FAE September 2012

wheatser

Anyone know when the solutions come out or are they after the results..... hopefully

chursy

wheatser wrote: »

Anyone know when the solutions come out or are they after the results..... hopefully

After the results I think

Saint Sonner

ferike1 wrote: »

6 months

You can do in December and June

Max 3 exams one sitting.

Wonder if Ye got on the ball now would you be able to sit a couple or 3 in December?
Given the knowledge should be easier to retain!

It's actually sick thinking about applying for more exams! Lol

Username2011

Accounts Student wrote: »

I think the company qualifies for participation exemption - It derives it's value from the spa - i.e. the building's trade. The case said there was no development potential, and the buildings value was in use. Hence it's a trade and qualifies.

I'd say tax will get a lot of people though! only two indicators (I think! - cash extraction and Application of Revenue penalties and trying to minimize them.) Both of them were quite tricky!

Overall (and tax aside), I don't think it was as bad as people are saying - I agree more technical stuff and less wordy stuff would be better - but while the balance was a bit off I don't think anything asked was out of bounds. (except maybe the communication strategy - WTF? I went with it actually being a HR indicator, Hope it was OK) Just very long! I think most will be alright if they look back at what they actually said as long as you addressed relevant points it'll be OK!

Did everyone treat that tax in the last sim as an indicator? *worry

Accounts Student

Username2011 wrote: »

Did everyone treat that tax in the last sim as an indicator? *worry

I think it was - can't see where else they'd have made up the tax indicators to be honest - but that said it wasn't the most lengthy indicator - If you mentioned it as part of another indicator (audit risk maybe - or IAS 38 provision) I'd say you'd get RC at least for picking up on it!

But either way folks, chin-up only one day to go and don't need to think about this crap for two whole months!

BESman

Out of interest, can we collate a list of the contentious issues/dodgy indicators so that there is some consensus on the survey when it goes to CAI. From reading here the last two days it would seem to be:

1. God awful layout of Core Comp paper.

2. Length of Core Comp paper (7 appendices!)

3. Dubious IMP indicator in Core Comp which some may have interpreted as HR.

4. Lack of financial/calculation indicators.

5. Communication strategy??? (sim 1)

6. Appears to be only two tax indicators and one/two finance indicators?

7. Length of Sims (again appendices).

7. Ambiguity over participation exemption (sim 2)

8. Prevalence of BL and IMP over the two days.

Anything else to add to that? Everyone will have their own complaints.

Chalk_Farm

If I do have to do these papers next year can they please learn how to staple a few f&uk@n pages in a professional manner!! :mad:

That's a point for survey!

Saint Sonner

BESman wrote: »

Out of interest, can we collate a list of the contentious issues/dodgy indicators so that there is some consensus on the survey when it goes to CAI. From reading here the last two days it would seem to be:

1. God awful layout of Core Comp paper.

2. Length of Core Comp paper (7 appendices!)

3. Dubious IMP indicator in Core Comp which some may have interpreted as HR.

4. Lack of financial/calculation indicators.

5. Communication strategy??? (sim 1)

6. Appears to be only two tax indicators and one/two finance indicators?

7. Length of Sims (again appendices).

7. Ambiguity over participation exemption (sim 2)

8. Prevalence of BL and IMP over the two days.

Anything else to add to that? Everyone will have their own complaints.

'trick' audit indicator on comp re why it was audit exempt!

ferike1

Hardly any tax, finance on an accountancy exam

BS communication strategy

Lack of clarification of indicators - financial implications of sale very very broad. PM or Finance?

Username2011

Accounts Student wrote: »

I think it was - can't see where else they'd have made up the tax indicators to be honest - but that said it wasn't the most lengthy indicator - If you mentioned it as part of another indicator (audit risk maybe - or IAS 38 provision) I'd say you'd get RC at least for picking up on it!

But either way folks, chin-up only one day to go and don't need to think about this crap for two whole months!

Oh dear. Think tax might get me so, think i might have mentioned in passing tax fines/penalties and maybe likely to get a revenue audit but that was one sentence and the extent of it.

