FAE September 2014

Schickadee

In mayflower in Indic 1 where is the 1.5m coming from for admin costs? Also the mg sales column figs where they from? And in Indic 8 where is the payable coming from?

Reddzer2002

Stupid question:

Where is the Mayflower case??

Accountant81

Reddzer2002 wrote: »

Stupid question:

Where is the Mayflower case??

Mock comp 2013

Reddzer2002

Accountant81 wrote: »

Mock comp 2013

Ha I really should have known that!!

littlemiss123

cian twomey wrote: »

hey guys brain was a bit fried today so gonna take the rest of the day off, just wondering what hours you guys are putting in and if you plan on having any days off over the next 2- 2.5 weeks or would it be better just to try and keep going?

My attitude is always - if you need a break, take a break. Better to take a day off and recharge, than force yourself to study when you're not being productive. At the moment I am doing 9am - 11pm at night but I really took the p*** the first 3 weeks of study leave so pressure on now! I'll be taking saturday night and sunday off - family function :mad:

littlemiss123

m1ck007 wrote: »

Does anyone really have a clue about tax issues of reconstruction??

Doing this at the moment...not a clue

donnem33

littlemiss123 wrote: »

My attitude is always - if you need a break, take a break. Better to take a day off and recharge, than force yourself to study when you're not being productive. At the moment I am doing 9am - 11pm at night but I really took the p*** the first 3 weeks of study leave so pressure on now! I'll be taking saturday night and sunday off - family function :mad:

Thats crazy hours!!! surely you cant concentrate for that length of time?!

I am struggling to do a working day, id much prefer to do 3 hours quality study than 12 hours of just going through the motions, but i guess thats just my approach

littlemiss123

donnem33 wrote: »

Thats crazy hours!!! surely you cant concentrate for that length of time?!

I am struggling to do a working day, id much prefer to do 3 hours quality study than 12 hours of just going through the motions, but i guess thats just my approach

Ah yeah but I've just reached the s*** and fan stage so I'm panicking :eek:

PhilipLuke

No need to panick still two and a half weeks!!!

Plenty cases between now and the finish line

20 Times 20 Times

what could you be possibly be doing in 12 hours study ???

I study 10 - 4 every day ! its enough

FlyingSolo13

Can anyone out there tell how the annual compound growth rate in the DeVere case is calculated - I haven't a breeze. 400% growth over 5 years equivalent to 38% per annum???????

Please help

acastudent

littlemiss123 wrote: »

My attitude is always - if you need a break, take a break. Better to take a day off and recharge, than force yourself to study when you're not being productive. At the moment I am doing 9am - 11pm at night but I really took the p*** the first 3 weeks of study leave so pressure on now! I'll be taking saturday night and sunday off - family function :mad:

9am to 11pm ??? that's really good . I wish I could concentrate for that long .
I can only do straight 3 hours have a break and then another 3 if I am lucky . But I usually find that after break I am not productive as much .
Did mocks 2012 today . Absolute disaster ;(

Mark1916

How are people studying for management accounting some of the cases in the book are impossible!

acastudent

Mark1916 wrote: »

How are people studying for management accounting some of the cases in the book are impossible!

I just use my sfma and cgs notes . Book is a disaster . Too detailed and lots of mistakes .

littlemiss123

Mark1916 wrote: »

How are people studying for management accounting some of the cases in the book are impossible!

I'm very worried about management accounting!

Accountant81

littlemiss123 wrote: »

I'm very worried about management accounting!

What part is worrying you? Don't stress and just break it down into areas and tackle them one by one. So start with costing, then variances, etc etc. did you buy those notes? If not maybe they might give you a boost and help you to focus what areas you need to work on.

Torres999

Are people just doing all cases now? As in more than 1 a day? I'm doing a Comp or 2 sims every morning but I'm wrecked after that so hitting tax chapters or FR standards after that

jny107

How much detail do you think we'll get asked for MGt accounting? Like having to calculate variances?(price yield etc etc)

kenner24

jny107 wrote: »

How much detail do you think we'll get asked for MGt accounting? Like having to calculate variances?(price yield etc etc)

I reckon itll be to discuss reasons for variances as itd take too long to calculate! And they want us to pass im sure so theyd give us more of a chance if we just discuss variances already calculated.

other popular areas seem to be divisionalisation and were meant to recognise that it has its benefits and drawbacks, especially in terms of short termism and dysfunctional decisions. Also i dont think its come up yet but iv seen transfer pricing in some of the non exam cases where we need to analyse the current system, say whats wrong with it and then say what transfer price they should use.

Tbh seems to be little structure to it itll be very much down to the case on the day. Mgt acc is a b*****d of a subject!

