FAE September 2013

Westlife Galway

Username2011 wrote: »

Yep.
Ok so there are 6 subjects.
=> Performance measurement - made up of Financial reporting and mgmt a/c
=> Business leadership - made up of a further 6 areas including strategy, change management, marketing, ethics,

=> Tax
=> Finance
=> Audit
=> IMP


So as PM and BL contain more subjects they are more heavily weigthed.

When you get your results you will be given a grade in each of the above 6 subjects.
To pass PM and BL you need to get an average Competent mark.
So for example, say there are 6 BL indicators on the FAE paper next year, and say you get 1RC and 5 Cs - this is likely to be deemed as competent overall. Now instead, say you got 3RCs and 3Cs - its not as clear cut whether your average is a C or a RC so you will be borderline. Whatever side of the border you are depends on the threshold set in advance by the ICAI.

It's important to note that 1 NC or NA or RC in one PM or BL indicator does not mean you will fail overall. Many people got a red in the AAFRP assessment and still passed PM. It just means you have to work harder in the final exam to pull up your average for PM.


For the other four subjects its easier. You only need to get an average RC mark. So say there were 3 tax indicators next year and you got 2RCs and 1NC - chances are this is likely a pass. However if you got 1RC and 2NCs - you would probably not have an average RC mark.

So as I said each super six will have a grade.
This grade will either be green (pass), yellow (borderline) or red (fail).

If you have all greens you will pass
If you have a red in any subject you will fail the core.
If you have all yellows, or a mixture of yellows and greens - then you will be borderline and whether you pass or not depends on the threshold set by the institute.

This threshold is never known and is decided summer next year based on a number of factors.


Hope that makes sense.
They put up a lecture online last year that lasted about 40mins that explained the marking scheme, and I found it extremely useful. It makes your study a lot more focused as there is no point in getting a highly competent in tax where the standard to pass is to get an RC.

Thanks a billion. That is so helpful. Cheers

fae2013help

Lets get this show on the road

Can you someone please advise me on what exactly I should be printing.

I don't plan to look at AAFRP until March but would like to know now where I can get all these case studies. I gather that there are the exam papers, sample papers, mocks and the books (but the books are only per subject).

Are there sets of case studies per year? (eg the people sitting in 2010 got a set of case studies, the 2011 had their own set etc). And if so, where can I get my hands on them?

Username2011

fae2013help wrote: »

Lets get this show on the road

Can you someone please advise me on what exactly I should be printing.

I don't plan to look at AAFRP until March but would like to know now where I can get all these case studies. I gather that there are the exam papers, sample papers, mocks and the books (but the books are only per subject).

Are there sets of case studies per year? (eg the people sitting in 2010 got a set of case studies, the 2011 had their own set etc). And if so, where can I get my hands on them?

Just a quick point to say I'd really really really recommend looking at the AAFRP now. It covers all the FR standards for CAP2 and more besides.

mickmclaughin

Hi Folks,

Any idea how we should be dividing study time, what should take priority etc. I assume Performance Measurement should take precedence over the others given that you need to reach Competent in it. What's the best way to study this subject. Also I'm in industry, and wondering how much unpaid leave I should take. Is the full 3 months necessary to get over the line?

Michael

Pawwed Rig

mickmclaughin wrote: »

I assume Performance Measurement should take precedence over the others given that you need to reach Competent in it.

That is not true. You can get RC in Performance Measurement and get through FAE.
I did FAE last year and would warn you that to prioritise one topic over another is a high risk strategy. Each is as important as the other.

Understanding the exam is a vital first step. After that I would start case studies asap. You can build your study plan around case studies.

Eldrick Woods

Pawwed Rig wrote: »

That is not true. You can get RC in Performance Measurement and get through FAE.
I did FAE last year and would warn you that to prioritise one topic over another is a high risk strategy. Each is as important as the other.

Understanding the exam is a vital first step. After that I would start case studies asap. You can build your study plan around case studies.

