FAE September 2014

accgeek

autumnbelle wrote: »

Where is muireanns question pack?

Hi

Audit questions
Fox and steeple
Denark
Kilmart
Mulligan

Many thanks

thumbelinda

Hi guys, what are people using to revise tax and practice questions?

accgeek

autumnbelle wrote: »

Where is muireanns question pack?

Hi

I was on revision course

accgeek

thumbelinda wrote: »

Hi guys, what are people using to revise tax and practice questions?

Hi just past papers ?
Wot u using?

bonni

Has anyone looked at the solutions for the 2014 core mock? I thought that the first two indicators on FR are mental.. Do you think there is any chance we will get anything similar in the real thing?

bonni

Darkhorse10 wrote: »

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

I suppose just doing case studies.. Maybe someone else has better advice?

Abbey14

Does anyone have the case mappings for the extra cases roaming around - Luxco paints, people in business etc?

George Huxley 1983

Following on from the mock, I am interested in doing a bit of cross marking. Pm me if anyone is interested

2014fae

Can anyone that has done Valentine Nursery case tell me where the 4% increase in costs comes from in the solution for Slopes project? Probably something really obvious..

R0N BURGUNDY

bonni wrote: »

Has anyone looked at the solutions for the 2014 core mock? I thought that the first two indicators on FR are mental.. Do you think there is any chance we will get anything similar in the real thing?

Just went over this yesterday and today. Hoo-leee-foook.. Pure melt material.

Problem is the amount of information. How the heck would you be able to get it all done. Maybe over the course of 2 or 3 working days and a laptop with internets you might do well. 4.5 hours was seriously pushing it

accgeek

bonni wrote: »

Has anyone looked at the solutions for the 2014 core mock? I thought that the first two indicators on FR are mental.. Do you think there is any chance we will get anything similar in the real thing?

Its v tough paper in general

R0N BURGUNDY

"I believe the €/£1.9 million gain should be recognized as a profit in FY2014 and should be regarded as exceptional under IAS 8 given its materiality (30% of Group Profit Before Tax in the draft consolidated financial statements) and itsnature as a once-off gain."

IAS 8?

Philip1988

Has anybody bothered to read newspapers?

Mark1916

Folks, in the mock solution for the 8% given to the managers etc where are they getting the 132k NCI? I thought it would be 140k?

Tricky1979

hi all,

Re 2.2 Corp Gov in the comp statement, what's an example of the last bullet point - "Advise on the (internal & external) role of accountants in the governance framework"?

Thanks

bonni

Mark1916 wrote: »

Folks, in the mock solution for the 8% given to the managers etc where are they getting the 132k NCI? I thought it would be 140k?

Same here. I thought it should have been 140k.

I also did not understand why they debited tax asset for 400k on page 10. Where did that figure come from?

Nead23

Has anyone actually done all of Derry Cotters book? Seems to go into a lot of detail in some cases wonder is it worth my while doing it all?

m1ck007

Feels like im studying and studying and going backwards with more questions raised than answers.

Mark1916

bonni wrote: »

Same here. I thought it should have been 140k.

I also did not understand why they debited tax asset for 400k on page 10. Where did that figure come from?

I think they got this wrong too, it should be 700*25%=175k asset and 9k * 25% = 2.3k total of 177k. They took 900k instead of 9k (900k * 25% = 225k plus 175k is 400k which is incorrect)

Debs23

m1ck007 wrote: »

Feels like im studying and studying and going backwards with more questions raised than answers.

I know how you feel. How much are you getting done a day? I feel like i'm not getting near enough done!

acastudent

Seriously struggling here . Don't think I have enought time left . Mocks results was a disaster . Completely put me off . Doing cases in the morning then revising technical stuff in the afternoon . Thought at this stage I could do cases without looking at the solution but nope , that's not gonna happen any time soon .Kind of loosing my will to live at this stage

colint104

Has anyone got any notes for audit or audit elective? If yes, please pm them. I'm struggling at present.

Thanks in advance

m1ck007

acastudent wrote: »

Seriously struggling here . Don't think I have enought time left . Mocks results was a disaster . Completely put me off . Doing cases in the morning then revising technical stuff in the afternoon . Thought at this stage I could do cases without looking at the solution but nope , that's not gonna happen any time soon .Kind of loosing my will to live at this stage

Everyones mock exams were a disaster. Keep plugging away and try your best.

Edelly

acastudent wrote: »

Seriously struggling here . Don't think I have enought time left . Mocks results was a disaster . Completely put me off . Doing cases in the morning then revising technical stuff in the afternoon . Thought at this stage I could do cases without looking at the solution but nope , that's not gonna happen any time soon .Kind of loosing my will to live at this stage

I feel the exact same! Any glimmer of hope I had is disappearing fast!! Only thing keeping me going is hmm he fact a lot of people feel like this so we're not alone :-/

20 Times 20 Times

Take a day off and come back to it.

Debs23

This may be a silly question..... Do we do an executive summary all the time or when?

If we have to do a memo, do we also do an executive summary?

autumnbelle

All the time debs

barbie_j

2014fae wrote: »

Can anyone that has done Valentine Nursery case tell me where the 4% increase in costs comes from in the solution for Slopes project? Probably something really obvious..

the 4% is an assumption. ' other costs at SAY 4% increase'...
Without it, the Slopes project is still providing a positive cash flow for next year. So I think you are ok of not increasing it.

