FAE September 2014

Blarney92

PhilipLuke wrote: »

I think that solution is 100% wrong, I even went back and looked at Cap 2 questions to make sure!! I know there probably isn't a whole lot going for calculations and its insignificant but it slows down the studying process!!

When Chartered Accountants are getting over four grand out of us the least they can do is provide adequate solutions!!

Don't think the issue is with the solution here to be honest...

Interest here is a positive amount so it is interest received rather than paid hence it is added to the FCF which as per the definition provided in the solution is operating cashflow less changes in working capital, taxation, interest plus depreciation and amortisation (should also include capex I feel).

I mean if you take a minute and think about it - who is more likely to be incorrect - the student who is studying or the institute who created the question especially when these cases have been going around for a couple of years!!

PhilipLuke

Blarney92 wrote: »

Don't think the issue is with the solution here to be honest...

Interest here is a positive amount so it is interest received rather than paid hence it is added to the FCF which as per the definition provided in the solution is operating cashflow less changes in working capital, taxation, interest plus depreciation and amortisation (should also include capex I feel).

I mean if you take a minute and think about it - who is more likely to be incorrect - the student who is studying or the institute who created the question especially when these cases have been going around for a couple of years!!

Yeah I got it I hadn't spotted that the interest was deposit interest, cheers!!

myshirt

What I find very strange is I didn't deal with any tax issues in the exam, but got a green. Explain that one.

Anyway, was really hoping for a yellow in BL and PM in these and that's where I focused my efforts. My thinking was I can do the rest of the super six over the summer.

Anyway, RDS here we come...

bonni

Got sufficiency of 1 last year, and sufficiency of 9 in core mock. How come? I wonder if they actually read the scripts Have a good weekend everyone!

myshirt

Accountant81 wrote: »

Totally agree. A couple of my papers were fairly light on the feedback too. I don't feel like I got much benefit out of the process. They definitely should have graded the indicators for us.

I asked would they do it also, and Paul said they were very reluctant. On the other hand, he was very vexed on the area of feedback, so he said that if you didn't get enough, to tell him and he'll communicate that on our behalf.

They photocopy the scripts, as they are double marked by separate persons who don't know who is marking the original. A senior corrector then 'moderates' any variances or disagreements, but you only get the comments of the first chick who corrected them.

LOccitane

There is a big difference in the quality of feedback which has been provided, and it's also clear that some correctors read the scripts in more detail.

The AAE Paper feedback was provided per indicator in typed format which was very helpful.

The feedback on Sim 1 in particular seemed to disregard points I had made as part of the solution. If it were the Final I'd be considering an Appeal...

Dellboy2007

Nermal wrote: »

Core Decile Ranking 1
Core Sufficiency Grouping 6

Elective Decile Ranking 1
Elective Sufficiency Grouping 1

Still failed both.

R for BL, Finance, Tax, PM, Audit

G for IMP.

Is decile ranking is my ranking among all who sat?

If so offering IMP grinds to anyone who can explain how I can be in the top 10% of candidates and fail.

How could you have got decile ranking 1 and sufficiency 1 in the elective and failed. That makes no sense seen as decile is based purely on sufficiency and sufficiency is the only test in the elective. I got decile 2 and passed the elective.

Accountant81

myshirt wrote: »

I asked would they do it also, and Paul said they were very reluctant. On the other hand, he was very vexed on the area of feedback, so he said that if you didn't get enough, to tell him and he'll communicate that on our behalf.

They photocopy the scripts, as they are double marked by separate persons who don't know who is marking the original. A senior corrector then 'moderates' any variances or disagreements, but you only get the comments of the first chick who corrected them.

Thanks, I might do that actually. Honestly very little value given in two of them. And I'm pretty sure they didn't read the script properly either.

How can anyone get green in a subject they didnt even address?! This all stinks a bit.

BigMawn12

You can still get a red in the elective to fail yourself.

TheDoctor

There's a reason the mocks take a month to be corrected and the real exam two and a half months

Dellboy2007

BigMawn12 wrote: »

You can still get a red in the elective to fail yourself.

What? There's no colours in the elective you nutter.

frazman007

Has anyone looked at the 2012 core comp paper (LINK)?

Does anyone know why there is a factor of 70% applied to the adjusted earnings of i2a when arriving at the earnings multiple valuation (Indicator 2 in the solution)?

20 Times 20 Times

CORE - Decile 1 Suff - 5 FAIL
AAA - Decile 1 Suff - 0 PASS

Picked up my script - Happy enough with the feedback that I received - Few things really Drilled home for me .

eibhy123

frazman007 wrote: »

Has anyone looked at the 2012 core comp paper (LINK)?

Does anyone know why there is a factor of 70% applied to the adjusted earnings of i2a when arriving at the earnings multiple valuation (Indicator 2 in the solution)?