You did well to get through then (I'm assuming that you did) because you clearly don't understand the assessment methodology.

The subjects are not of equal importance - Performance Measurement and Business Leadership are more important.

Pawwed Rig

Eldrick Woods wrote: »

The subjects are not of equal importance - Performance Measurement and Business Leadership are more important.

They are all of equal importance. If you get red in any 1 area and green in everything else you still fail and need to repeat the whole lot. PM and BL require a broader knowledge but that is not saying they are more important than any of the other topics. There are no extra points for PM and BL.
It would be a sickener to get a green in PM only to get a red in IMP due to prioritising one over the other.

Eldrick Woods

Pawwed Rig wrote: »

They are all of equal importance. If you get red in any 1 area and green in everything else you still fail and need to repeat the whole lot. PM and BL require a broader knowledge but that is not saying they are more important than any of the other topics. There are no extra points for PM and BL.
It would be a sickener to get a green in PM only to get a red in IMP due to prioritising one over the other.

Sorry, but that's flawed logic. There are six subjects and the standard that you have to achieve in two of them is higher. Therefore they are not equally important. One wouldn't and shouldn't devote the same amount of time to each for example.

Pawwed Rig

Eldrick Woods wrote: »

Sorry, but that's flawed logic. There are six subjects and the standard that you have to achieve in two of them is higher. Therefore they are not equally important. One wouldn't and shouldn't devote the same amount of time to each for example.

I wouldn't suggest spending equal time on them as a person should spend most time on the subjects they're weakest.
You are confusing importance and scope. A larger amount of material does not mean more important. It is a pedantic point though and makes no real difference to the question asked as the poster seemed to believe that you needed to get a C in PM which isn't the case.
The main point is a red is a red is a red. If you get a red it doesn't matter how 'important' you thought the other topics were.

Eldrick Woods

Pawwed Rig wrote: »

I wouldn't suggest spending equal time on them as a person should spend most time on the subjects they're weakest.
You are confusing importance and scope. A larger amount of material does not mean more important. It is a pedantic point though and makes no real difference to the question asked as the poster seemed to believe that you needed to get a C in PM which isn't the case.
The main point is a red is a red is a red. If you get a red it doesn't matter how 'important' you thought the other topics were.

It is the case though! You do need to get at least one "C" in Performance Measurement (and Business Leadership), whereas for the other four subjects "RC" is "the standard".

For two subjects, you're required to demonstrate "deep" knowledge, whereas for the other four subjects, you're only required to demonstrate "broad" knowledge. It's therefore reasonable to state that the two subjects are more important than the four.

womandriver

Hi,

Would somebody please be able to post the Galway FAE timetable?

Can't make one of my lectures and was hoping I could make it in Galway instead.

I'd really appreciate it.

Thanks.

Pawwed Rig

Eldrick Woods wrote: »

It is the case though! You do need to get at least one "C" in Performance Measurement (and Business Leadership), whereas for the other four subjects "RC" is "the standard".

You can pass FAE with 6 yellows*


(unless they have changed things since September 2012)

*you could also fail with 6 yellows such is the marking scheme

Eldrick Woods

Pawwed Rig wrote: »

You can pass FAE with 6 yellows*


(unless they have changed things since September 2012)

*you could also fail with 6 yellows such is the marking scheme

Yes, but you cannot pass FAE without getting at least one "C" in both Performance Measurement and Business Leadership. That the point. Yellow in PM and yellow in (say) Tax aren't the same.

An Citeog

Pawwed Rig wrote: »

You can pass FAE with 6 yellows*


(unless they have changed things since September 2012)

*you could also fail with 6 yellows such is the marking scheme

Yellow means that you've marginally met the required standard, not that you got RC overall. The required standard for both BL and PM is competent, so a yellow in these means that you've reached the standard of competent. This is what the depth test is all about. The required standard for the others is RC. Hence, BL and PM are more important than the others.