The way I judge it the indicators were hit as follows

Breadth - RC aim
IMP x2 Knowledge mgmt & evaluation of 2 systems
Audit x2 Ethics/threshold & audit of bonus
Finance x2 Valuation & financial / non financial impact of sale
Tax x2 Asset v Share & the penalties for not paying tax on time

Depth
BL x 4 Change mgmt, Communication strategy, Strategy, Marketing
PM x 6 AAFRP, IFRS3 Acquisition costs, IAs 36 Intangible assets, Mgmt Consumer profitability ananlysis, Performance measures, IAS 20 Grant

Am I missing anything?
Also how did you guys treat the performance measures today in SIM 1? Thought it was very strangely worded - think they asked you to :
1) Comment on their measures
2) Discuss frequency of their measures
3) Consider issues/or where further clarification was required

FAE4EVA

Another issue was the financial implications of asset/share sale. I took it as finance cause it looked like only other indicator for finance but people on here read it as financial reporting.

This indirect/vague indicators should be scrapped, real life your boss doesnt want you to guess what he wants!!

Sim 3 even though they listed what they wanted it could still be interepretated in many ways!

Anybody studying for tomor? Would like too but couch is beating me at min!

Jamesw2

Saint Sonner wrote: »

'trick' audit indicator on comp re why it was audit exempt!

Core Comp took too long to read. Rushing the PM indicators to get it finished. Rushing stuff and making a bags of it and lots a mistakes ensued.

faer2203

I thought I left all the bulls**t subjects behind me when I took the accounting stream in commerce, if I wanted to do marketing, I would have done marketing in college, etc, absolutly ridicious that these things seem to be more important in these exams rather than accounting issues, rant over!!

Accounts Student

I wouldn't worry about what subject each indicator is - they have warned a lot against the silo approach - just put down whatever you think is relevant and let them decide what indicator it is (a bit late saying that now I know)

Agree with the paper layout point - what's wrong with a booklet? why do we need lose sheets and fold out pages - distracting and someone could miss something if that loose page had fallen out.

That Communication plan thing was BS - nothing like that on the compatancy statement, I dealt with thee HR aspect mainly, but think it was a very bad indicator, could have been a lot of things.

I agree with Username's breakdown - kinda ruins the notion there was too much BL & IMP though!

Jamesw2

Anyone notice in one of the sims that the Finance Director's title was FD and HR!! Is this what is to become of us?? Recruitment contracts and HR policy documents!!! Never mind.. we can still bluff em/cod em with the figures...

Accounts Student

Bill Williams wrote: »

Was the grant thing in Sim 3 performance measurement?

I'm not so sure.

They breached the 200 employee threshold so the subsidy was repayable. Dr Soci and Cr Payables. End of.

Or am I missing something?

I'd have thought it was Audit (with a standard journal).

Maybe the disclosures as well - short indicator if it was one though, you may be right that it was part of audit.

Chalk_Farm

Bill Williams wrote: »

November 23rd seems an eternity away...sure that's almost feckin' Christmas!

Could be worse - We could be repeating CAP2 like a good few buddies of mine.

I think that there was a tax indicator in Sim 3. Pretty short though re deliberate behaviour and possible self correction.

Having the same number of indicators for something big like tax as something bullsh1t like IMP is laughable.

"What was examined in your accountancy finals?"

"Eh, marketing, IMP, change teams...vital stuff like that"

It is a joke alright!!

supernova84

All I know is thank fcuk I'll never have to sit an ACA exam again (my third attempt at fae). Whatever will be will be for me come november with regards getting a qualification.

These are rotten exams and I wouldn't wish them upon anybody. 4 and a half hours of intense concentration takes a lot of out a person, I was wrecked this morning and I'm sure others felt the same. The fact that we now barely use calculators is also ridiculous. These ain't fun exams to sit kids.

Accounts Student

Bill Williams wrote: »

You're scaring me. What loose page? The Appendices to Sim 3?

Yep, I hope there were no other ones too!

Edit - realized I said page instead of pages, sorry if I frightened anyone!

Chalk_Farm

supernova84 wrote: »

All I know is thank fcuk I'll never have to sit an ACA exam again (my third attempt at fae). Whatever will be will be for me come november with regards getting a qualification.

These are rotten exams and I wouldn't wish them upon anybody. 4 and a half hours of intense concentration takes a lot of out a person, I was wrecked this morning and I'm sure others felt the same. The fact that we now barely use calculators is also ridiculous. These ain't fun exams to sit kids.

I must say fair play to you and I hope you get them...three times! All i know is that I wouldn't be able for it three times!!

ferike1

Wow supernova I really feel for you.

