FAE September 2013

womandriver

Hope they open, I'm a not great at attaching things correctly.

womandriver

womandriver

EDudder

I'm pretty sure now what that question was testing was this whole netting business.

But at the time I thought it was testing our recognistion of contingents I made sure to check if it had enough information to conclude that it was virtually certain and at the time I thought it definitely didn't. I thought the idea it was testing was that a liability doesn't have to be as likely before recognition as a contingent asset. I still don't really see how an asset that's contingent on a probable liability is not a contingnt asset I can't remember back but I hope I put an assumption about it being probable and not virtually certain.

But I think you're right, it sounds like that's what they were testing now.

lexluthor

Thank you so much womandriver! much appreciated (really like the username btw )

womandriver

IMP - more to come

womandriver

womandriver

Final IMP

Lol2013

Clarise123 wrote: »

So do you reckon 0 marks if one netted these off?? Very frustrating as Derrys notes just simply explained it as a reduction in the provision..:o

Err not sure about that. Ya the whole thing is frustrating alright. Just checked derry's notes there and you are right that's what it says. Was the question in sec 1? I reckon there will be no leeway on the examiner's part if it's wrong esp in sec 1. Aaargh the whole thing is doing my head in.

Lol2013

Clarise123 wrote: »

So do you reckon 0 marks if one netted these off?? Very frustrating as Derrys notes just simply explained it as a reduction in the provision..:o

And isn't it so weird the way derry's notes says the direct opposite of what the standard says

womandriver

lexluthor wrote: »

Thank you so much womandriver! much appreciated (really like the username btw )

You're welcome, we're all in it together.

My poor car bears the scars of having womandriver owner

Lol2013

EDudder wrote: »

I'm pretty sure now what that question was testing was this whole netting business.

But at the time I thought it was testing our recognistion of contingents I made sure to check if it had enough information to conclude that it was virtually certain and at the time I thought it definitely didn't. I thought the idea it was testing was that a liability doesn't have to be as likely before recognition as a contingent asset. I still don't really see how an asset that's contingent on a probable liability is not a contingnt asset I can't remember back but I hope I put an assumption about it being probable and not virtually certain.

But I think you're right, it sounds like that's what they were testing now.

I think I remember the asset being 'virtually certain' and the liability been 'lkely'. You are right tho a liability only has to be likely ie more probable than not to be recognised, while an asset has to be virtually certain.

You are right in that they were testing this netting off business, as they gave us all the info to make sure the asset and liability are both recognised.

Lol2013

I still don't really see how an asset that's contingent on a probable liability is not a contingnt asset

Omg I never thought of it that way.:eek::eek::eek::eek:

lexluthor

thanks a lot again womandriver for IMP stuff

Lol2013

Does anyone know where I can get concise brief notes for Ratio Analysis. My boss asked me as a favour as he has a presentation where he has to explain the meaning of each analysis in layman's language. I think the presentation is to bankers.

Any help would be appreciated

kt22

In Section 1 with regards the Q about the assets held for sale. Was the answer 'no adj required' or should we have adjusted for the depreciation charge given the decision to sell the asset was made in Sep as apposed to Dec. ie. 9mts Depn given that you should stop depreciating once the asset is held for sale?

Lol2013

kt22 wrote: »

In Section 1 with regards the Q about the assets held for sale. Was the answer 'no adj required' or should we have adjusted for the depreciation charge given the decision to sell the asset was made in Sep as apposed to Dec. ie. 9mts Depn given that you should stop depreciating once the asset is held for sale?

Did it not say they dep fully in year of disposal and acquisition

danko2012

kt22 wrote: »

In Section 1 with regards the Q about the assets held for sale. Was the answer 'no adj required' or should we have adjusted for the depreciation charge given the decision to sell the asset was made in Sep as apposed to Dec. ie. 9mts Depn given that you should stop depreciating once the asset is held for sale?

I thought the same as you but then I had all other questions in SEction 1 with adjustments so I thought there is at least one that surely has no adjustment and this seemed the most likely one!

Also in the inventory question, did anybody else not write down the raw materials as they were to be sold at a profit when they were finished? I know it was a big difference between raw materials cost and NRV but i said they dont need to write it down? Perhaps an assumption just had to be made there!

Lol2013

danko2012 wrote: »

I thought the same as you but then I had all other questions in SEction 1 with adjustments so I thought there is at least one that surely has no adjustment and this seemed the most likely one!

Also in the inventory question, did anybody else not write down the raw materials as they were to be sold at a profit when they were finished? I know it was a big difference between raw materials cost and NRV but i said they dont need to write it down? Perhaps an assumption just had to be made there!