The earning multiple of 10 is for quoted company so to value a private company it would be reasonable to apply 70%

TheDoctor

Little Pea wrote: »

CORE - Decile 1 Suff - 5 FAIL
AAA - Decile 1 Suff - 0 PASS

Picked up my script - Happy enough with the feedback that I received - Few things really Drilled home for me .

Best result I've heard so far

autumnbelle

Did useless in mocks but have loads of feedback, surprised actually by the amount

2014fae

First case done today. I hope I'm not the only one

20 Times 20 Times

autumnbelle wrote: »

Did useless in mocks but have loads of feedback, surprised actually by the amount

Anything general enough that is worth sharing ?

20 Times 20 Times

2014fae wrote: »

First case done today. I hope I'm not the only one

Dont be worried about it - you can only do your best now at this stage..

I take it you did the mock - So this isn't your first case.

Remember near 5 weeks to go ! Loads of time.

Dellboy2007

The most disappointing thing about the results today was finding out that they don't actually colour code the results. God damn it, my firm paid monies and I want my results in colour.

lowenstein

what does decile 7 etc mean for your result?

20 Times 20 Times

lowenstein wrote: »

what does decile 7 etc mean for your result?

Means that 60/70% of people are graded better than you that sat the paper.

lowenstein

thanks little pea, thats very comforting.

20 Times 20 Times

lowenstein wrote: »

thanks little pea, thats very comforting.

Would you rather I put it that you came in the top 70% ?

Either way well done because your below the "line"

Stay positive.

lowenstein

just a bit of gallows humour little pea. got decile 7 and sufficiency 9 in the core, decile 9 sufficiency 4 in aae.....everythings coming up milhouse!!

Mark1916

Little Pea wrote: »

Would you rather I put it that you came in the top 70% ?

Either way well done because your below the "line"

Stay positive.

5 weeks to go, take on board the comments an learn from it, I had some good comments on the paper and some things I need to work on e.g timing so that's something I need to work on, mocks are a learning exercise nothing more nothing less.

20 Times 20 Times

lowenstein wrote: »

just a bit of gallows humour little pea. got decile 7 and sufficiency 9 in the core, decile 9 sufficiency 4 in aae.....everythings coming up milhouse!!

It's the mock, realistic how much work have you done since then..... Loads!!!

Positive thinking, if your starting thinking your beat then you are!!

maninblack

I got came in the bottom 20% which was annoying, but after reviewing the script, I couldn't believe some of the shocking answers I wrote. Fully deserved that mark now that I've a deeper understanding of the course.

Some key points noted on mine:
- Suggested that I include evidence of a plan (I guess this means stick the plan INTO the answer book?). I gave planning literally about 15 mins on the Comp day. Nowhere near enough, need to be giving it at least a good hour. Wouldn't dream of writing a word until I've the case dissected like a lab rat now

- Timing wasn't good (I wrote 4 pages for 1 indicator, half a page for the tax. That was just stupid on my part in fairness)

- Copy and pasting straight from book to exam booklet = NC. I was guilty of this for the tax indicator where I didn't reference the case once and just jotted down some points on how Revenue operate and what implications of the Doc Holiday dealings might have. Same story with the incorp decision. I was just blasting down some advantages/disadvantages from the book. That seemed to irk them big time.

- Conclude - I sat on the fence for an indicator and they tore me to shreds on this. Said even a wrong conclusion is better than none at all :eek:

- Need to be making points clearer - I was going off writing big spiels for say 3 pages, but when I look back on it, there's actually only like 2 or 3 valid points there when compared to the suggested solution! Need to get into the habit of... brief introduction, then bang down those points quickly, no faffing about - maybe even use bullet points could be the way to go. Or tables for things like KPIs

The ago old quality vs quantity argument I guess.

Ah well, worthwhile exercise in the end. Good feedback to take on board and push for home now!

eibhy123

Main lesson from mocks:
Need to practice hard under exam conditions include practicing planning and timing indicators to ensure I stick to plan.

Planning is essential: jot down a few bullet points from info from the case study to help you get enough depth in your answer and stop you going too off point.

Executive summary is vital part of your answer book give it focus. Got blasted by the comp corrector for not writing out a full one.

Journal entries are easy marks, and exprxted to be answered well at FAE dont igore any potential error in the case, be careful not to make sill mistake like wrong FS caption/ tax rate not applied to deferred tax asset.

swoggle

Got a lot of negative comments on presentation/ writing and the use bullets.. anyone else the same or am I just a mess? How important is this? Surely they can't deduct marks for not being neat..

Edelly

swoggle wrote: »

Got a lot of negative comments on presentation/ writing and the use bullets.. anyone else the same or am I just a mess? How important is this? Surely they can't deduct marks for not being neat..