Username2011

An Citeog wrote: »

Yellow means that you've marginally met the required standard, not that you got RC overall. The required standard for both BL and PM is competent, so a yellow in these means that you've reached the standard of competent. This is what the depth test is all about. The required standard for the others is RC. Hence, BL and PM are more important than the others.

Exactly right.
So you have 3 tests to pass. The sufficiency test, the breadth and depth test.
How you pass this test depends on what you get for each indicator, NA, NC, RC, C or HC.

Sufficiency is how you got on overall.

Breadth
You contribute to your breadth score if you hit RC, C or HC on an indicator.
You do not contribute to breadth if you get NA or NC.

Depth
You contribute to your depth score if you hit C or HC on an indicator.
You do not contribute to depth if you get NA, NC or RC.

So it is a harder to pass the depth test than the breadth test.
And PM and BL you are tested on Depth.

Bee Gee

womandriver wrote: »

Hi,

Would somebody please be able to post the Galway FAE timetable?

Can't make one of my lectures and was hoping I could make it in Galway instead.

I'd really appreciate it.

Thanks.

This is the latest timetable for Galway

Shane732

Could someone explain something to me....

There's currently fe*k all notes on the Chartered Accountants website and I'm told there won't be a whole lot more going up.

So, how does one manage to accumulate a suitcase full of notes for the exams? Do people just go straight to the airport for a holiday afterwards and find it convenient to bring their suitcase into the exam hall?

womandriver

Bee Gee wrote: »

This is the latest timetable for Galway

Thank you so much. Very much appreciated.

Szewinska

many changes to tax for elective. i have been afforded the pleasure of getting to do it again next September. am giving part 2s a go in meantime to keep the tax mind switched on.

EveT

mickmclaughin wrote: »

Hi Folks,

Any idea how we should be dividing study time, what should take priority etc. I assume Performance Measurement should take precedence over the others given that you need to reach Competent in it. What's the best way to study this subject. Also I'm in industry, and wondering how much unpaid leave I should take. Is the full 3 months necessary to get over the line?

Michael

Its a very hard question to answer, it depends on lots of things, your base level of technical knowledge being a big one, will you have time to study during the year?

I trained in industry but was lucky to be finished most days by 5/6ish. I got decile 1 in core, my company gave me the 7 weeks including study leave and I took an extra 2ish, did I need them? I dont know, probably did for tax elective (dec 5 with a lot of work).

What would I have done differently going back?

1. I would have started cases now. Its not hard to do a sims case on a sat morning and will get you into the swing of it, or even a sims in evening and comp sat morning, even a few a month.

2. tax elective, that caused me headaches, I dont work in tax and had basically all the material to cover on study leave, I would have been eating the book from now.

They are the main things Id do differently.

What would I do the same?

1. start cases straight out, and revise tech material side by side. A lot of people didnt do this and I didnt listen to them, for me it worked because I was revising tech material knowing how it would be 'asked' in cases.

2. put the effort in for AAFRP, I got HC which was great comfort in itself but also I didnt need to do as much work for FR as people who got say RC because I had a higher base knowledge earlier in the year.

3. BL - I didnt touch the strategy book, if youve the same one as us its giant, and theoretical and the indicators tend to be v specific to the case. Using your head and practicing them will get you further than theories. I did the CGS course and found that helped and used notes someone put on boards last year.
Corp Gov on the other hand - know whats in the code. you cant really waffle your way out of it.

Cases wont get you all the way, I know people who did every case we got twice and failed. You wont cover all the tech material with cases alone, and you will never get to do all the cases and all tech material.

What did I do? about 80% of the cases and as much tech as I could. I didnt reread any cap 2 notes, I used some I had made, e.g. FR but I didnt eat the CAP 2 material, its a different exam and youre not repreparing for CAP 2, its FAE.

Best of Luck Everyone!!!!

louise1985

Could somebody pm me or post the timetable for the FAE tax elective lectures in Galway please??