I thought the same as you too. Im like yes this one has to be the one with no adj required lol.

I didnt w/d the raw material. I referenced the standard and said there was no need to w/d. What was supposed to be the journal for that question?

Jamesw2

Could anyone please post up Lecture notes/slides on Change Mgmt/Business ethics/Marketing/HR slides (not induction notes). Thanks.

EDudder

Lol2013 wrote: »

I thought the same as you too. Im like yes this one has to be the one with no adj required lol.

I didnt w/d the raw material. I referenced the standard and said there was no need to w/d. What was supposed to be the journal for that question?

I didn't write down the raw materials. They were still going to make a profit on it in the normal course of business. I'm pretty sure that's how raw materials are always treated.

lexluthor

Lol2013 wrote: »

Does anyone know where I can get concise brief notes for Ratio Analysis. My boss asked me as a favour as he has a presentation where he has to explain the meaning of each analysis in layman's language. I think the presentation is to bankers.

Any help would be appreciated

hiya! in case you've not already got a source, I'd suggest Amanda Ward Finance book chapter 3 or Ciaran Connelly IFRS book last chapter (not sure if its the same in new edition). These are two I've always referred to, slightly prefer Ciaran Connell's

Alternatively, perhaps you could make a wiki book out of the links on following page:
http://en.wikipedia.org/wiki/Financial_ratio had a glance there seem good

Lol2013

lexluthor wrote: »

hiya! in case you've not already got a source, I'd suggest Amanda Ward Finance book chapter 3 or Ciaran Connelly IFRS book last chapter (not sure if its the same in new edition). These are two I've always referred to, slightly prefer Ciaran Connell's

Alternatively, perhaps you could make a wiki book out of the links on following page:
http://en.wikipedia.org/wiki/Financial_ratio had a glance there seem good

Hi,
I don't have any of those books. Thanks for the site tho.

Lol2013

EDudder wrote: »

I didn't write down the raw materials. They were still going to make a profit on it in the normal course of business. I'm pretty sure that's how raw materials are always treated.

Ya you are right. I was talking about the journal for the question in general

Clarise123

Hi Guys,

Just a quick question in relation to Marketing.

In the 'Introduction to Marketing' section in the resourse pack, it keeps referring to 'HMM Marketing Essentials' for further reading. How can I assess this book/material??

Thanks

so_bored.com

Hi, anyone on the revision course know if this weeks lectures in Dublin will be recorded?
Thanks

Lis9

so_bored.com wrote: »

Hi, anyone on the revision course know if this weeks lectures in Dublin will be recorded?
Thanks

Hi, I hope so cause I won't be there either.
I would say they will all be recorded though, except the case days.

Lol2013

Does anyone know where to get the following case studies in relation to change management.
I found the following in one of the attachments called CASE STUDY REFERENCE INDEX.
24,25,28 RELATES TO samples and sims but doesnt say what year. Could anyone who is familiar with reference index shed some light as to what cases they relate to


18 - Telco 2.1 Integration of systems arising from an acquisition
21 - Natureflame 2.1 Where cost savings can be achieved
24 - Sample 1 2.1 Change issues re acquisition & dealing with them (management, culture, employees, operations) - good
25 - Sample 2 2.1 Management challenges & solutions resulting from key partner leaving (vry thorough)
28 - Sim 3 2.1 Change awareness towards a new IT system

Jamesw2

Lol2013 wrote: »

Does anyone know where to get the following case studies in relation to change management.
I found the following in one of the attachments called CASE STUDY REFERENCE INDEX.
24,25,28 RELATES TO samples and sims but doesnt say what year. Could anyone who is familiar with reference index shed some light as to what cases they relate to


18 - Telco 2.1 Integration of systems arising from an acquisition
21 - Natureflame 2.1 Where cost savings can be achieved
24 - Sample 1 2.1 Change issues re acquisition & dealing with them (management, culture, employees, operations) - good
25 - Sample 2 2.1 Management challenges & solutions resulting from key partner leaving (vry thorough)
28 - Sim 3 2.1 Change awareness towards a new IT system

There is a paperclick attachment to this thread. If you click on it it opens all attachments that have been uploaded. There is an excel attachment listing all the case studies from Resource Pack. In 2009/2010 page you will see Telco/Natureflame. The sample paper 1 + 2 are the original sample papers produced by ACA when first introducing new FAE. If you then go to threads FAE 2012 and FAE 2011 you should be able to click on the paperclick attachment and find the above case studies. Hope this helps.