I don't like the layout of the cashflow calculation, but I suppose that is a better one than the normal ' cash inflow- cash outflow'

accgeek

R0N BURGUNDY wrote: »

"I believe the €/£1.9 million gain should be recognized as a profit in FY2014 and should be regarded as exceptional under IAS 8 given its materiality (30% of Group Profit Before Tax in the draft consolidated financial statements) and itsnature as a once-off gain."

IAS 8?

Has to be IAS 18

accgeek

Debs23 wrote: »

This may be a silly question..... Do we do an executive summary all the time or when?

If we have to do a memo, do we also do an executive summary?

It doesn't have be prepared for a memo just if we're asked to complete a report or a briefing note to management from what I gather

Does anyone else have any recommendations?

bonni

R0N BURGUNDY wrote: »

"I believe the €/£1.9 million gain should be recognized as a profit in FY2014 and should be regarded as exceptional under IAS 8 given its materiality (30% of Group Profit Before Tax in the draft consolidated financial statements) and itsnature as a once-off gain."

IAS 8?

According to IAS 1, it has to be regarded as exceptional, and then has to be adjusted retrospectively under IAS 8 as it exceeds materiality level. That was my understanding of this solution.

R0N BURGUNDY

I actually feel stupider after going through the whole core mock.

More of a test of how much you could decipher all the intertwined mumbo jumbo thrown at you from a load of different angles and also the inherent ability to be a great bluffer. That's what accountancy is though isn't it

Dellboy2007

R0N BURGUNDY wrote: »

I actually feel stupider after going through the whole core mock.

More of a test of how much you could decipher all the intertwined mumbo jumbo thrown at you from a load of different angles and also the inherent ability to be a great bluffer. That's what accountancy is though isn't it

There was an insane amount of volume in it, I wouldn't imagine the real thing will be as tough, well at least I hope it won't.

PhilipLuke

Dellboy2007 wrote: »

There was an insane amount of volume in it, I wouldn't imagine the real thing will be as tough, well at least I hope it won't.

It doesn't make sense to me setting an exam like that! Ok make it difficult but there has to be an element of common sense with regard to volume and timing.

R0N BURGUNDY

Picking myself up off the floor to rebuild my world: https://www.youtube.com/watch?v=E-WHW-QNswE

I can do better!! I WILL do better!!!

NBA1998

Can someone explain how the £5829k is calculated in Thorpe Clinic? Really struggling to even get where the calculations in the workings are coming from, never mind being able to do it myself.....

PhilipLuke

NBA1998 wrote: »

Can someone explain how the £5829k is calculated in Thorpe Clinic? Really struggling to even get where the calculations in the workings are coming from, never mind being able to do it myself.....

If I remember correctly I think it was the net incremental cash flow at year 5 of 6,229k less the 80k depreciation for 5 years (80 x 5 = 400)

(6,229 - 400 = 5,829)

R0N BURGUNDY

Checked Canadian institutes site out of curiosity since that's where they got the new FAEs idea from. They call them Uniform Evaluation (UFE). Check out the papers. Similar to the crap we get with no questions. Can't see solutions anywhere though.

http://www.cica.ca/becoming-a-ca/the-ufe/index.aspx

TheDoctor

Does anyone else find the actual past papers much easier than the case days?

Accountant81

TheDoctor wrote: »

Does anyone else find the actual past papers much easier than the case days?

Yes! And easier than the steps cases too. Full metal jacket still sends a cold chill through me!

Schickadee

Hi in Moto assemblers can anyone plse tell me tonight where they get figs for pre tax rate return in solution???

Accountant81

Is everyone studying at night too? I just can't find the energy after a full day at it. What kind of hours are people doing?

Schickadee

Accountant81 wrote: »

Is everyone studying at night too? I just can't find the energy after a full day at it. What kind of hours are people doing?

Trying to make up for doing nothing today! Any idea on Moto?

TheDoctor

Also making up for not starting till 12!

Accountant81

Schickadee wrote: »

Trying to make up for doing nothing today! Any idea on Moto?

I haven't looked at that one yet, sorry.

donnem33

Accountant81 wrote: »

Is everyone studying at night too? I just can't find the energy after a full day at it. What kind of hours are people doing?

its quality over quantity!!! when im studying i need to take regular breaks aswell. just doing cases though is so frustrating!!

acastudent

Schickadee wrote: »

Hi in Moto assemblers can anyone plse tell me tonight where they get figs for pre tax rate return in solution???

The figures are given in appendix 1 . You only have to calculate for distribution I.e contribution distribution 10600- centralised distribution 4100 . You will get 6500 and then divide by ace distribution figure given 23650

autumnbelle

Can anyone tell me is it up to 55% on Income tax? And ct at 12.5% or what is the income tax rate including prsi etc?

TheDoctor

IT high rate is 41%, PRSI is 4% and USC at the highest rate is 7%

So high earners pay effective tax rate of 52%

Philip1988

Does anybody know what cases deal with consolidation apart from the Mock 2014?

Thanks