The joys of repeating :mad:

Thanks in advance

R0N BURGUNDY

Could someone post up the timetable for APM elective Belfast.

The joys of repeating x2 ....

0426849

Just wondering if anyone that attended the CGS last year has a pdf copy of the notes given out they could PM me about? Don't want to get bogged down in some of the books as they look like they waffle on more than needs be and feel these notes may be of help in certain topics rather than the books.

20 Times 20 Times

0426849 wrote: »

Just wondering if anyone that attended the CGS last year has a pdf copy of the notes given out they could PM me about? Don't want to get bogged down in some of the books as they look like they waffle on more than needs be and feel these notes may be of help in certain topics rather than the books.

Would love if someone could give me these PDFS as well please.

EveT

Little Pea wrote: »

Would love if someone could give me these PDFS as well please.

they dont give out their notes by PDF, unless someone has gone to the bother of scanning every page in I dont think youll get that

brick1234

Would anyone have any of their notes which was usedfor the AAFRP last year? finding it very hard to know where to start off with this?:mad:

lexluthor

hey brick1234.. im repeating my FAE Core exam.. had a Competent 'C' on the AAFRP which I'm carrying forward to this years exam.. i went thoroughly through the summary notes we are provided with as part of induction notes .. they are derry cotter's summaries of ifrs/ias's and cover pretty much every examinable aspect of every standard.. if you know them inside out, you're set to attempt aafrp toolkit questions.. you'll also be 75% covered for FR element in the core exam

lexluthor

brick1234 wrote: »

Would anyone have any of their notes which was usedfor the AAFRP last year? finding it very hard to know where to start off with this?:mad:

here's an index that i did up for the aafrp section 1/3 questions and section 2.. you might find it useful (or maybe not i cant say).. but its goes by topic (top to bottom) so you could perhaps do a standard a day (i.e. go through derry cotters notes for that standard) until april or whenever the aafrp is this year and then practice the relevant questions from toolkit.. mind you toolkit might've been updated this year in which case question numbers might have changed

bluebell27

Szewinska wrote: »

many changes to tax for elective. i have been afforded the pleasure of getting to do it again next September. am giving part 2s a go in meantime to keep the tax mind switched on.

Hi Szewinska, I am in the same position as you- resitting tax elective and sitting Part 2 exams in April. I signed up for the elective revision course but am not actually able to make any of the lecture dates- hoping the mock exam will still be good practice though!
Are you planning on buying the updated textbooks? I'm worried I will miss something if I don't but if only a few pages have changed it seems like a lot of money to pay out!

so_bored.com

I'm repeating the tax elective aswel, I'm not sure what to do about buying the text book! Think I'll wait to see what the notes are like from the revision course first!

Repeating core aswel and not sure where to start! has anyone any tips on how to organise notes and create summary notes? I just seem to have too much information at the minute?

Lis9

Hi, I'm also repeating Core & tax elective. I'm defo not buying any new books for tax elective. Sean Arthur said in lecture at the weekend that there would be a summary of the main changes for this years exam in one of the first main lectures for tax elective.

so_bored.com

Lis9 wrote: »

Hi, I'm also repeating Core & tax elective. I'm defo not buying any new books for tax elective. Sean Arthur said in lecture at the weekend that there would be a summary of the main changes for this years exam in one of the first main lectures for tax elective.

I'll definately hold off then, already spent enough money on the revision course and exam fees!
How are you planning on getting started again? I'm not sure where to start at the minute!

