FAE September 2012

Username2011

aca101 wrote: »

The amount of IMP over the 2 days was a bit ludicrous....even the narrative from the core case had an IT slant (software co). Seems a bit daft for an accounting qualification...I mean do they actually think we need a knowledge of IT systems more than we'll need an understanding of tax rules and reliefs once we're qualified.

Was it noy just two imp indicators as normal? The knowledge management yesterday with protecting your intellectual capitsl knowledge and the evaluation of the systems today

Tatti

Dunno if this is intentional or I misread something but in Sim 1 the cost of capital is given as 11% in the text but in the DCF in Appx 2 they used a discount rate of 10%, mentioned it but don't know if it was relevant!?!?

Szewinska

Tatti wrote: »

Dunno if this is intentional or I misread something but in Sim 1 the cost of capital is given as 11% in the text but in the DCF in Appx 2 they used a discount rate of 10%, mentioned it but don't know if it was relevant!?!?

well spotted but don't know if needed look at financial part as your boss told you they ok

LR987654

felt reasonable before reading this, now I realize I missed loads today, coupled with yesterday's shocker I am def. back next year.
how is it this has such a high pass rate.

thisguy

aca101 wrote: »

Even if they sold the company as going concern? I said that they should qualify for it if the acquirer was going to continue the trade. Feck it anyway.

Though that it was tough paper, the volume was beyond what I would have expected, like yesterday there seemed to be a lot of appendices and additional info. Good bit tougher than previous years all in all. I suppose they have to pass around 75% of people anyway (hopefully).

Yea that's my take on it, company was sold as a going concern and would continue to trade, so it's a trading subsidiary. I'd imagine either way it's not going to be an NC if you miss this and have the other main points.

Accrual Intentions

EveT wrote: »

Lads is it more common to fail on sufficiency or breadth/depth?

Very unlikely to fail because of breadth. Something like 0.5% of people fail simple because of breadth. That doesn't mean only 0.5% fail breadth, but only 0.5% of people fail on breadth alone.

I think some people were in decile 8 last year and still passing. Therefore you'd have to guess somewhere between 15-20% must fail sufficiency.

There was someone in decile 4 last year that failed depth. So you'd be guessing there but I'd imagine its about an equal chance of failing depth and sufficiency. A lot of people who fail depth probably fail sufficiency too.

FAE4EVA

Well that paper was such a mix match of everything..

Just wondering FAEs are for accountants yes??

Could have nearly left calculator at home!

It's gas reading everyones differents directions/indicators they saw..

Never thought of IFRS5 for disposals and the management indicator was very open.

The reason people give generic answers is cause the indicators are so open to interpretation..

EveT

Accrual Intentions wrote: »

EveT wrote: »

Lads is it more common to fail on sufficiency or breadth/depth?

Very unlikely to fail because of breadth. Something like 0.5% of people fail simple because of breadth. That doesn't mean only 0.5% fail breadth, but only 0.5% of people fail on breadth alone.

I think some people were in decile 8 last year and still passing. Therefore you'd have to guess somewhere between 15-20% must fail sufficiency.

There was someone in decile 4 last year that failed depth. So you'd be guessing there but I'd imagine its about an equal chance of failing depth and sufficiency. A lot of people who fail depth probably fail sufficiency too.

Thanks a mill. Say my biggest risk is tax or BL...

ferike1

actually yeah. I hardly used my calculator.

ferike1

Tax or Finance for me

danko2012

Szewinska wrote: »

must be very few exams out there where candidates come out with such various things that they answered on in the exam

exactly my thinking, me and 2 others were talking after exams, each had different answer and could see each others point?? how on earth do they actually mark people, its a f**king joke this exams!

nightpark

Way too much BL and imp over the two days. Very little tax and finance. I barely used my calculator which is a bit of a joke in finals of an accountancy qualification. Ah well nearly there.