We can share ACCA notes next year

aca101

ferike1 wrote: »

They don't care man.

Every year people kick up a fuss and the institute always come up with some smart arse answer as to why we are just whinging and they are right and reasonable.

+1. Nail on the head. I've experienced it 2 years ago with the CAP2, the bottom line is the Institute don't give a ****e how much we complain or how frustrating we find these exams....you just know they'll fob it off as "sur every year people are complaining about how bad the exam was". T

They'll never change unless it there's a possibility the students or more specifically the big 4 get so pissed off that they walk.

Not saying there's no point kicking up a fuss with the DCASS or whoever but I reckon the best way to put pressure on the Institute is to go through your L&D dept or student affairs dept if you're in one of the big four. I know that's the first thing I'll be doing when I get back to work.

chursy

Bill Williams wrote: »

Was the grant thing in Sim 3 performance measurement?

I'm not so sure.

They breached the 200 employee threshold so the subsidy was repayable. Dr Soci and Cr Payables. End of.

Or am I missing something?

I'd have thought it was Audit (with a standard journal).

Pm

Username2011

chursy wrote: »

Pm

I thought it was PM and that there was
IAS 20 Grants
IAS 37 Provisions
IAS 8 Accounting estimates, errors and policies

Because
The year end was 31/12/2011 in SIM 3 but the bonus was for 1 July 2010 - 31/June/2011.
They said the only accrual they had at year end was the december payroll.
So I thought that seeing as though the bonus is based on call response times every day, that 6 months of the bonus that will be paid on 1 July 2012 relates to 2011 and so per IAS 37 a provision needs to be made in the Dec 2011 accounts for the 6 months July - Dec 2011

dr IS Bonus
Cr SOFP Bonus

Then assuming they did it incorrectly in the prior year, it would constitute a PY error and retrospective adjustment required.

Accounts Student

Username2011 wrote: »

I thought it was PM and that there was
IAS 20 Grants
IAS 37 Provisions
IAS 8 Accounting estimates, errors and policies

Because
The year end was 31/12/2011 in SIM 3 but the bonus was for 1 July 2010 - 31/June/2011.
They said the only accrual they had at year end was the december payroll.
So I thought that seeing as though the bonus is based on call response times every day, that 6 months of the bonus that will be paid on 1 July 2012 relates to 2011 and so per IAS 37 a provision needs to be made in the Dec 2011 accounts for the 6 months July - Dec 2011

dr IS Bonus
Cr SOFP Bonus

Then assuming they did it incorrectly in the prior year, it would constitute a PY error and retrospective adjustment required.

Good spot - missed that , did it say the only accrual was December payroll tax though? Thought that was more to point out that there was no July payroll tax accrual, not to say that the bonus wasn't being accrued for.

Dogshow87

That last case was badly laid out and hard to actually understand exactly what was being asked, shame that I done it last. In my opinion the language used was very high level, no need for that level in my opinion. Fairly sick after it. I really feel this exam is more a critical thinking assessment than anything. I don't really think that this is the best way to decide whether an individual is a competent accountant. I feel like its down to fine margins on the day rather than the months of study. Can't do anything about it now, whats done is done.

Hard to study after that exam but all eyes towards the finish tomorrow with audit:

Internal Controls
Going Concern
Related Parties
Service organisations
Financial Reporting

Hopefully all the case studies I have done will be of more significance than it was for the core. Suppose it couldn't be any less significance anyway.

tt1

Fair play supernova 3 times is some committment!! This is my first time and if things dont go right i ll defo move to acca!!

Knowing my luck they will suddenly change to not needing a calculator in a accountancy final exam and focus on marketing, hr etc etc!!

Any hot tips on audit elective tomorrow?? At least only one suitcase needed

Username2011

Accounts Student wrote: »

Good spot - missed that , did it say the only accrual was December payroll tax though? Thought that was more to point out that there was no July payroll tax accrual, not to say that the bonus wasn't being accrued for.

Actually on second look it does say that he looked at the accrual at year end for payroll taxes...but wouldnt they have to accrue for taxes on 6 months of the bonus too?

LR987654

Username2011 wrote: »

Did everyone treat that tax in the last sim as an indicator? *worry

yep I did, auditors are required to report that stuff to the revenue when discovered.

FAE4EVA

Anybody notice that there is dates on bottom of papers, 10th and 14th of august for two of them. Hmmm...