FAE September 2014

littlemiss123

autumnbelle wrote: »

Anyone else just not able to motivate themselves at this stage? I keep telling myself only 2 more weeks but feel like I'm getting nothing covered.

Amen to that! Just woke up from a 2 hour 'study nap'.....

PhilipLuke

Reading Paul Monohans cases would put anyone to sleep, the amount of rubbish in there and no need for it!!

jny107

Has anyone got past mock papers (2010-2012) updated for 13/14 syllabus? Can't find them on ICAI website!

jny107

littlemiss123 wrote: »

Amen to that! Just woke up from a 2 hour 'study nap'.....

I had a nap every day until last week and now the pure fear is making me feel sick I can't sleep, even at night!

galway321

Is anyone else finding the past Sims cases more difficult than the past core comp papers?

The actual comp papers seem to clearly show what indicators need to be addressed and in what way but I'm finding it hard to determine what they actually want from the Sims papers.

IR1SH RANG3R

autumnbelle wrote: »

Anyone else just not able to motivate themselves at this stage? I keep telling myself only 2 more weeks but feel like I'm getting nothing covered.

Taken the last few days off back to it tomorrow, and going away next weekend for a couple of days :P

autumnbelle

I'm in my room 7 hours and I go from looking at a case flicking forward to a solution, check Facebook, check boards, check twitter, decide I'm hungry get food. Look at my pile of folders I need to sort then look at the solution to another case that has been my full day and I have so so so much to cover

littlemiss123

autumnbelle wrote: »

I'm in my room 7 hours and I go from looking at a case flicking forward to a solution, check Facebook, check boards, check twitter, decide I'm hungry get food. Look at my pile of folders I need to sort then look at the solution to another case that has been my full day and I have so so so much to cover

Pretty much exactly how each day goes for me too

Androma1984

PM is my weak area and I need to score well after a poor aafrp. Realistically how many Financial reporting indicators will come up over the two days? For PM as a whole its 4-5 right? One FR down for aafrp,so 1-2? and 2-3 management? Does this sound right?

littlemiss123

Androma1984 wrote: »

PM is my weak area and I need to score well after a poor aafrp. Realistically how many Financial reporting indicators will come up over the two days? For PM as a whole its 4-5 right? One FR down for aafrp,so 1-2? and 2-3 management? Does this sound right?

The FR/Mgmt split will be more heavily weighted to FR. About 2-3 FR indicators and 1-2 mgmt.

suref

Androma1984 wrote: »

PM is my weak area and I need to score well after a poor aafrp. Realistically how many Financial reporting indicators will come up over the two days? For PM as a whole its 4-5 right? One FR down for aafrp,so 1-2? and 2-3 management? Does this sound right?

I'd expect 2 FR and 2 Mgt (plus we've already has one FR from AAFRP). Paul was saying he'd expect one Consol indicator in FR and one indicator with three other standards in it. Management I reckon we'll see ABC and Divisional Performance but they're just my guess

Mark1916

suref wrote: »

I'd expect 2 FR and 2 Mgt (plus we've already has one FR from AAFRP). Paul was saying he'd expect one Consol indicator in FR and one indicator with three other standards in it. Management I reckon we'll see ABC and Divisional Performance but they're just my guess

I would agree with the above although I can see transfer pricing rearing it's head!

kenner24

Hey just did defcon today....i spent a while answering the indicator on MBOs and was happy with it. Then checked solution and it said that we were ethically not allowed to advise on that........ ##$@&*&!!!!!!! Absolutely heartbroken - just cant win with these cases!

can anyone please explain to me why were not allowed to advise on it? No time to watch the session!

eitodsdraob

For AAE, any chance anyone has a list of 'Engagements other than audits usually performed by auditors' split under the headings of ISAE 3000, ISAE 3400 etc.

Basically, a list of situations which would require a particular standard. E.g. Bank want assurance re debtors before providing discounting service = ISRS 4400

Mark1916

kenner24 wrote: »

Hey just did defcon today....i spent a while answering the indicator on MBOs and was happy with it. Then checked solution and it said that we were ethically not allowed to advise on that........ ##$@&*&!!!!!!! Absolutely heartbroken - just cant win with these cases!

can anyone please explain to me why were not allowed to advise on it? No time to watch the session!

It's a self review threat basically you would be advising on a valuation based on the accounts that you have audited which isn't allowed!