Lol2013

Jamesw2 wrote: »

Could anyone please post up Lecture notes/slides on Change Mgmt/Business ethics/Marketing/HR slides (not induction notes). Thanks.

Notes

lexluthor

Lol2013 wrote: »

Does anyone know where to get the following case studies in relation to change management.
I found the following in one of the attachments called CASE STUDY REFERENCE INDEX.
24,25,28 RELATES TO samples and sims but doesnt say what year. Could anyone who is familiar with reference index shed some light as to what cases they relate to


18 - Telco 2.1 Integration of systems arising from an acquisition
21 - Natureflame 2.1 Where cost savings can be achieved
24 - Sample 1 2.1 Change issues re acquisition & dealing with them (management, culture, employees, operations) - good
25 - Sample 2 2.1 Management challenges & solutions resulting from key partner leaving (vry thorough)
28 - Sim 3 2.1 Change awareness towards a new IT system

here's telco solution from last year, and natureflames solution.. natureflames case was a home assignement/cross marking if i recall correctly wasnt like a full on proper exam style case, certain bits of solution werent too detailed either but its alright to practice i guess..

link to sample papers where you'll find the rest..
http://students.charteredaccountants.ie/Student-Information/Courses/New-Syllabus/Sample-Papers--Solutions/FAE-Sample-Papers-and-Solutions/FAE-Core-Sample-Papers/

25 in your list im 99.99% sure is the long sample paper 2 comprehensive black and white its called..
24 in your list is sample paper 1 "active health plc" good indicator quite similar to telco
28 i'll get back to you on that but it has to be either Comprehensive actual FAE paper 2011 Environ or Indigo sim3 sample paper 1.. i reckon its former but i dont know why it says "sim" next to 28 in your post thats confusing me

Lol2013

lexluthor wrote: »

here's telco solution from last year, and natureflames solution.. natureflames case was a home assignement/cross marking if i recall correctly wasnt like a full on proper exam style case, certain bits of solution werent too detailed either but its alright to practice i guess..

link to sample papers where you'll find the rest..
http://students.charteredaccountants.ie/Student-Information/Courses/New-Syllabus/Sample-Papers--Solutions/FAE-Sample-Papers-and-Solutions/FAE-Core-Sample-Papers/

25 in your list im 99.99% sure is the long sample paper 2 comprehensive black and white its called..
24 in your list is sample paper 1 "active health plc" good indicator quite similar to telco
28 i'll get back to you on that but it has to be either Comprehensive actual FAE paper 2011 Environ or Indigo sim3 sample paper 1.. i reckon its former but i dont know why it says "sim" next to 28 in your post thats confusing me

Thanks for that - I dont know why it says sim too. I only copy and pasted that from the case study reference excel spreadsheet (Its one of the attachments i found on the 2012 thread i think)
Thanks for that anyway. Do you have the question for telco. Only the solution seems to be available everywhere i have looked.

Thanks again - this will save me a lot of time trying to search for the right paper

lexluthor

is telco not in resource pack this year?

lexluthor

found it anyway here you go

Lol2013

lexluthor wrote: »

is telco not in resource pack this year?

No its not

Lol2013

lexluthor wrote: »

found it anyway here you go

Thanks

searunner

Hey All,

I was wondering if anyone could upload the new case studies for 2013.

Thanks.

searunner

How are people going to tackle each of the subjects?

My approach is.

Audit : read standards and do questions from cap 2, then practice cases and go to the relevant standards as the come up?

Tax : reading the book and doing the class questions? then as it comes up in cases look it up.

IMP : I would like to hear people approach to this subject..........

BM : seems to come up in every case so there is lots of practice ahead.

Financial Reporting: Derry Book and cases

Management Accounting: i have no idea how to approach this........

Finance: go straight in to cases and learn as i go through them.

If anyone has alternatives id love to hear.

Muzi5434

searunner wrote: »

How are people going to tackle each of the subjects?

My approach is.

Audit : read standards and do questions from cap 2, then practice cases and go to the relevant standards as the come up?

Tax : reading the book and doing the class questions? then as it comes up in cases look it up.

IMP : I would like to hear people approach to this subject..........

BM : seems to come up in every case so there is lots of practice ahead.

Financial Reporting: Derry Book and cases

Management Accounting: i have no idea how to approach this........

Finance: go straight in to cases and learn as i go through them.

If anyone has alternatives id love to hear.

I'm doing it a bit different:

Audit - read the standards and make notes from CAP 2 and start into case studies. I don't think I'll be doing questions from CAP 2 as they're pretty detailed but if I'm weak in a certain area then I will.