Lis9

I'd say get a big glass of brandy & start to sort out the notes first :P

I'm going to concentrate on financial reporting for the AAFRP exam until April anyways.

lexluthor

has anybody ever used IFRS Green Book ? Is it particularly helpful ?
http://www.ifrs.org/Features/Pages/IFRS-2012-Green-Book.aspx
I'm split between Green Book and the Supplementary text listed on the new competency statement Applying International Financial Reporting Standards (Jacaranda) [Paperback]
Keith Alfredson (Author), Ken J. Leo (Author), Ruth Picker (Author), Janice Loftus (Author), Kerry Clark (Author), Victoria Wise (Author)
http://www.amazon.com/International-Financial-Reporting-Standards-Jacaranda/dp/0470819677

chief_g1984

hey

is anyone repeating the apm fae elective?

does anyone have joe healy's email sddress or know any good revision courses i could go on?

chief_g1984

im repeating apm elective again!!

would you have joe healy's email address?

i plan to go to the apm revision course in dublin in april and june

ted2767

Just started there last week and so far I have my notes sorted and about 3 chapters of the tax book done!!
I can see it being quite difficult to actually get into the swing of things and start getting the head down.
There is also a ridicolous amout of printing to be done.
How are people feeling about the AAFRP assessment in July? I went to a Derry Cotter day about it recently and while the material doesn't seem to be crazy difficult I thought the questions were very badly worded especially Section b, or maybe I was just hungover!!

womandriver

ted2767 wrote: »

Just started there last week and so far I have my notes sorted and about 3 chapters of the tax book done!!
I can see it being quite difficult to actually get into the swing of things and start getting the head down.
There is also a ridicolous amout of printing to be done.
How are people feeling about the AAFRP assessment in July? I went to a Derry Cotter day about it recently and while the material doesn't seem to be crazy difficult I thought the questions were very badly worded especially Section b, or maybe I was just hungover!!

Think that assessment is in April (27th), haven't attended the work shop day for it yet, but not feeling too confident about it overall. A lot of material to cover which I'm working through but not sure much is sticking

ted2767

womandriver wrote: »

Think that assessment is in April (27th), haven't attended the work shop day for it yet, but not feeling too confident about it overall. A lot of material to cover which I'm working through but not sure much is sticking

Oh yeah it's April!!!
Ah stick at it. It'll be good prep for September.

Mavic09

I'd be interested to hear what others repeating the core are doing in regard to FR standards book, as in our IFRS books will be missing the 5 new IFRS standards added this year- do we buy the new book or can those standards be printed off for free somewhere?

Jamesw2

What are the new standards called?

Lis9

The new standards are IFRS 10, 11, 12, 13. The Addendum to Competency Statement has the new ones marked in Green and ones that have changed in yellow.
I'm going off the FR induction notes as I'm presuming they would be the most up to date.

Lis9

Oh btw, the Addendum also says those new IFRS' are not examinable so I'm a bit confused about that...

PatACA

anyone need assistance with exam technique ?

srm23

how is everyone preparing for AAFRP?
i was just thinking of going into the toolkit attempting everything and reading the solutions after to get to know the stuff.
theres no way ill sit down to read a load of standards.
is there much more knowledge of actual standards above CAP2 level you'd need for this?

PatACA

Anyone need assistance with AAFRP ?

ugabuga

Lis9 wrote: »

Oh btw, the Addendum also says those new IFRS' are not examinable so I'm a bit confused about that...

I think the Addendum is saying that they weren't examinable in 2011/2012. If you look at the last column, it says 'Version Examinable 2012/2013'.

DonnaDarko09

Hi PatACA

Would love some advice re AAFRP. I did the CGS FR revision last year and was going to use these notes to revise standards then start practicing some Qs in toolkit (I've yet to start - am i doomed? ) Also thinking of doing the AAFRP CGS session next month, would you or anyone else reccomend?

womandriver

DonnaDarko09 wrote: »

Hi PatACA

Would love some advice re AAFRP. I did the CGS FR revision last year and was going to use these notes to revise standards then start practicing some Qs in toolkit (I've yet to start - am i doomed? ) Also thinking of doing the AAFRP CGS session next month, would you or anyone else reccomend?

I would also be very grateful for any advice PatACA, thanks.

MoMo1987

womandriver wrote: »

I would also be very grateful for any advice PatACA, thanks.

I am also all ears if there is any helpful advise going Pat