LOccitane

Mark1916 wrote: »

It's a self review threat basically you would be advising on a valuation based on the accounts that you have audited which isn't allowed!

I understood that it was more of an ethical issue in the context of the appointment?

Basically in that he would be potentially advising Management to the potential detriment of the company (shareholders) (in the case of MBO advice) but that he was appointed for the benefit of the whole company, that is ultimately the shareholders..

But indicators like these are very nasty. In the pressure of the exam I would rush into this one (I did when trying the case).

iwishihadaname

Just did the 2012 comp and fairly disheartened. Thought the CPA analysis was just part of the marketing indicator so didn't flesh it out that much. Seriously worried I'm going to miss an indicator at this stage

PhilipLuke

suref wrote: »

I'd expect 2 FR and 2 Mgt (plus we've already has one FR from AAFRP). Paul was saying he'd expect one Consol indicator in FR and one indicator with three other standards in it. Management I reckon we'll see ABC and Divisional Performance but they're just my guess

Paul said that consolidation was coming up in 2010,2011,2012 and 2013 apparently!! Good guess Paul

acastudent

Just gave another go to FR indicator in our mocks . Seriously wtf ??? Excuse my language but honestly what were they thinking ? It made me wonder would it be enough to do cases in Cotters book and get a C???

PhilipLuke

acastudent wrote: »

Just gave another go to FR indicator in our mocks . Seriously wtf ??? Excuse my language but honestly what were they thinking ? It made me wonder would it be enough to do cases in Cotters book and get a C???

Yeah sometimes the problem is figuring out exactly what is being asked!! Paul likes his mind games!

Nermal

LOccitane wrote: »

Basically in that he would be potentially advising Management to the potential detriment of the company (shareholders) (in the case of MBO advice) but that he was appointed for the benefit of the whole company, that is ultimately the shareholders..

Don't listen to this guy. You'd get HC for advising him to go for the MBO, but only if you note that you're taking out an option on the stock.

myshirt

Lads, try Leathers of Ireland

vnervous

Leathers of Ireland?Where is that ?? Haven't come across it yet ....what's the craic with it

laser08

Anyone know why the 2010 exam papers and mocks are not up on the CAI student centre and where can we get these?

acastudent

How are you guys studying for BL ? I don't think I am building up enough knowledge from cases

LOccitane

acastudent wrote: »

How are you guys studying for BL ? I don't think I am building up enough knowledge from cases

I'm mid way through a full revision of the technical material for BL right now.. Feeling worried about it though generally.

Corp Gov - I have printed a large cap Irish Plc's latest Annual Report and mapped out the key points against the UK Code and ISEQ Annex provisions.

Strategy - Have a quick reference of the models and frameworks to hand. Not sure about others but there is no way I have time to go through that yellow book. I did cover the related Toolkit which summarises the Models well.

HR/Marketing/Change Management - Just tabbing key areas and references to models in the Resource Pack. There are very few of these indicators in the Self Study pack.

As an overall point I'm bringing in the Plc's Annual Report to the exams. For AAE it covers off a full scope audit opinion, for Fin Rep the disclosures etc. I think it's a good revision tool and an essential practical examples resource for the exam.

littlemiss123

acastudent wrote: »

How are you guys studying for BL ? I don't think I am building up enough knowledge from cases

I'm extremely worried about this too...

galway321

Approx 50 people fail on BL each year - out of around 1300 students thats not a bad stat. People who passed in prior years have said their BL attempts were nothing like the solution and they still passed.
I'm going to make sure my answer is logical and backed up from points in the case and hope its enough.

Shoves

laser08 wrote: »

Anyone know why the 2010 exam papers and mocks are not up on the CAI student centre and where can we get these?

2010 was a different examiner so completely different style. Paul said not to bother looking at this exam paper so assume that's why.

Dellboy2007

The title of next year's fae thread should just be called "what Paul said".

myshirt

Yeah, I'll run with that as well. Very, very heavy on the Paul this year, me included.

We gotta give up the Paul.

m1ck007

Dellboy2007 wrote: »

The title of next year's fae thread should just be called "what Paul said".

Do u think the examiners will make the exam harder because pauls cases have influenced them to the point that they think it is too easy??

womandriver

Has anyone done the audit report questions from Core audit lecture 9 and 10? (Relevant to both core and AAE) The last question in the pack of questions for that lecture Tex Limited, in the solution under taxation issue is a paragraph about material uncertainty, "in determining whether an uncertainty is material the auditor must consider a, b and c..."