They critised you for using bullet points? How's that? Sure all the solutions use bullet points.

mark_m360

swoggle wrote: »

Got a lot of negative comments on presentation/ writing and the use bullets.. anyone else the same or am I just a mess? How important is this? Surely they can't deduct marks for not being neat..

They commented on my use of bullet points as a positive but I didn't use them for every answer. They were about 3 lines each when I did them.

They also commented on my lack of a plan and my writing wasn't clear sometimes. If they can't read it, they can't mark it. So beware of that.

Mavic09

Hi all, can some one lash up the Mock 14 cases an solutions or steer me to the relevant place their hidden on the ICAI website- cheers in advance!

mark_m360

Mavic09 wrote: »

Hi all, can some one lash up the Mock 14 cases an solutions or steer me to the relevant place their hidden on the ICAI website- cheers in advance!

It's on the student site homepage with the link on the right hand side.

House of Wolves

Hi guys,

Just wondering is anyone using the CAI building to study in? Whats the capacity like in there? Does anyone know the hours?

Usually out in ucd but it closes on the weekends!

Thanks!

swoggle

Edelly wrote: »

They critised you for using bullet points? How's that? Sure all the solutions use bullet points.

They said 'too bullety' in one and some other comment about bulleting in another. I use them a fair bit but didn't really think it was an issue once the points were explained. I think they just didn't like the messy layout..

kenner24

House of Wolves wrote: »

Hi guys,

Just wondering is anyone using the CAI building to study in? Whats the capacity like in there? Does anyone know the hours?

Usually out in ucd but it closes on the weekends!

Thanks!

yea im wondering this too as dcu has terrible opening hours and youre also not allowed to eat or drink in the library which is annoying.

Are there any other places people are using that will allow access to non alumni? I know CA house is very small so no room really to study in it

autumnbelle

I think it's only a few seats in where library used to be and they close early some days

LuLa0826

Can anybody do the cases in the integrated case pack? Finding them very difficult!!!

Darkhorse10

How is anyone studying for IMP? The lecture notes are useless, the online sessions are not much help either.

thumbelinda

Does anyone know where to get the answers to the tax questions in the book by any chance? Really annoying that there are no solutions-and I definitely need to practice!

accgeek

Hi
I am missing some solutions from muireen o Neill pack, does anyone have copies?thanks!

autumnbelle

Where is muireanns question pack?

Dellboy2007

I don't know what a tracker mortgage is

myshirt

I still can't believe it's not butter

myshirt

If anyone found the hitler video good, you might like this also

http://youtu.be/kJ7LUhNT1GI

House of Wolves

kenner24 wrote: »

yea im wondering this too as dcu has terrible opening hours and youre also not allowed to eat or drink in the library which is annoying.

Are there any other places people are using that will allow access to non alumni? I know CA house is very small so no room really to study in it

UCD allows you to pay for access. Basically it will be 70e for this month. Still can't eat/drink in there though.

Most libraries in town (Pearse St & Kildare St are the ones I've tried) don't allow you to use highlighters/pens so they ain't much use.

I'll give the FAE queries thing an email and ask about the use of the CAI building and give an update. I was chatting to one of the girls when I was collecting the mock script and it sounded like the building is open till 10 apart from this weekend due to the bank holiday but don't know how that plays out in reality.

Accountant81

House of Wolves wrote: »

UCD allows you to pay for access. Basically it will be 70e for this month. Still can't eat/drink in there though.

Most libraries in town (Pearse St & Kildare St are the ones I've tried) don't allow you to use highlighters/pens so they ain't much use.

I'll give the FAE queries thing an email and ask about the use of the CAI building and give an update. I was chatting to one of the girls when I was collecting the mock script and it sounded like the building is open till 10 apart from this weekend due to the bank holiday but don't know how that plays out in reality.

Not allowed use highlighters?! That's mental. I study in Belfield (UCD) im there 8 til 6. I leave at 6 cos I need to collect my toddler from creche but I think they are open later than that even in the summer months. I bought an alumni pass for €30 for the period required.

swoggle

House of Wolves wrote: »

UCD allows you to pay for access. Basically it will be 70e for this month. Still can't eat/drink in there though.

Most libraries in town (Pearse St & Kildare St are the ones I've tried) don't allow you to use highlighters/pens so they ain't much use.

I'll give the FAE queries thing an email and ask about the use of the CAI building and give an update. I was chatting to one of the girls when I was collecting the mock script and it sounded like the building is open till 10 apart from this weekend due to the bank holiday but don't know how that plays out in reality.

Sorry, no highlighters or pens?!?! What the hell?!

House of Wolves

swoggle wrote: »

Sorry, no highlighters or pens?!?! What the hell?!

Yeah its weird alright! Can't imagine they are victim to book vandalism all that much.