Username2011

Bill Williams wrote: »

Tatti wrote: »

Dunno if this is intentional or I misread something but in Sim 1 the cost of capital is given as 11% in the text but in the DCF in Appx 2 they used a discount rate of 10%, mentioned it but don't know if it was relevant!?!?

Yeah, I mentioned it alright. Didn't know they were for 10% , just checked 11% ones quickly saw they werent it and threw in one liner that they were wrong.

What did you do with the discounted cash flow? They asked us not to do a financial evaluation

Saint Sonner

supernova84 wrote: »

Saint Sonner wrote: »

This is my third attempt and I think I did **** yet again! Wonder is there any point in begging in the email to say go easy on me
cause I have done them so many times!

If anything I'm getting worse not better! FML

Same as urself saint. Thought I did better last year if I'm honest

If worse comes to worse what will u do supernova?

ferike1

I explained how it depending on the working capital management policy in place they could go with either depending on if they wanted a higher upfront cost and lower annual payments or vice versa

danko2012

Just a though but in Sim i think it was, u are a recently qualified accountant and its the Finance Director is asking u questions about the tax and what option beacuse there's financial implications?

I mean i thought the purpose of these cases was to be realistic, i was tempted to write down as an indicator that senior management should sack the FD for being so sh*t at her job she is asking a junior to do it for her!

Username2011

How did people answer the PM in sim 1

Saint Sonner

Never mentioned audit today and I had written down somewhere look out for audit but totally forgot cause there was so much to do and with the way I answered the audit indicator yesterday (which seemed like a bit of a trick) I reckon there's no chance I'll get yellow - I could cry!!!!!

limklass2011

Audit Elective:

Anyone got solutions to Chemical Sisters or Kerrigan Devices please and thanks.

supernova84

Saint Sonner wrote: »

supernova84 wrote: »

Saint Sonner wrote: »

This is my third attempt and I think I did **** yet again! Wonder is there any point in begging in the email to say go easy on me
cause I have done them so many times!

If anything I'm getting worse not better! FML

Same as urself saint. Thought I did better last year if I'm honest

If worse comes to worse what will u do supernova?

Cry I think because won't get any mercy from institute. My biggest mistake was not switching to ACCA. Ah ya never know we might scrap them.

ferike1

November 23rd can't come soon enough. Just want to get my result and move on. But after today not as hopeful. I still think there was some sneaky tax hidden yesterday to make up for the lack of tax today.

Also I know I keep saying but what was the finance indicator today. The financial implications of sale. I took that as PM not finance.

Dublinlad09

Were we not asked about measuring financial performance? I saw the wacc of 11% beside the financial implications and indicated that an assessment based on the residual income would be appropriate.

sully85

Was the revenue audit an indicator?!

Szewinska

ferike1 wrote: »

November 23rd can't come soon enough. Just want to get my result and move on. But after today not as hopeful. I still think there was some sneaky tax hidden yesterday to make up for the lack of tax today.

Also I know I keep saying but what was the finance indicator today. The financial implications of sale. I took that as PM not finance.

im dreading the nerves on the 22nd

LR987654

sully85 wrote: »

Was the revenue audit an indicator?!

would there be a revenue audit if you made a self declaration with 12 months?

ferike1

When's the latest sign up for the acca's in December? I may sign up for them (as a backup) and at least realistically pass some exams in December. I could be finished by June and stick two fingers up at the institute.

Szewinska

ferike1 wrote: »

When's the latest sign up for the acca's in December? I may sign up for them (as a backup) and at least realistically pass some exams in December. I could be finished by June and stick two fingers up at the institute.

keep the head up. dont worry about that tonight at least especially if yo are doing an exam tomorrow. you seem to have a pretty good grasp on things from your posts on here so keep the faith.:)

LR987654

what are we exempt from if we do ACCA?

chursy

LR987654 wrote: »

what are we exempt from if we do ACCA?

9 exemptions

ferike1

You have to do

Advanced Financial Reporting
Professional accountant (corporate governance)
Business analytics (strategy)

Choice of two electives
APM
Advanced financial management
advanced audit
Advanced Tax.