FAE September 2014

littlemiss123

IR1SH RANG3R wrote: »

Tomorrow/Today is my birthday This is not how a birthday should be spent :P

Happy birthday

littlemiss123

myshirt wrote: »

Guys - one critical thing we haven't discussed comprehensively enough here is the FT.

The board said to read the FT.
This is the first year they've done so. In past years it has just been a generic 'keep yourself apprised of business news'.

What have been the biggest issues in the FT? I'm thinking this 'magic roundabout' thing they have a bone of contention with... anyone any ideas?

I haven't been doing any reading but given that the exam papers were written in October 2013 the examiner would be considering issues from the first part of 2013, well before we were ever told to read FT!

Accountant81

Just did HamCam there and thought that was a good case. Shareholder interests is topical and there was what I thought was an IMP idicator but it was actually a BL one on the Internet V sales people. A potentially good one for revision.

vnervous

Must not be there anymore, can't see them anywhere.

littlemiss123

vnervous wrote: »

Must not be there anymore, can't see them anywhere.

http://students.charteredaccountants.ie/en/Student-Information/Courses/Course-Timetables/

Scroll down to "FAE - Launch Notes", you will see "FAE Launch Notes - Performance Measurement - Financial Reporting"

PhilipLuke

Accountant81 wrote: »

Just did HamCam there and thought that was a good case. Shareholder interests is topical and there was what I thought was an IMP idicator but it was actually a BL one on the Internet V sales people. A potentially good one for revision.

Which pack is that in?

PhilipLuke

Just doing the MarkGuard Alarms case where it states that the Management accounts are prepared by their Auditors, Dire, Wurz and Co. Public Accountants.

Just wondering if anyone else would have given a few points on the ethics of this as they do not mention it in the institute solution

Debs23

PhilipLuke wrote: »

Just doing the MarkGuard Alarms case where it states that the Management accounts are prepared by their Auditors, Dire, Wurz and Co. Public Accountants.

Just wondering if anyone else would have given a few points on the ethics of this as they do not mention it in the institute solution

Yeah i mentioned this. Thought this would have been an issue

autumnbelle

I did too, the ham cam case was one of the cross marking ones. It's in the student notes part of the site

suref

Haven't got the case in front of me but it would be an ethical concern unless it meets the criteria of Es pase

PhilipLuke

Debs23 wrote: »

Yeah i mentioned this. Thought this would have been an issue

This is what really annoys me about these solutions, I have come across several issues like this one, there is no way that that was a non-indicator, client also states he is worried about the audit and that the auditor has been in place for 25 years!!

You would not be very competent if you failed to address his concerns even if he did not specifically ask

TheDoctor

So far all I have gotten from Full Metal Jacket is what a heat exchanger is

biddyboo

Could someone please post up some of the steps questions and solutions. Im a repeater and have just gone on study leave today. Need to get some up to date cases asap. thanks in advance and may the force...

belfastfae

Accountant81 wrote: »

Did anyone buy the chartered education IFRS summaries? They are a bit more at €35. Not sure I want to buy them if they are as good as Derry Cotter's. Would it just be doubling up do you think?

I bought the IFRS summary notes and Management/Strategy notes. The IFRS notes are the same standard as the Management/Strategy. One pager notes that are detailed enough for study and will be handy to look at during the exam if i'm stuck. Beats going to the book!

Accountant81

PhilipLuke wrote: »

Which pack is that in?

It's one of the cross marking ones.

Accountant81

belfastfae wrote: »

I bought the IFRS summary notes and Management/Strategy notes. The IFRS notes are the same standard as the Management/Strategy. One pager notes that are detailed enough for study and will be handy to look at during the exam if i'm stuck. Beats going to the book!

That's great, thank you. I ended up buying them last night and thought they were good and handy to use in conjunction with the DC ones.

biddyboo

tax help required. real life scenario

heres a new company (ltd by shares - 2 shares at €1 each)

hasnt started trading yet

investor wants to put in 500k immediately

whats his best option regarding tax relief

anyone?

Dellboy2007

biddyboo wrote: »

tax help required. real life scenario

heres a new company (ltd by shares - 2 shares at €1 each)

hasnt started trading yet

investor wants to put in 500k immediately

whats his best option regarding tax relief

anyone?

I think we should take specialist advice on this before going ahead. #competent

Reddzer2002

Question about HamCam cross marking case;

Where does the contribution come from for MetFab when working through the risk of trouble between shareholders?

TheDoctor

Dellboy2007 wrote: »

I think we should take specialist advice on this before going ahead. #competent

I would also suggest he stay away from anyone with public accountants on their name, they are always wrong

I hear Consult & Co are good

#highlycompetent

PhilipLuke

TheDoctor wrote: »

I would also suggest he stay away from anyone with public accountants on their name, they are always wrong

I hear Consult & Co are good

#highlycompetent

Yeah they don't seem to be hiring at the moment tho, I have been keeping an eye out for them on the Chartered Website

TheDoctor

PhilipLuke wrote: »

Yeah they don't seem to be hiring at the moment tho, I have been keeping an eye out for them on the Chartered Website

Not surprised they have one person doing most of the work in their under a number of different alias

#frauditing

acastudent

Reddzer2002 wrote: »

Question about HamCam cross marking case;

Where does the contribution come from for MetFab when working through the risk of trouble between shareholders?