Can anyone tell me what standard this para relates to? Can't seem to find it. Also the bit above it, "events which are not under the direct control of the entity"

Seems to be from the same standard but I just can't see where it's taken from.

Thanks.

NBA1998

What were the cases that Paul said had good consolidation indicators on them?

Dellboy2007

m1ck007 wrote: »

Do u think the examiners will make the exam harder because pauls cases have influenced them to the point that they think it is too easy??

I'd say you're trolling me. I don't really care about Paul's influence hence the comment.

Look, Paul's a great lecturer, I'm not disputing that, but people really need to get it into their head, he doesn't set the paper. He's been predicting the same thing for years.

Anyway, here's something I remember Paul saying, "you're all going to misquote me on boards.ie". He was right about that one.

littlemiss123

galway321 wrote: »

Approx 50 people fail on BL each year - out of around 1300 students thats not a bad stat. People who passed in prior years have said their BL attempts were nothing like the solution and they still passed.
I'm going to make sure my answer is logical and backed up from points in the case and hope its enough.

Is this true?! I really hope so! I would be a lot more confident if it was!

jny107

could someone please upload the Mito steps case solution?

Philip1988

Anyone else think they'll be using their notes for every indicator?

vnervous

Anyone else stressing about spending so much time on core and neglecting audit elective?

Shoves

Dellboy2007 wrote: »

The title of next year's fae thread should just be called "what Paul said".

I know, I know... I should be igrnoring Paul and listening to Dellboy instead

Schickadee

Does anyone else think the link case 2012 past exam is very wishy washy I isn't got a clue bout most the indicators!?? Am I the only one!??

mark_m360

Has anyone done Raps Ltd in the audit cases? If so, can you explain why the change from FIFO to the Retail method is a change in accounting estimate (per the solution) and not a change in accounting policy?

The solution says it is a change in methodology but I would of thought it was a change in measurement, constituting a change in accounting policy.

littlemiss123

Two weeks today it'll all be kicking off

Dellboy2007

mark_m360 wrote: »

Has anyone done Raps Ltd in the audit cases? If so, can you explain why the change from FIFO to the Retail method is a change in accounting estimate (per the solution) and not a change in accounting policy?

The solution says it is a change in methodology but I would of thought it was a change in measurement, constituting a change in accounting policy.

This annoyed me as well because under Irish GAAP, a change in the inventory measurement formula would amount to a change in an accounting policy.

However, under IFRS 13, changes in the valuation techniques are accounted for as a change in an accounting estimate in accordance with IAS 8.

mark_m360

Dellboy2007 wrote: »

This annoyed me as well because under Irish GAAP, a change in the inventory measurement formula would amount to a change in an accounting policy.

However, under IFRS 13, changes in the valuation techniques are accounted for as a change in an accounting estimate in accordance with IAS 8.

Even if para 6 of IFRS 13 specifically states that measurements that have some similarities to fair value but are not fair values, such as NRV in IAS2, are not applicable to IFRS13?

jkiamasnake

sorry if this appears a stupid question, but would someone please explain in relation to corporate governance what the difference the combined code and the UK corporate governance code 2012 is? 2 weeks to the exams and i am beginning to freak out

Dellboy2007

mark_m360 wrote: »

Even if para 6 of IFRS 13 specifically states that measurements that have some similarities to fair value but are not fair values, such as NRV in IAS2, are not applicable to IFRS13?

I see what you're saying, I remember I did look it up and this scenario was specifically mentioned as a "difficult area". It also mentioned that in such difficult scenarios you should treat it as an accounting estimate as it is not always clear what constitutes a change in measurement basis.

20 Times 20 Times

Wish these Exams would just start at this stage -

littlemiss123

jkiamasnake wrote: »

sorry if this appears a stupid question, but would someone please explain in relation to corporate governance what the difference the combined code and the UK corporate governance code 2012 is? 2 weeks to the exams and i am beginning to freak out

Same thing. Combined code is the old name. The combined code was revised and renamed the UK Corporate Governance Code.

m1ck007

Anyone else using the cap2 notes for consolidation examples? I wonder what the chances of foreign consol or a cashflow appearing are.