'powers and duties of companies' directive.

    @supernova: only 2 BL indics today so not a big deal if one of them went badly I'm sure.


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    #2611
    notanocelot
    Registered Users Posts: 141 ✭✭notanocelot


    Saint Sonner wrote: »
    Got those all bar IMP knowledge management? What's that about hopefully I mentioned something about it without knowing!

    I also put in some change management re the acquisition - waste of time then I take it!

    Not sure of the quality of my answers though. Think my ias parts where sketchy!
    Gonna hit the tax hard this evening!

    What valuation range did u get for the company? Anyone?

    Knowledge management was their new intranet for sharing info better and their agreement that they needed to be better at capturing, storing, protecting and sharing data.

    I'm sure the change management stuff you put down will count towards the strategic fit indicator.

    Valuation range was something like 1.8m to 3.5m (adjusted net assets to 10xEBITDAx60%)


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