FR - Same

Management Accounting - I started with CAP 2 stuff such as CVP, ABC, decision-making etc. and then will do the Derry Cotter's book for case studies.

Tax - Same

BL - I'm making notes on individual subjects then will start into the case studies. I'll also do that small little ethics books that we got for some practice.

IMP - Reading the book and making notes on it. I'll probably use someone else's notes from last year as well and may be add some of them into my own notes.

Finance - The competency statement pretty much details the areas to look at such as appropriate financing, managing risk (Fx, interest rate), ratios etc.

Lol2013

searunner wrote: »

How are people going to tackle each of the subjects?

My approach is.

Audit : read standards and do questions from cap 2, then practice cases and go to the relevant standards as the come up?

Tax : reading the book and doing the class questions? then as it comes up in cases look it up.

IMP : I would like to hear people approach to this subject..........

BM : seems to come up in every case so there is lots of practice ahead.

Financial Reporting: Derry Book and cases

Management Accounting: i have no idea how to approach this........

Finance: go straight in to cases and learn as i go through them.

If anyone has alternatives id love to hear.

All I know is I have loads to do.
Tax - Book and induction notes
Finance - FAE notes downloaded from boards.ie
Mgt accounting - use sam as above

In all honesty I don't know how to approach those three subjects mentioned above.

BL - detailed notes using
FR - still fresh from AAFRP - PRACTISE questions
Audit - Read stds and practice questions.

searunner

Some good takes on how people are approaching each subject.

Has anyone started into their study plan yet?

I missed the AAFRP and i'm doing it in June so, i'm eating IAS's at the moment.

Lol2013

searunner wrote: »

Some good takes on how people are approaching each subject.

Has anyone started into their study plan yet?

I missed the AAFRP and i'm doing it in June so, i'm eating IAS's at the moment.

Omg - No Study plan??? Is that even a word. As of yet I dont have one I do whatever takes my fancy.
Are you going to study other subjects apart from FR between now and June?

searunner

Lol2013 wrote: »

Omg - No Study plan??? Is that even a word. As of yet I dont have one I do whatever takes my fancy.
Are you going to study other subjects apart from FR between now and June?

I will have too, if i can get the auditing standards done and my IAS by the end of the month, il concentrate on the other subjects and continue with Financial questions and cases until my AAFRP is over.

We still have over 16 weeks so there is lots of time.

passwo

Hey everyone.. anyone on here doing the APM elective this year.. is there a seperate thread? I can't seem to find it anywhere..

searunner

passwo wrote: »

Hey everyone.. anyone on here doing the APM elective this year.. is there a seperate thread? I can't seem to find it anywhere..

not sure if one has been set up yet, so i have just set one up APM FAE 2013.

brick1234

Maybe a long shot here but would anyone have summary notes for the NI Tax? Book is very detailed and difficult to draw down notes from this.

also from what i have been told by other students who have passed advised on doing case studies as early as possible as the technique is as important as the actual technical material, not sure what the thoughts are on this?

lexluthor

brick1234 wrote: »

Maybe a long shot here but would anyone have summary notes for the NI Tax? Book is very detailed and difficult to draw down notes from this.

also from what i have been told by other students who have passed advised on doing case studies as early as possible as the technique is as important as the actual technical material, not sure what the thoughts are on this?

hi ya! you know from personal experience, i'd disagree with that but that's just my opinion really. i made that mistake last year and i paid the price for it. i do agree of course that technique is absolutely crucial, but you need to have the technical base before you move on to case studies. in my case, the fact that i started with new case studies that were released just last year and were written by Paul Monahan (e.g. primus, thorpe clinic, bay trading, park4square etc) particularly led to my downfall, because these cases are complicated with lots of unconventional calculations benefit of understanding which didnt really help in the exam. on the other hand, the cases released in year 1 and 2 of fae and their solutions were much more relevant from exam perspective so in hindsight, i do wish i wouldve started with those, if i had to start with case studies at all. but paul's cases, i will attempt them this year in july, they're leadership focussed (in which i had a red, while all rest were green!) i believe they'll be good for developing a really analytical mindset because they really do force you to think beyond text books and prepare you for surprises in the exam (e.g. indicators like change mgmt one in 2012 exam, and communication strategy one)... so all in all, i'd say do spend time building up your technical base particularly in fr, tax, ma, ethics, corp gov, where you have concrete material to cover e.g. ias's, tax book, ethical standards, combined code etc, before moving on to cases..
but then again this is just my opinion based on previous experience

lexluthor

searunner wrote: »

How are people going to tackle each of the subjects?

My approach is.