Accountant81

In Moto Assemblers, Blackwater case study day, can anyone tell me where the solution got the pre tax return for distribution of 6,500/23,650? I get where the 23,650 is coming from but not where the 6,500 is?

I would have thought it should be 10,600/23,650. And the pre tax return for the other divisions follow that logic, so I am confused.

Accountant81

Accountant81 wrote: »

In Moto Assemblers, Blackwater case study day, can anyone tell me where the solution got the pre tax return for distribution of 6,500/23,650? I get where the 23,650 is coming from but not where the 6,500 is?

I would have thought it should be 10,600/23,650. And the pre tax return for the other divisions follow that logic, so I am confused.

Sorry folks, never mind. I got it in the end!

autumnbelle

Can anyone tell me, for tax is purchasing the business purchase of shares and then purchasing a trade purchasing assets? Just doing motorvation and it says they are buying the liquidated business, in the solution it says candidate does not confuse it with the purchase of assetsyou have to talk about shares? Confusing as to which is which

littlemiss123

autumnbelle wrote: »

Can anyone tell me, for tax is purchasing the business purchase of shares and then purchasing a trade purchasing assets? Just doing motorvation and it says they are buying the liquidated business, in the solution it says candidate does not confuse it with the purchase of assetsyou have to talk about shares? Confusing as to which is which

If I was answering on the 'purchase of a business' I would discuss purchasing the shares vs. purchasing the assets. Unless it specifically refers to on or the other. 'Purchasing the trade' would mean purchasing all the assets in my book.

Accountant81

Can anyone provide a clear definition on the definition of a joint venture versus joint arrangement please? I can't seem to tell the difference.

Lol2013

Good luck to everyone one sitting the exams in September. I can't believe it is that time of year again. I wish you all the best. Will keep you in my prayers. Just remember to sleep and eat and sleep some more and don't panic. Just relax everything will be fine.

myshirt

Accountant81 wrote: »

Can anyone provide a clear definition on the definition of a joint venture versus joint arrangement please? I can't seem to tell the difference.

A joint arrangement is either a Joint Venture, or A Joint Operation....

Joint Venture is usually 50:50 on the net assets - like an SPV would be set up.
Joint Operation is just that, an operation; maybe unincorporated; parties collaborate with each other. The parties come up with some deal and split out on rights to assets, responsibilities for liabilities.
-

littlemiss123

Accountant81 wrote: »

Can anyone provide a clear definition on the definition of a joint venture versus joint arrangement please? I can't seem to tell the difference.

Under IFRS 11:
Joint operation is where parties have the rights to the assets and to the obligations e.g. 2 people decide to each put up €250,000 to buy a rental property - the both own half the building, are entitled to half the income and must pay half the expenses etc
Joint venture is where parties have the rights to the net assets of the joint arrangement.

Aidodub87

littlemiss123 wrote: »

Under IFRS 11:
Joint operation is where parties have the rights to the assets and to the obligations e.g. 2 people decide to each put up €250,000 to buy a rental property - the both own half the building, are entitled to half the income and must pay half the expenses etc
Joint venture is where parties have the rights to the net assets of the joint arrangement.

Joint venture a company has to be set up

jny107

I didn't make it to the mock review class for comp paper - has anyone worked out what the deferred tax solution means? I can't see where they get the 9k journal for staff costs and accruals.

Also re the kpi ROCE - why are staff costs and other operating expenses added back in there for LV and not for the other business aspects? Haven't a clue!

donnem33

was just wondering how people are studying for strategy?

PhilipLuke

Mark1916 wrote: »

How are people studying for management accounting some of the cases in the book are impossible!

I am finding the Cap 2 toolkit for SFMA quite good

littlemiss123

Accountant81 wrote: »

In Moto Assemblers, Blackwater case study day, can anyone tell me where the solution got the pre tax return for distribution of 6,500/23,650? I get where the 23,650 is coming from but not where the 6,500 is?

I would have thought it should be 10,600/23,650. And the pre tax return for the other divisions follow that logic, so I am confused.

Where did the 6,500 come from? I'm stuck on it now!

qwabercd

Bastard of calculations in that, I think for that type of question if you give a half decent attempt at the calculation you're well on the road. Never likely to get as complicated workings as that in the exam as it's too time consuming. How do people find the case day cases in general? Some of them are tough. In fact, all of the cases I've done so far have been quite tough!

littlemiss123

qwabercd wrote: »

Bastard of calculations in that, I think for that type of question if you give a half decent attempt at the calculation you're well on the road. Never likely to get as complicated workings as that in the exam as it's too time consuming. How do people find the case day cases in general? Some of them are tough. In fact, all of the cases I've done so far have been quite tough!