Production cost 60 over 80 , gives 20 then multiplied by projected sales for year 2 which is 10000. The contribution is 200
For hamCo the same 80 prod cost over 110 as per product costing multiplied by 1000 sales

I hope it make sence . Sorry for typos , on my phone

Ps. In product costing appendix 1 for cost of manufacture should be note 3 (payable to MetFab)

PhilipLuke

TheDoctor wrote: »

Not surprised they have one person doing most of the work in their under a number of different alias

#frauditing

And one day they are audit and tax advisors, the next they are just business advisors with no tax or advisory department!!

I dno who they think they are codding!!

biddyboo

biddyboo wrote: »

tax help required. real life scenario

heres a new company (ltd by shares - 2 shares at €1 each)

hasnt started trading yet

investor wants to put in 500k immediately

whats his best option regarding tax relief

anyone?

no codding. this is a real scenario. its my friend. his uncle will back his business but is hoping that there would be some relief to get his investment back. anyone chance it. also can someone please put up the steps cases pppppllllleeeassseee

TheDoctor

PhilipLuke wrote: »

And one day they are audit and tax advisors, the next they are just business advisors with no tax or advisory department!!

I dno who they think they are codding!!

I have used the well established Hodgsons Three Step method for general business ethics to analyse this

#practical

PhilipLuke

biddyboo wrote: »

no codding. this is a real scenario. its my friend. his uncle will back his business but is hoping that there would be some relief to get his investment back. anyone chance it. also can someone please put up the steps cases pppppllllleeeassseee

If he was to become a director of the company he could invest 500k as a loan which would be repayable tax free??

autumnbelle

I'm on my phone biddy boo if no one else posts the step cases I'll post them this eve

Aidodub87

biddyboo wrote: »

no codding. this is a real scenario. its my friend. his uncle will back his business but is hoping that there would be some relief to get his investment back. anyone chance it. also can someone please put up the steps cases pppppllllleeeassseee

PART 1

Aidodub87

Aidodub87 wrote: »

PART 1

Part 2

Aidodub87

Aidodub87 wrote: »

Part 2

Part 3

biddyboo

i love you

Nead23

Does anyone find the steps cases way too detailed? Looking at the solutions for DeVere and they are crazy

jny107

Anyone else find logic med cross marking case difficult to start?

acastudent

jny107 wrote: »

Anyone else find logic med cross marking case difficult to start?

Yes ,gave up after an hour and read solution .

littlemiss123

Can anyone recommend any good cases for practicing BL? Definitely feeling weak in it and need to brush up?

PhilipLuke

littlemiss123 wrote: »

Can anyone recommend any good cases for practicing BL? Definitely feeling weak in it and need to brush up?

Blackwater Case Days

Philip1988

littlemiss123 wrote: »

Can anyone recommend any good cases for practicing BL? Definitely feeling weak in it and need to brush up?

Blackwater case days

Morkel is good for Strategic Options and Corp Gov Improvements.

Dreaming of sunshine

acastudent wrote: »

Production cost 60 over 80 , gives 20 then multiplied by projected sales for year 2 which is 10000. The contribution is 200
For hamCo the same 80 prod cost over 110 as per product costing multiplied by 1000 sales

I hope it make sence . Sorry for typos , on my phone

Ps. In product costing appendix 1 for cost of manufacture should be note 3 (payable to MetFab)

Sorry this is really dumb but can you explain why it's 60 over 80 I know where the numbers are in the case just not sure why you do that?

Thanks!!

Dreaming of sunshine

PhilipLuke wrote: »

Blackwater Case Days

I agree, I thought those cases were really helpful for BL

Reddzer2002

Dreaming of sunshine wrote: »

Sorry this is really dumb but can you explain why it's 60 over 80 I know where the numbers are in the case just not sure why you do that?

Thanks!!

I just did this case this morning so figured it out after being told.

The 60 is the manufacturing cost by MetFab. HamCam are paying 80 for it (as per appendix 1). As we are trying to find the contribution they make on each one it is 80-60=20.

Hope that helps

Dreaming of sunshine

Reddzer2002 wrote: »

I just did this case this morning so figured it out after being told.

The 60 is the manufacturing cost by MetFab. HamCam are paying 80 for it (as per appendix 1). As we are trying to find the contribution they make on each one it is 80-60=20.

Hope that helps

Thank you so much, that makes perfect sense!!

NBA1998

Has anyone got a chart or diagram to show an ideal corporate governance situation? if so please post

20 Times 20 Times

NBA1998 wrote: »

Has anyone got a chart or diagram to show an ideal corporate governance situation? if so please post

Here you go

Dreaming of sunshine

NBA1998 wrote: »

Has anyone got a chart or diagram to show an ideal corporate governance situation? if so please post

Easiest thing is to just sit with the UK corporate governance code and make notes on it, draw up diagrams that help you - you'll remember it better that way. That's what I did and it really doesn't take that long!

PhilipLuke

Dreaming of sunshine wrote: »

Easiest thing is to just sit with the UK corporate governance code and make notes on it, draw up diagrams that help you - you'll remember it better that way. That's what I did and it really doesn't take that long!

Same things come up the whole time, independence of chairman, appropriate level of non-executive directors and the appropriate remuneration and audit committees

Aidodub87

Little Pea wrote: »

Here you go

😂😂😂😂😂😂😂😂

TheDoctor

Another case, another set

TheDoctor

Another case, another set of accounts wrecked by public accountants

How are these people still getting work?

#notcompetent

House of Wolves

PhilipLuke wrote: »

Same things come up the whole time, independence of chairman, appropriate level of non-executive directors and the appropriate remuneration and audit committees

Also think Paul highlighted shareholders disputes as a good topic not yet examined on CG in one of the online lectures.