Audit : read standards and do questions from cap 2, then practice cases and go to the relevant standards as the come up?

Tax : reading the book and doing the class questions? then as it comes up in cases look it up.

IMP : I would like to hear people approach to this subject..........

BM : seems to come up in every case so there is lots of practice ahead.

Financial Reporting: Derry Book and cases

Management Accounting: i have no idea how to approach this........

Finance: go straight in to cases and learn as i go through them.

If anyone has alternatives id love to hear.

i was actually making my detailed study plan just now, like just started 45 mins ago or so when i came across this post as i randomly logged on to boards.. here's how i'm approaching it

FR: didnt do AAFRP this year, carrying forward my C from last year so will print full text of new standards from chariot (IFRS 13, 10,11,12 and the revised standards ias 27 & 28 and go through those) and as for the rest of the standards , as usual, revise the fantastic induction notes from Derry Cotter (updated for changes up to 30.06.12 as is examinable). then do section 3 of aafrp toolkit and either attempt a couple of cases from DC cases book OR go standard by standard using grid at end of DC book to attempt questions-- FAE Board report 2012 (and Paul in his revision lecture) has placed a very, very, very strong emphasis on what they see as the most likely source of fall in pass rate in coming year- inability to do journals so need to know standards and journals inside out..

TAX: always worked well for me.. tax book inside out, excellent concrete book and core class questions (not induction class questions) - NO MORE

AUDIT: my old nemesis - over the years ive realised that theres very little value in reading standards so im gonna at most go through new Audit Reporting standards, Going concern standard and Fraud standard 240 and focus on Practical Auditing as Paul said in revision lecture this could be focus of examiners in coming exams, indicators like sim 2 in year 2011 and sim 3 in year 2012.. so im gonna go through above standards and then practice Internal control questions from old fae exams, and read practical auditing chapters from Martin nolan's text book (chap 5 controls, and then purchases, sales, stock etc) them chapters and practice questions from old fae's perhaps as those questions say on top of question what they relate to (e.g. Construction contacts audit).. like I say i've always struggled with auditing hence increased focus

MARKETING: marketing text and cases at end of text book
HR: hr text and cases at end of text book
ETHICS: ethical standards - inside out to cover PROFESSIONAL ETHICS and then little ethics toolkit to cover GENERAL BUSINESS ETHICS - am important distinction that this year's competency statement makes and Paul emphasized that General Business Ethics is very examinable (e.g. GEMS case study, counsellor indicator)
CORP GOV: gonna focus on this cuz nothing came up last year - so combined code and annex - inside out
STRATEGY: tricky one - gonna focus on 'implementation of strategy' chap 13 gerry's text as paul said as not tested but mainly work through strategy toolkit some fine day and go through lecture notes to know the broad meaning of various terms - just to cover me arse should something come up like in year 1 of fae sim 1 i think it was (transnational strategy , global business leader type non sense) which board said in report for that year was covered in gerry's text

FINANCE, MA, IMP : tricky dont have concrete or adequate sources to study from (IMP text for e.g. is cr**) but this is my rough plan

IMP: just have a crack at IMP text book and try to read through main chapters that cover the individual 'lines' as mentioned in competency statement

MA: correct me if im not reading it correctly but competency statement seems to focus on divisional control type issues.. probably will consult one of the common MA text books to cover areas specifically mentioned in competency statement e.g. target costing, life cycle costing etc and cover chapters like transfer pricing (which i dont really have a full hang of and which paul emphasizes on a lot in his lectures) and more areas where critique is possible (e.g. budgetary process, control of division type issues) because i feel it's important to be able to critique rather than perform detailed calculations as there is minimum appetite for that at FAE level as can be seen from 2012 exam

FINANCE: Integrated cases cover enough i feel, particularly the ones from first year - mainly will focus around sources of finance for large, small businesses, valuations, business analysis (ratios) and revised projection.. then risk questions from cap 2's as risk is only area not properly covered in cases.. then of course you have random indicators like assessment of proposal of finance (swetter gym, southern fisheries) and that criteria like risk, secuiryt etc will make note of such indicators

lexluthor

and in posting the above message, ive just made my "detailed study plan"..

I forgot to mention my aim would be to complete the above until july first week and then do cases..

In relation to MA one thing that really pisses me off is how in cap2s in relation to divisional performance the focus used to be around measures like EVA, RI etc and in FAEs you couldnt possibly imagine those being tested ever.. they come up in none of the cases and none of the exams

t1j9f8

Hi
Does any1 have a soft copy of this years tax book? I know last year there was pdf document of it knocking about.
Many thanks T