I went the opposite way to most people, I did all the exam papers first and then moved onto the case days/steps questions etc and the standard compared to the actual papers are ridiculously high. I will give the institute some credit in that they recognise the time pressure and don't seem to be putting complicated workings in the paper.

littlemiss123

littlemiss123 wrote: »

Where did the 6,500 come from? I'm stuck on it now!

Agh I see it now too! Need to read the whole answer

Accountant81

littlemiss123 wrote: »

Agh I see it now too! Need to read the whole answer

Was just about to answer you before I saw this! I spent ages looking for it before finally giving up and moving on and there it was. A good reminder to read each of the lines in the financial info they give us.

Accountant81

qwabercd wrote: »

Bastard of calculations in that, I think for that type of question if you give a half decent attempt at the calculation you're well on the road. Never likely to get as complicated workings as that in the exam as it's too time consuming. How do people find the case day cases in general? Some of them are tough. In fact, all of the cases I've done so far have been quite tough!

I agree. Half hearted attempt should get us there. Along with the correct analysis or narrative.

I found the self study cases ok, but the integrated cases are definitely tough!

littlemiss123

Accountant81 wrote: »

I agree. Half hearted attempt should get us there. Along with the correct analysis or narrative.

I found the self study cases ok, but the integrated cases are definitely tough!

I find with the actual exam papers the answer is usually somewhere in the case in black and white, whereas for the integrated ones there is a lot of 'reading between the lines' going on.

FAEStudent2014

How are people studying for FR? Just going over notes from the AFFRP? I'm finding it difficult to study for it and not sure what to look at

jny107

FAEStudent2014 wrote: »

How are people studying for FR? Just going over notes from the AFFRP? I'm finding it difficult to study for it and not sure what to look at

Make sure you know your standards and how to spot if the client is doing something wrong and "departing" from what ifrs would be. I got good ifrs notes from earlier in this thread and Derry cotter induction pack is fairly comprehensive. And case study case study case study!

Mark1916

FAEStudent2014 wrote: »

How are people studying for FR? Just going over notes from the AFFRP? I'm finding it difficult to study for it and not sure what to look at

Going through each standard in DC's book trying to learn that way, beneficial so far!

bikeman1

Did the Gems case in the Self Study pack today, and I actually found it pretty OK. I picked up all the indicators and made valid points on them.

I was surprised when I looked at the solution, to reach the competencies, you do not have to do as much as say the Steps Cases to get to Competent.

It is a good case that has a small bit of PM (But doesn't give the journal, which I would / did do), Marketing, Strategy, Ethics, Tax Planning with a bit of Finance and an IMP indicator. Very clear cut, unlike the wishy washy Paul Monahan cases.

maninblack

bikeman1 wrote: »

Did the Gems case in the Self Study pack today, and I actually found it pretty OK. I picked up all the indicators and made valid points on them.

I was surprised when I looked at the solution, to reach the competencies, you do not have to do as much as say the Steps Cases to get to Competent.

It is a good case that has a small bit of PM (But doesn't give the journal, which I would / did do), Marketing, Strategy, Ethics, Tax Planning with a bit of Finance and an IMP indicator. Very clear cut, unlike the wishy washy Paul Monahan cases.

I did GEMs today also, found it fairly straightforward! I'd be very happy if something like that came up tbh. Paul's cases are all bullsht for the most part, I end up just rolling my eyes reading the solution half the time

PhilipLuke

maninblack wrote: »

I did GEMs today also, found it fairly straightforward! I'd be very happy if something like that came up tbh. Paul's cases are all bullsht for the most part, I end up just rolling my eyes reading the solution half the time

It says it all when the yanks were impressed with Primus Pet Foods!!

Accountant81

maninblack wrote: »

I did GEMs today also, found it fairly straightforward! I'd be very happy if something like that came up tbh. Paul's cases are all bullsht for the most part, I end up just rolling my eyes reading the solution half the time

I did Gems yesterday and found it great also. Highly recommend it. Covers a lot of areas. Would be delighted to get something similar in the real exam.

eitodsdraob

Tried Southern Fisheries today and it didn't do my confidence any good. Anyone else have a similar experience?!

Also, stupid question, but are we to do our planning in the answer booklets on the day?!

vnervous

Where is southern fisheries??

eitodsdraob

vnervous wrote: »

Where is southern fisheries??

In the self-study integrated cases book

jny107

has anyone got a good summary for ratios? took a total mind blank trying to do ROCE today and don't want that on the day!
3weeks 3weeks 3weeks...

littlemiss123

jny107 wrote: »

has anyone got a good summary for ratios? took a total mind blank trying to do ROCE today and don't want that on the day!
3weeks 3weeks 3weeks...

There was a good summary in the CAP 2 SFMA notes from last year.